Economy
GED sees cautious recovery ahead, urges prudent budget
The General Economics Division (GED) of the Planning Commission has forecast a cautiously optimistic economic outlook for May and June 2025 supported by reform measures and a gradually stabilising macroeconomic environment.
In its latest Economic Update and Outlook released this month, the GED said the country’s economic recovery is expected to gain pace, backed by improvements in exports, remittance inflows, a stable exchange rate, and easing inflationary pressures.
Bank deposits and private sector credit growth have also shown steady progress, it added.
However, the report cautioned that domestic factors, particularly persistent inflation and political uncertainty, could dampen short-term prospects.
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It stressed the need for prudent fiscal measures in the upcoming budget to ease inflationary pressures and strengthen investor confidence for a sustained recovery in the new fiscal year.
Although revenue collection remains below target, the GED expressed optimism that structural reforms would help improve the situation. It noted the recent dissolution of the National Board of Revenue (NBR) and the formation of two new bodies—the Revenue Policy Division and the Revenue Management Division—under the Ministry of Finance.
This restructuring, enacted through an Ordinance on May 12, followed recommendations by task forces from the Planning and Finance Ministries. It aims to resolve longstanding inefficiencies and promote evidence-based policymaking.
The GED also highlighted the introduction of a Medium- and Long-Term Revenue Strategy (MLTRS) for FY2025-26 to FY2034-35, which targets a tax-to-GDP ratio of 10.5% by FY2034-35.
The report recommends a critical review of past reform failures to ensure the success of the new strategy, noting that Bangladesh’s revenue-to-GDP ratio remains lower than that of many peer economies.
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The Outlook reports a steady increase in foreign exchange reserves, reflecting a strengthened external position. Gross reserves rose from $25.8 billion in July 2024 to $27.4 billion in April 2025, while BPM6 reserves climbed from $20.4 billion to $22.0 billion.
The government has cleared substantial payments for LNG, electricity, and oil imports, further reinforcing reserve health.
Although fluctuations occurred—such as a dip in November 2024 followed by recovery in December—these were attributed to temporary external inflow changes and valuation adjustments. The difference between gross and BPM6 reserves, typically $5–6 billion, represents non-reserve assets excluded under BPM6 accounting.
March 2025 saw an 8.51% year-on-year growth in aggregate bank deposits—the highest in nine months—driven by increased customer confidence and record remittance inflows. Private sector credit growth also rebounded to 7.57% in March from 6.82% in February, following a prolonged slowdown.
Public sector borrowing from commercial banks surged to BDT 985.79 billion by mid-April 2025—a 60% year-on-year increase—due to weak revenue collection and a suspension of central bank financing. The GED warns that this could crowd out credit access for the private sector.
Bangladesh’s external sector in April 2025 presented a mixed picture. Remittance inflows rose sharply—up 35% year-on-year—contributing to a projected narrowing of the current account deficit from 1.4% of GDP in FY2024 to 0.9% in FY2025. This was attributed to rising remittances and a shrinking trade deficit.
However, exports declined, with April recording the lowest monthly figures of the fiscal year at $3.01 billion—a modest 0.86% growth. This drop was largely due to a slowdown in apparel shipments, the Eid al-Fitr holidays, and uncertainty over the U.S. administration’s reciprocal tariff policy.
Inflation showed a slight decline in April compared to March, mainly due to a decrease in food prices—especially rice and fish. The Outlook recommends maintaining strategic food reserves and strengthening targeted safety net programs such as school feeding initiatives, food-for-work schemes, open market sales, and employment guarantee programs. These measures are deemed essential, given fiscal constraints and the rising cost of food.
The GED underscores that while Bangladesh’s economy shows signs of recovery, sustained efforts in revenue generation, prudent fiscal management, and targeted social protection will be vital to ensure macroeconomic stability and inclusive growth in the months ahead.
1 month ago
Local investors emerging as game changers in Bangladesh’s economic landscape
As Bangladesh’s economy evolves, a new class of local investors is stepping into the spotlight, playing a transformative role in driving growth, innovation and resilience across key sectors.
With increased focus on domestic capital, experts and entrepreneurs are calling for greater involvement of local investors in shaping a sustainable economic future, highlighting the importance of security, stability and a conducive environment for businesses to thrive.
In recent years, sectors such as technology, textiles, fintech and retail have seen significant expansion.
Local capital has become a crucial pillar in this growth, especially as homegrown startups and small and medium-sized enterprises (SMEs) often struggle to attract foreign investment due to scale or perceived risk.
In such cases, support from domestic backers is proving to be a vital lifeline.
“Local investors bring more than just money to the table,” says Arif Hossain, a startup mentor based in Dhaka.
“They understand the terrain, the people, and the potential. Their involvement can make or break emerging businesses,” he said.
While foreign investment remains an essential contributor to the economy, an overreliance on external funding can lead to delayed decisions and a shift in strategic control overseas.
In contrast, local investors offer faster, more contextual support and are naturally inclined to back ventures tailored to Bangladeshi consumers, he said.
“It’s not just about business—it’s about nation-building,” says Shahnaz Akter, an angel investor in Dhaka. “When we invest in our own people, we’re creating jobs, sparking innovation, and keeping profits and talent within the country,” Arif added.
Challenges on the Road Ahead
Despite the growing momentum, several challenges hinder the full potential of local investment.
Structured platforms for investment remain limited, regulatory processes need clarity, and investor education is still in its early stages.
Analysts argue that for local investment to thrive, collaboration between government bodies and the private sector is crucial.
Efforts to create a more transparent and investor-friendly ecosystem would help unlock a broader base of domestic capital.
Nevertheless, progress is evident. Local venture capital firms and individual angel investors are gaining ground, contributing to a quiet yet powerful shift in Bangladesh’s economic stewardship.
Investment Growth: A Rising Trend
Investment Growth in Bangladesh (2018–2024)
Data show that local investment has risen steadily over the past six years—from Tk 80 billion in 2018 to Tk 190 billion in 2024, a 137.5% increase.
This trajectory underscores a growing confidence among local investors in domestic opportunities.
Notably, the gap between foreign and local investment has narrowed.
In 2018, foreign investment exceeded local investment by 50%. By 2024, that difference had dropped to just Tk 25 billion, indicating a more balanced contribution to national development.
The sharpest acceleration came after 2020, a shift that analysts attribute to digital transformation, supportive government policies, and improved access to financial tools for local investors. This growth represents more than numbers—it signals a transfer of economic agency to domestic hands.
Sector-Wise Distribution Reflects Balanced Strategy
Sector-wise Local Investment in Bangladesh (2024)
A closer look at sectoral data for 2024 shows a strong tilt toward innovation, with traditional industries also retaining solid investor interest.
Technology (Tk 55 billion): The sector attracted the highest amount of local capital, driven by interest in fintech, mobile applications, SaaS platforms, and digital services. The government’s “Smart Bangladesh 2041” initiative appears to be fuelling this investment trend.
Textiles (Tk 40 billion): Continuing Bangladesh’s long-standing dominance in garments and textiles, local investors are focusing on modernisation, sustainability, and automation.
Retail & E-commerce (Tk 35 billion): Post-pandemic digital adoption has fuelled a boom in e-commerce, drawing substantial investment into delivery platforms, retail tech, and online marketplaces.
Agri-business (Tk 20 billion) and Healthcare (Tk 15 billion): Although smaller in volume, these sectors are attracting growing interest. With strong local relevance and direct societal impact, they represent emerging areas of promise.
This distribution highlights how local investors are not only backing cutting-edge ventures but also maintaining confidence in time-tested sectors—balancing innovation with stability.
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Why Local Investment Matters
The impact of local investment goes beyond financial input. Domestic investors are better attuned to the nuances of cultural, economic, and consumer behaviour, allowing for more informed and timely decisions.
Faster Decision-Making: Free from foreign exchange constraints and international bureaucracy, local investors can act swiftly on opportunities.
Boosting Startups & Innovation: The rise of local angel investors and venture capital firms is giving Bangladeshi startups a much-needed boost, allowing them to scale while retaining more local ownership.
Strengthening the Economy: By keeping money circulating within the country, local investments support SMEs, generate employment, and promote long-term, sustainable development.
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Long-Term Commitment: Domestic investors are more likely to commit to the country's economic journey rather than pursue short-term returns.
Locally Run Businesses Fuel Employment
Across the nation, locally owned businesses are making a tangible impact by generating thousands of jobs and empowering communities.
From small family-run enterprises in rural areas to urban retail centres in cities like Dhaka and Chattogram, Bangladeshi entrepreneurs are creating employment opportunities—especially for women and youth.
These ventures are also fostering financial independence and skill development.
Data from the Bangladesh Bureau of Statistics (BBS) indicate that SMEs contribute around 25% to the national GDP and employ approximately 7.8 million people.
Government programmes offering training, microloans, and infrastructure support are further bolstering this sector.
“Locally run businesses are the backbone of our economy,” says Anisur Rahman, a business development officer in Dhaka. “They ensure money circulates within communities and open doors for people who might otherwise struggle to find work.”
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Besides, sectors such as agriculture, telecommunications, and IT have witnessed a surge in locally managed initiatives, bridging the urban-rural employment divide.
As Bangladesh moves towards middle-income status, the role of local businesses in driving inclusive growth is expected to become even more significant.
A Cultural and Economic Awakening
Together, the rise in local investment and business ownership points to a deeper shift in Bangladesh’s economic fabric. This is more than a financial transition—it is a cultural awakening that places confidence in homegrown talent, ideas, and enterprise.
Local investors are not merely participants in the economy—they are becoming its architects, shaping a future where growth is inclusive, innovation is indigenous, and progress is sustainable.
2 months ago
Macro economy shows stability, says Bangladesh Bank Governor
Bangladesh Bank Governor Dr Ahsan H Mansur on Thursday said that the country’s foreign exchange reserves are stable and gradually increasing, despite the delayed disbursement of loan installments from the International Monetary Fund (IMF).
Speaking at an event of Economic Reporters Forum (ERF) in the capital, Dr Mansur highlighted the central bank’s primary objective of reducing inflation to a range of 5 to 7 percent by the end of the year.
He acknowledged the slowdown in private sector credit growth, attributing it to declining bank deposits and increased government borrowing from the banking system.
Dr Mansur noted that the situation is improving as Treasury bill bond rates have declined from 12.5 percent to below 10 percent. ‘This indicates a reduction in government borrowing from the banking sector, paving the way for increased private sector credit growth,” he added.
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The Governor said that Bangladesh’s macroeconomic position has reached a stable state, with a steady exchange rate and a surplus in the balance of payments.
He described this as a significant achievement following the recent political changes in the country.
4 months ago
Savings Schemes: Interest rates revised to align with market
Interest rates for five national savings schemes have been revised for the January–June 2025 period, aligning them with prevailing market rates for the first time in the country.
A notification issued by the Internal Resources Division (IRD) of the Ministry of Finance on January 15, 2025, said that the revised rates are effective from January 1, 2025.
The schemes affected by this adjustment include the Five-Year Bangladesh Savings Certificate, Three-Monthly Profit-Based Savings Certificate, Pensioner Savings Certificate, Family Savings Certificate and Post Office Savings Bank Term Accounts under the National Savings Scheme.
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Besides, the interest rates for these savings schemes will now be revised biannually, reflecting changes in the rates of five-year and two-year treasury bonds. Importantly, investors will receive the profit rate prevailing at the time of purchase throughout the entire term of the investment, ensuring consistent returns.
To ensure equity for less privileged groups, the investor categories under the National Savings Scheme have been simplified into two new stages: investments of Tk 7.50 lakh or below, and those exceeding Tk 7.50 lakh.
As in the past, early encashment will yield profits based on an annual rate applicable at the time of withdrawal.
This move is anticipated to benefit marginal investors and encourage greater participation in the National Savings Scheme, according to an IRD press release.
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Through the scheme, women, retired employees, pensioners, senior citizens and the physically disabled can access enhanced financial and social security.
The changes are expected to make the scheme more effective in supporting these groups.
5 months ago
JPMorgan's Q4 net income jumps 50% to more than $14b
JPMorgan’s net income soared 50% to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts.
Earnings per share rose to $4.81 from $3.04 a year ago. The result beat Wall Street profit projections of $4.09 a share, according to the data firm FactSet. Total managed revenue hit $43.7 billion, up 10%, from $39.9 billion a year ago. Wall Street was expecting revenue of $41.9 billion.
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The New York bank set aside $2.6 billion to cover bad loans, up about 20% from the same period a year ago.
JPMorgan shares jumped on the bank's final financial results of 2024, climbing 2.6% before the bell.
5 months ago
Germany's economy shrinks again
Germany, Europe’s largest economy, saw its economy shrink for the second year in a row in 2024, based on preliminary official data published Wednesday, just weeks ahead of an election where the economy is the central focus, reports AP.
The Federal Statistical Office reported a 0.2% decline in gross domestic product last year, following a contraction in 2023. Ruth Brand, the office's head, stated that the economy is estimated to have shrunk by 0.1% in the fourth quarter compared to the preceding three months. However, this is a provisional estimate as complete economic data for December are still pending.
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Germany's economic struggles have been compounded by external disruptions and domestic challenges, including bureaucratic hurdles and a lack of skilled workers, with politicians divided over solutions.
The government led by Chancellor Olaf Scholz collapsed in November after Scholz dismissed his finance minister over disagreements on revitalising the economy, prompting an early election set for Feb. 23.
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Candidates vying to form the next government have presented differing strategies to reinvigorate the economy.
5 months ago
Trade most import vehicle for economic dev: Adviser Salehuddin
Finance Adviser Dr Salehuddin Ahmed on Sunday said trade is the most important vehicle for economic development, not aid or grants.
“We have very excellent relationships with Saudi Arabia, Japan, South Korea and other countries that are coming in a big way for our economic development,” he said while speaking at a report launching ceremony at the Ministry of Foreign Affairs as the chief guest.
Referring to Samsung investment issue, the Finance Adviser said Samsung came in the past to invest but were not welcomed and they went to Vietnam.
He said Bangladesh is paying the price now as a lot of wrong policies were taken in the past.
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He said many countries are proposing free trade agreements (FTAs) with Bangladesh and the country needs to remain prepared.
The Finance Adviser said the government will do everything, and the private sector will just take the opportunity. “Private sector has to be very competitive, efficient, and also perform their job.”
“One thing very clearly I have said - subsidies, cheap money and low interest rate – those days are gone ... .these are not the signs of a competitive economy,” he said.
The Ministry of Foreign Affairs unveiled the comprehensive report titled “Enhancing Saudi-Bangladesh Economic Engagement, Trends, Key Challenges & Long-term Growth Prospects,” prepared under its initiative with research support from Policy Exchange, a private policy think tank based in Dhaka.
The report documented by Policy Exchange under the leadership of Dr M Masrur Reaz, offered in-depth insights and analyses into the potential economic engagements between Bangladesh and the Kingdom of Saudi Arabia. Foreign Secretary Md Jashim Uddin presided over the session.
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Speaking as special guest, Foreign Affairs Adviser Md Touhid Hossain reaffirmed the interim government’s dedication to streamlining processes to facilitate investment in Bangladesh, signaling a renewed commitment to removing barriers for foreign investors.
The Finance Adviser echoed this sentiment by sharing ongoing reform initiatives in Bangladesh aimed at creating an investor-friendly environment.
Foreign Secretary Jashim Uddin reflected on the shared historical linkages and values between Bangladesh and Saudi Arabia while calling for enhanced engagements among the businessmen and relevant stakeholders in areas of mutual economic cooperation.
Saudi Ambassador to Saudi Arabia to Bangladesh Essa Yousef Essa Alduhailan highlighted Saudi Arabia’s unwavering support for Bangladesh while acknowledging challenges previously faced by Saudi investors.
He reiterated Saudi Arabia’s commitment to fostering a stronger economic partnership.
The ceremony witnessed participation from key officials representing BIDA, ERD, the Ministry of Commerce, and the Ministry of Finance, along with prominent business leaders, members of the media, and officials from the Ministry of Foreign Affairs.
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Dr Md Nazrul Islam, Secretary (East) of the Ministry of Foreign Affairs, provided the audience with the background and context of the report, emphasising its significance in strengthening Saudi-Bangladesh relations.
This was followed by a presentation of the salient features of the report by Chairman and CEO of Policy Exchange Dr M Masrur Reaz.
6 months ago
Economy not as bad as feared, but challenges persist: Finance Adviser
Though the country faces economic challenges, the situation is not as critical as suggested by the International Monetary Fund (IMF), said Finance Adviser Dr Salehuddin Ahmed on Thursday.
“The IMF has expressed various apprehensions, but the economy is not as bleak as projected. However, there are undeniable challenges we must address,” he told reporters at the Secretariat.
His remarks came as a 10-member IMF delegation is in Dhaka to review Bangladesh’s economic progress under the ongoing loan programme.
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The review is part of the preparation for the fourth tranche of funds.
During discussions with government officials, the IMF noted that the economy is under pressure due to a range of factors, including political unrest, floods and contractionary policies.
The IMF has predicted that Bangladesh’s growth rate could drop to 3.8% by the end of the year. It further highlighted slow economic activity and persistent inflationary pressures.
Capital outflows from banks have added strain to foreign exchange reserves, the delegation said.
The IMF delegation head, Chris Papageorgiou, offered a brighter outlook for the next fiscal year.
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He projected GDP growth to increase to 6.7%, with inflation falling to 5-6%, and emphasised the need for structural reforms, including tax reforms, strengthening the banking sector with a clear roadmap, and ensuring the central bank's independence.
About the Beximco Group ‘bailout’, Dr Ahmed justified the move, citing humanitarian grounds. “The funds were necessary to ensure workers received their wages. Wrongdoers must be punished, but workers should not suffer.”
Looking ahead, Dr Ahmed assured that the 2025-26 budget would focus on protecting the poor from tax burdens.
He criticised certain business practices, stating, “Entrepreneurs are constantly seeking loopholes. Those with Tk 500 million in business refuse to pay Tk 40 million in taxes. This must change.”
Meanwhile, the IMF confirmed that Bangladesh would receive $645 million from the fourth tranche of its loan programme by the end of February, with an equal amount due in the fifth tranche.
Before disbursing the fifth tranche, another review is scheduled for March or April.
6 months ago
Govt looks to expedite ADP implementation to boost flow of money in economy
The interim government has taken a move to expedite the implementation of the annual development programme (ADP) aiming to induce money flow in the economy.
To expedite the implementation, the interim government has decided to put emphasis on the projects which have been cleared by them since coming to office on August 8.
The government in principle took the decision at a recently held ECNEC meeting chaired by the Chief Adviser Professor Muhammad Yunus.
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The decision came following the record lowest ADP implementation rate of just 8 percent in the first four months of the running 2024-25 fiscal.
According to the Planning Commission sources, directives have been given to accelerate implementation of the projects from now on.
Planning Adviser Dr Wahiduddin Mahmud while briefing reporters about the recently held ECNEC meeting had said that the approved ADP projects by this government would be implemented quickly aiming to accelerate the implementation rate.
“By this way, hopefully we will be able to increase the implementation rate by the end of the running fiscal,” he said.
But he said that the implementation would be done in a proper way.
Planning Commission sources said that the government put special emphasis on the good and innovative projects which are corruption free initially, while implementation of the projects have to be corruption free from any aspect.
The interim government thinks that the previous Awami League government took a number of projects at inflated value that resulted in irregularities during its implementation level, including during the appointment of the contractor.
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To prevent corruption and irregularities in the development projects, from the very beginning the interim government tried to stop wastage of public money, and corruption and cut short the number of projects numbers for which the implementation rate suffered a lot, causing a heavy toll on the money circulation in the economy.
“We will definitely scrutinise the projects, we have taken the decision in principle that the good projects that we are thinking about and which got new project directors will be advanced in a speedy manner,” the Planning Adviser said.
The interim government that came into office on August 8 following the student-people uprising has decided to cut short many development projects terming those as the politically motivated ones.
The four months of the running fiscal saw a record low of 8 percent implementation of the development budget, according to the Implementation Monitoring and Evaluation Division (IMED) of the Planning Ministry. The same period last year saw an execution rate of 11.54%.
As per the information from the Planning Commission the rate is 12-13 percent for those government entities which implement projects from their own funding.
Specifically, for the period from July to October of the current fiscal year, the government managed to implement development projects worth Tk 21,978 crore, according to the IMED.
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The Professor Muhammad Yunus led interim government in its first Ecnec meeting had decided to reduce the development budget.
The National Economic Council (NEC) of the Awami League government approved the Annual Development Programme (ADP) for the fiscal year of 2024-2025 with an outlay of Tk 265,000 crores.
The transport and communication sector got the highest allocation of Tk 70, 687.75 crore (26. 67pc of budget allocation) in the ADP.
With 13,288.91 crore ADP for autonomous bodies or corporations, the total size of ADP for 2024-2025 stood at Tk 278,288.91 crore.
6 months ago
Economy gradually recovering after July-August movement: MCCI
The Metropolitan Chamber of Commerce and Industry (MCCI) has said the economy has been gradually recovering despite the political instability after the July-August movement.
In its quarterly economic review for July-September 2024 (Q1 of FY25) revealed on Thursday, the MCCI said the country saw improvements in exports, imports, remittances, and foreign exchange reserves despite many economic challenges during July-September.
It has identified several pressing economic challenges including high inflation, declining external demand, a revenue shortfall, slow public expenditure, reduced job opportunities, and sluggish investment.
The agriculture sector employed about 45% of the labor force and contributed 12.84% to GDP in Q4 of FY24, up from 9.41% in Q3 of FY24. Strong government support and favorable natural conditions, aside from localised flooding, enabled the sector to achieve a growth rate of 5.27% in Q4 of FY24, slightly higher than the 5.16% growth in Q3, said a press release.
It said while data for Q1 of FY25 is pending, the industrial sector experienced slower growth of 3.98% in Q4 of FY24, down from 6.25% in Q3. The sector’s GDP share also fell to 35.38% in Q4 from 40.50% in Q3. The manufacturing sub-sector showed a similar trend, with growth declining to 6.45% in Q4 from 6.93% in Q3.
The services sector grew by 3.67% in Q4 of FY24, slightly down from 3.81% in Q3. However, its GDP contribution increased to 51.78% in Q4, up from 50.09% in Q3, it added.
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Data from the Bangladesh Power Development Board (BPDB) indicates that power generation reached a maximum of 15,717 MW on September 20, 2024.
On September 30, actual generation was 13,176 MW against a demand of 13,946 MW, resulting in 340 MW of load shedding.
Broad money (M2) growth slowed to 7.88% in September 2024, below the central bank’s target of 8.20%.
Private sector credit grew by 9.20% year-on-year, falling short of the 9.80% target. Public sector credit growth plummeted to 8.75%, compared to 26.27% in September 2023.
Tax revenue collection decreased by 6.07% year-on-year in Q1 of FY25, with significant shortfalls in VAT and customs revenue.
Public expenditure also slowed, with ministries and divisions spending only 4.75% of the annual development program (ADP) allocation during the quarter, compared to 7.50% in the same period last year, it said.
Export earnings grew by 7.62% year-on-year to $11.66 billion in Q1 of FY25, while imports rose by 1.64% to $16.17 billion. Remittances surged by 33.34% to $6.54 billion, driven by higher inflows in September 2024.
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General inflation eased slightly to 9.92% in September 2024 from 10.49% in August. Food inflation dropped to 10.40%, while non-food inflation stood at 9.50%. Rural areas were disproportionately affected by high inflation compared to urban regions.
The Bangladeshi Taka depreciated by 1.67% against the US dollar between June and September 2024. Gross foreign exchange reserves stood at $24.86 billion in September, down from $26.91 billion a year earlier.
Foreign direct investment (FDI) inflows declined by 15.01% year-on-year to $300 million in Q1 of FY25.
While signs of recovery are evident, significant challenges remain for Bangladesh’s economy, said MCCI.
It stressed the need for addressing structural inefficiencies and improving governance will be crucial to sustaining growth in the coming quarters.
7 months ago