WB projects 5.4% GDP growth rate

Bangladesh will achieve a 5.4 percent GDP growth rate in the 2013-14 fiscal, a World Bank (WB) projection has indicated.

Lead Economist Zahid Hussain of the international money lender’s Dhaka office revealed this at a press conference on Wednesday.

This GDP rate is more than those of neighbouring countries except Sri Lanka, he said.

“The 5.4 percent growth is not unsatisfactory at all,” Hossain said.

Since Bangladesh has so far seen 6 percent growth, the projected rate might seem too little, he said.

“The World Bank thinks the growth is satisfactory compared to the neighbouring countries,” the economist added.

The WB has projected India’s GDP growth at 4.8 percent, 3.8 percent for Nepal, 3.4 percent for Pakistan, and 7.4 percent for Sri Lanka.

Earlier, the Asian Development Bank (ADB) had hinted at a 5.7 percent growth, while the International Monetary Fund (IMF) pegged it below 6 percent.

The Bangladesh government also revised its growth target downward to 6.5 percent from 7.2 percent because of a long spell of political unrest before the Jan 5 parliamentary elections.

The WB said the Bangladesh economy had suffered a loss of $1.4 billion due to the poll-related political turmoil.

The service sector bore the brunt with 86 percent losses. The industrial sector suffered 11 percent, while the farming sector was the least affected with 3 percent losses.