World Bank estimates Bangladesh GDP grew at 2 percent
In a sharp downward revision of its own estimates, the World Bank says that the Bangladesh economy is estimated to have grown at 2 percent in the financial year 2019-20. The forecast reflects a sharp downward revision of 5.2 percent from the forecast made in October 2019. According to the latest South Asia Economic Focus of the World Bank released on Thursday,
the real GDP of Bangladesh at constant prices is forecast to grow at 1.6 percent in the year 2020-21 before rebounding to 3.4 percent for the year 2021-22.
Contrasting with the previous downturns, the report noted that this time private consumption which is the backbone of demand in South Asia and a core of economic welfare, will decline by more that 10 percent further adding to the poverty rates.
According to the report the COVID 19 crisis has been worst for small business and informal workers who suffered sudden job losses. It says that three quarters of all workers in South Asia depend on informal employment which has been most affected by the COVID 19 containment measures.