Bangladesh Economic Outlook
November 14, 2017The economy appears to have regained momentum after Bangladesh was hit by extensive flooding in August. In October, exports grew 6.4% compared to the same month last year, driven by strong shipments of garments. In addition, remittances—a crucial source of foreign currency for Bangladesh—rebounded from September’s sharp drop and rose 14.9% in October from a year earlier. Efforts by the Central Bank to better track illegal remittance channels from abroad partly explain October’s rise. On 4 November, the World Bank concluded a visit to Bangladesh and reportedly promised financial assistance to support the country’s accommodation of hundreds of thousands of Rohingya refugees from Myanmar, but the exact amount has yet to be determined.
Bangladesh Economic GrowthDespite challenges stemming from the floods and the ongoing accommodation of refugees, the economy should perform resiliently going forward, supported by healthy growth in exports and remittance inflows. FocusEconomics Consensus Forecast panelists expect GDP to expand 6.9% in FY 2018, which is up 0.1 percentage points from last month’s forecast. In FY 2019, they expect GDP to again rise 6.9%.
Bangladesh Economy Data
5 years of Bangladesh economic forecasts for more than 30 economic indicators.
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