Tag Archives: GDP

7.5% growth rate for current fiscal: ADB

current fiscal

MNA Business Desk: The Asian Development Bank has projected that Bangladesh will achieve 7.5 percent economic growth in the current fiscal year. The rate is slightly below than the government’s estimate of 7.8 percent. The growth will be achieved due to the increase in private sector investment, export and remittance, the bank said in its Asian Development Outlook 2018 released on Wednesday, reports news agency. In its national budget announced in June, Bangladesh projected 7.8 percent growth for fiscal 2018-19. GDP growth accelerated 7.86 percent in the past fiscal year, surpassing the estimate of 7.65 percent, according to the state-owned ...

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BBS records country’s highest 7.86pc GDP growth

growth

MNA Business Desk: The country has posted the highest-ever gross domestic product (GDP) growth at 7.86 per cent in 2017-18 financial year, according to Bangladesh Bureau of Statistics (BBS). This growth, estimated by the national body to collect statistics, has surpassing the projected growth at 7.65 per cent for the year that ended on 30 June. Accordingly, per capita income rose to US$1,751 in 2017-18 from US$1,610 in the previous fiscal, reported news agency. The final figure of economic growth was placed at the meeting of the executive committee of the National Economic Council (ECNEC) held in the NEC conference ...

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Carbon tax can juice up BD GDP: WB

carbon tax

MNA Business Desk: Bangladesh can boost its tax-GDP ratio by around 10 per cent by introducing carbon tax in the country, a recent World Bank study has said. Such type of tax can help the country reduce environmental damage while raising additional resources for development, the bank said. “Carbon taxes could be a significant revenue source for the government,” said the WB study. “Carbon taxes could rise up to 1.0 per cent of GDP, at $ 30 per kilo of CO2 equivalent. This is no small amount for a country that usually collects a little over 10 per cent of ...

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BD economy may grow 6.4%: WB

carbon tax

MNA Business Desk: The World Bank has revised upwards its growth forecast for Bangladesh and said the economy is expected to attain a 6.4 percent growth in current fiscal. In last June, the bank predicted a 6 percent growth for the financial year. The revised growth forecast came at the global lender’s half-yearly report ‘Global Economic Prospect’ released on Wednesday. However, the government eyes an economic growth of 7.8 percent in the 2017-18 fiscal year. Earlier, the bank predicted a 6 percent GDP growth in the 2016-17 fiscal which has now been revised at 7.2 percent. According to the Bangladesh ...

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Pollution leads to GDP loss: World Bank

carbon tax

MNA Business Desk: Bangladesh must check environmental degradation, particularly in the urban areas and become climate resilient to achieve an upper-middle income status, the World Bank says in a study. The preliminary findings of the report ‘Country Environment Assessment for Bangladesh’ discussed at a workshop say that the country is losing 1 percent GDP every year due to air pollution. Noncompliant industries and inadequate waste management of hazardous and nonhazardous materials are polluting the cities’ air as well as surface and ground water. For one tonne of fabric, the dyeing and finishing factories discharge 200 tonnes of wastewater to rivers ...

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Bangladesh economy to grow by 6.9% in FY 2017, 2018: ADB

MNA Business Desk: Asian Development Bank (ADB) in its annual publication ‘Asian Development Outlook 2017’ stated the global lender projects Bangladesh to grow by a moderate 6.9 percent in FY 2017 and expects it to remain unchanged in the next fiscal year. Bangladesh’s economy recorded a robust growth in FY2016 on the back of higher private sector investment and exports despite declining remittance inflow, it also added. The report also said that Bangladesh’s current account surplus expanded in FY2016 and inflation slowed. “Continued high growth will require a rebound in remittances and higher exports. Productive jobs are needed in manufacturing ...

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Unnayan Onneshan warns development financing to slow down

Unnayan Onneshan

MNA Business Desk: The weakening in growth rate in total revenue collection together with the existing low tax-gross domestic product (GDP) ratio is likely to slow financing for development, warns Unnayan Onneshan (UO). In the update publication of its monthly edition, the Bangladesh Economic Update, the UO stated that the rate of growth in revenue mobilization has declined since FY 2011-12. Then definite mobilization of total revenue grew by 19.3% in Fiscal Year 2011-12, whereas the rate of growth decline in the subsequent years stood at 15.2 percent, 10.4 percent, 13.5 percent, and 13.8 percent in FY 2012-13, FY 2013-14, ...

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Bangladesh inflation lowest in 12 years

inflation

MNA Business Desk: Bangladesh inflation stood at 5.92% on average in fiscal year 2015-2016, the lowest in 12 years and even lower than the government’s financial target of 6.2%. Bangladesh Bank detained a rise in inflation last fiscal year for the pay rise of government staff, but it fell 0.49 fraction points over fiscal year 2014-2015. However, in fiscal year 2014-2015, inflation was rated 6.41%. “Inflation has declined mainly due to satisfactory agricultural production, reduction of commodity prices, including fuel in the international market, prudent macroeconomic management and a normal flow in the supply of goods thanks to political stability,” ...

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Finance bill passed with 0.7pc source tax for exporters

bill

MNA Business Desk: Finance bill has been passed with 0.7pc source tax for exporters. The National Parliament on Wednesday passed the Finance Bill, 2016 with some changes and limiting tax at source on export incomes. The tax at source on export earnings will be 0.7%, down from 1.5% in the suggested budget for 2016-17 fiscal. It was 0.6% in the outward fiscal year. The proposed 15% VAT was completely withdrawn on the rent or place and establishments of the ICT-related service organizations. AMA Muhith, Finance minister, moved the bill which was passed by voice vote. Muhith explained his high expectations ...

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