Muhith expects 7.5 percent growth in 2016-17 fiscal

Finance Minister AMA Muhith hopes that the GDP growth in the current fiscal will surpass the target of 7.2 percent.

"I strongly hope that we will be able to achieve 7.5 percent growth in the current financial year," he told bdnews24.com in Washington, DC after a meeting with a delegation of the US Chamber of Commerce on Saturday.

After posting 6 percent or more growth for a few years, Bangladesh's economy grew by 7.11 percent in the 2015-16 financial year.

"The growth was 5.7 percent when the Sheikh Hasina government came to power in 2009," Muhith said.

The target for growth in the budget of 2016-17 fiscal year has been set at 7.2 percent. But Asian Development Bank has projected the growth at 6.9 percent in its forecast for this fiscal. It said Bangladesh might miss the growth target due to drop in the flow of remittance and export earnings.

Speaking to bdnews24.com on Saturday, Muhith admitted that Bangladesh was not doing well in receiving remittance.

"We have achieved growth well in all financial indicators other than remittance. We've taken export earnings to around $34 billion. Import is rising too with inflation under control," he said.

He also said the US businesses praised Bangladesh's economic progress.

"They said they were positive about Bangladesh's economy like before," he said.

Asked whether they expressed eagerness to invest more in Bangladesh, he said, "They know well about Bangladesh. They will determine the investments in their way. I've only informed them about Bangladesh's administration."

The finance minister once again said that a banking commission would be formed in the upcoming budget to overcome the 'weaknesses' of the sector.

Representatives of eight of the top US firms, including Walmart, attended the meeting.