ADB Survey Predicts Bangladesh Economy Braces For Rapid Progress

The ADB in its outlook update report has forecast the gross domestic product or GDP growth will improve to 6.4 percent, up from 6.1 percent in the previous year. The report projected account surplus and inflation to be within the target, making it apparent that the Awami League government's initiatives are on the right track in transforming the country in to a middle income one.

Bangladesh has emerged as a major hub for garments export, chiefly because of the government's robust initiatives that led improvement in wages, working conditions, labour rights as well as safety standards over the years.

ADB projected industrial growth will rise to 9.2 percent this fiscal year from the previous year’s 8.4 percent, due to higher exports and stronger domestic demand. Services sector is also expected to grow by 5.9 percent. The ADB report said continued policy support will boost up agriculture growth to 3.5 percent from 3.3 percent a year ago. Export, which plays a crucial part in the Bangladesh economy, is expected to rise to 13 percent, up from 12 percent in the previous year. Import is also projected to be higher at 15 percent in fiscal 2014-15, up from 8.9 percent a year ago.