Nothing to be worried over IMF’s lowering growth projection: FM

Finance Minister Abul Hassan Mahmood Ali has said there is nothing to worry about downgrading the growth forecast for Bangladesh by the IMF for the current fiscal year.

He said he is satisfied with the recovery of Bangladesh’s economy, reports UNB.

The finance minister said this in response to a question from a Bangladeshi journalist on the sideline of the World Bank-IMF spring meeting in Washington DC on Tuesday.

Minister said that he is not too worried about the GDP growth forecast by the IMF as the country has already started to recover from the crisis.

“Initiatives taken by the government for economic reforms are working,” he said.

Even though people are slowly getting relief, those who see negatively are not happy, he added.

The IMF made the revised projection in its World Economic Outlook released April 16.

The IMF growth forecast highlighted different global and local challenges, including persistently high inflation, unemployment, lower remittance flow, and a fallen industrial investment target.

The global lender for the second time cut the economic growth forecast for Bangladesh. In October last year, it projected 6 percent growth, cutting down its previous prediction from 6.5 percent for the FY 2023-24.

ADB forecasts Bangladesh's GDP growth at 6.1% in FY 2023-24, anticipates rise to 6.6% next year

The IMF growth forecast comes a week after the Asian Development Bank (ADB) said Bangladesh's GDP will expand 6.1 percent in FY 2023-24, riding on exports.