IMF projects 2pc GDP growth for Bangladesh this year, 9.5% for the next year

[Black_cats]

11:26 AM, April 15, 2020 / LAST MODIFIED: 12:33 PM, April 15, 2020
Coronavirus outbreak: IMF projects 2pc GDP growth for Bangladesh this year

Report predicts economic growth for next year would jump to 9.5pc

Star Online Report

After World Bank, the International Monetary Fund (IMF) has also projected Bangladesh's low economic growth for this year as a result of the virus outbreak.

IMF has projected the country's economic growth to be only 2 percent for 2020 in the World Economic Outlook published on its website early today.

Earlier IMF's projection for the same was around 7 percent.

But the newly published report also predicts that Bangladesh's economic growth for the next year would jump to 9.5 percent, much higher than what it predicted for this year.

The World Bank a few days ago projected that the economic growth of Bangladesh might turn out to be only 2-3 percent this fiscal year due to the outbreak of coronavirus.

https://www.thedailystar.net/corona...2pc-gdp-growth-bangladesh-fiscal-year-1893037

 

[Black_cats]

Bangladesh economy to see record growth next year: IMF

IMF has projected only 2 percent of economic growth for Bangladesh this year
The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, US, April 21, 2017/ Reuters

The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, US, April 21, 2017/ Reuters


After slumping to only 2 percent growth this year, Bangladesh economy will see a big jump in next fiscal year with a record growth of 9.5 percent, International Monetary Fund (IMF) says in a report today.

Bangladesh achieved 8.15pc growth in last fiscal year and the budgetary projection of current fiscal is 8.2pc.

However, the IMF projected 7.4 percent of growth for Bangladesh for the current year report published in October last year.

Earlier in a report this week, the World Bank projected 2 to 3 percent of growth for Bangladesh in the current fiscal year. The world Bank said, Bangladesh's economy will grow 1.2 to 2.9 percent in the next fiscal year and 2.8 to 3.9 percent in the fiscal year 2021-21. The country will face a longer time recession, according to the world Bank report. But the IMF projected an earlier recovery for the economy.

The latest IMF report said, COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity.

As a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis.

The global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes, helped by policy support.

Effective policies are essential to forestall the possibility of worse outcomes, and the necessary measures to reduce contagion and protect lives are an important investment in long-term human and economic health, IMF says in the report.

https://tbsnews.net/economy/imf-too-projects-2pc-gdp-growth-bangladesh-69421

 

[Valar.]

WoT (war on terror), 80K dead people in Pakistan, 150 billion dollars loss to economy, etc etc. Others kept on mocking us that we are not growing as high as them and how we are a failed state and we kept on telling them that there are few things which are out of control temporarily and it will take time to come out of it. Others kept saying that we are incompetents and are making excuses.

Well, no mocking intended but I hope now others will understand what we meant previously. Our bad luck we are in trouble once again. lol

Good luck to you, to us and others to come out of this crisis stronger.

 

[bluesky]

Bangladesh economy to see record growth next year: IMF

I hope there will be record growth next fiscal. But, it is now only 15 April. No one really knows what will happen next year. I do not expect anything good unless the disease is fully contained.

I have not read any positive news about discovering a workable vaccine. On the other hand, I wonder why suddenly China says nothing about the number of new infections. Has it contained it? If so, what method it has used and why does not she share its experience with other countries?

 

[UKBengali]

I hope there will be record growth next fiscal. But, it is now only 15 April. No one really knows what will happen next year. I do not expect anything good unless the disease is fully contained.

I have not read any positive news about discovering a workable vaccine. On the other hand, I wonder why suddenly China says nothing about the number of new infections. Has it contained it? If so, what method it has used and why does not she share its experience with other countries?

You need to read more widely.

Scientists in the UK are 80% confident of having a ready to mass produce vaccine by this September this year.

WoT (war on terror), 80K dead people in Pakistan, 150 billion dollars loss to economy, etc etc. Others kept on mocking us that we are not growing as high as them and how we are a failed state and we kept on telling them that there are few things which are out of control temporarily and it will take time to come out of it. Others kept saying that we are incompetents and are making excuses.

Well, no mocking intended but I hope now others will understand what we meant previously. Our bad luck we are in trouble once again. lol

Good luck to you, to us and others to come out of this crisis stronger.

LOL - You seriously comparing your own policies that got Pakistan to have the worst economy in S Asia with a once in 100 year pandemic?!

This thing is affecting ALL countries around the world while your own situation was pretty much self-inflicted.

BD will be just fine as it is almost self-sufficient in all major food stables like rice, potatoes, meat and fish, and has a strong enough economy to get through the next difficult 2-5 months.

I trust the IMF that projects a strong bounce-back for BD next year rather than the doom and gloom merchants lurking in pdf.

Look at below and IMF has made these predictions with a lot more health and economic data than any of us here have:

https://www.imf.org/external/pubs/ft/weo/2020/01/weodata/weorept.aspx?sy=2020&ey=2021&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=74&pr1.y=8&c=513,564,534&s=NGDP_RPCH&grp=0&a=


PS - Dude you aware that BD has already rejigged it's garments and electronics industries to produce covid-19 related supplies?
It has already sent supplies to Kuwait and has orders from USA and others.

 

[bluesky]

You need to read more widely.

Scientists in the UK are 80% confident of having a ready to mass produce vaccine by this September this year.

That is a good news. But, are you so sure? There are so many wild guesses throughout the developed countries nowadays!! Moreover, September is far away. If it really happens in Sept. the world will still take a few more months to fully control the disease.

I hope, you are talking of vaccines that can prevent. Curing is another thing. By the way, many people so far have recovered including the British PM. Generally speaking people with a highly built up immunity are recovering faster. People with diabetes, high blood pressure, asthma and cancer are prone to infection by coronavirus. Many of them die because of their low immunity.

 

[Homo Sapiens]

Not a single country in entire Europe and North America will see GDP growth in this year. Almost all of them will experience contraction of 3 percent or more. In South America, only tiny Guiana will see economic growth,which has probably 0.1% economy of that continent. Asia Pacific and eastern Africa are the only two regions will get some GDP growth. This is perhaps, first in the world history that, majority of the country in the world are in severe recession simultaneously.

 

[UKBengali]

That is a good news. But, are you so sure? There are so many wild guesses throughout the developed countries nowadays!! Moreover, September is far away. If it really happens in Sept. the world will still take a few more months to fully control the disease.

I hope, you are talking of vaccines that can prevent. Curing is another thing. By the way, many people so far have recovered including the British PM. Generally speaking people with a highly built up immunity are recovering faster. People with diabetes, high blood pressure, asthma and cancer are prone to infection by coronavirus. Many of them die because of their low immunity.

This is coming from world renowned scientists from Oxford, which is one of the elite universities in the world.
They would not say this unless they were sure.
No other elite Western institution has so far claimed something like this.

So let us stop being so pessimistic and stop predicting mass deaths, famine and hunger and just follow sensible policies for the next 2-5 months while the vaccine more than likely is ready by September.


As regards the deaths, a lot of people in UK/USA/Spain and Italy are dying as they are old and/or obese. Countries like BD are different and this is one of the main reasons I am predicting that the death toll will be lower in BD than these countries.