Bangladesh targets 7.8% economic growth in new fiscal year

Bangladesh is targeting 7.8 percent GDP growth in the new fiscal year.

In his budget speech, Finance Minister AMA Muhith stressed the importance of increasing government revenue in the Tk 4.65 trillion budget presented in parliament on Thursday.

The growth target was based on expected targets for revenue, foreign aid and investment, export earnings and remittances, he said.

The GDP was calculated at Tk 25,378,490 million in the new budget. Though the budget for the current fiscal year calculated GDP to be Tk 22,236,000 million, it was later revised to Tk 22,384,980 million.

The GDP target for fiscal 2017-18 was 7.4 percent. According to the Bangladesh Bureau of Statistics, Bangladesh headed for the growth rate of 7.65 percent in the fiscal year.

Bangladesh had previously targeted a 7.2 percent GDP growth rate in fiscal 2016-17 and achieved a growth rate of 7.28 percent that year.