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WB projects 6.5% growth

20 October,2015

RTNN News Desk: The World Bank has projected the Gross Domestic Product (GDP) growth of Bangladesh in the fiscal year of 2015-16 at 6.5%.

The global agency came up with the projection in its latest report released on Tuesday.

“Bangladesh's economy is expected to growth at 6.5% in financial year 2015,” reads the report.

The report cautioned that Bangladesh is facing a declining trend in international competitiveness coupled with external and domestic risks.

It says: “Bangladesh's economy is on a stable path with a positive near-term macroeconomic outlook. The latest Bangladesh Development Update notes declining inflation, rising reserves, contained fiscal deficit and stable public debt.”

Zahid Hussain, lead economist of WB's Dhaka office, read out the keynote paper on the occasion.

Bangladesh needs to sustain Gross Domestic Product (GDP) and remittances growth, create jobs, contain inflation, and improve the quality of public service delivery to reduce extreme poverty and boost shared prosperity, the WB suggests.

Policy makers should plan to tackle macro slippages such as the large current account deficit, exchange rate volatility and rising inflation. They should stem financial sector insolvency and prioritize the completion of ongoing reform initiatives, it adds.

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