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WB forecasts 6.8pc growth for FY17

DHAKA, Jan 11, 2017 (BSS) - The country's economy will grow by 6.8 percent in the current 2016-17 financial year (FY17) when the growth rate for the global economy will be 2.7 percent, according to a report of the World Bank, released in Washington on Tuesday.

"Bangladesh's growth is expected to ease to a still solid 6.8 percent in FY2017 (ending on 30 June 2017), from the official estimate of 7.1 percent in the previous fiscal year," the Global Economic Prospect of the WB said.

Bangladesh Bureau of Statistics (BBS) data, however, showed that GDP (gross domestic product) growth hit the highest ever record at 7.11 percent in the past 2015-16 financial year.

The flagship report of WB noted that a slowdown in oil-rich Gulf Cooperation Council (GCC) economies led to receding remittance inflows to both Bangladesh and Sri Lanka, dampening private consumption and investment and eventually the economic growth.

The report also said that the accommodative monetary policy stance of the central bank would support economic activities while the lower oil prices would help keep inflation at a comfortable level.

The WB expected that the fiscal policy would also likely to become more accommodative as a result of additional fiscal spending due to public sector wage hikes.