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Bangladesh to grow at seven per cent

Bangladesh is likely to grow at a rate of 7.5 per cent in the ongoing fiscal year.
Domestic demand will be the main driver of this growth. Steps have been taken to ensure a fair wage and better working environment for workers in the readymade garment sector.

There are a number of challenges for the economy that can impact its growth in the short and long term. One is the high interest rate on bank loans, which is causing a massive capital flight from the country. Also, there is a possibility of global economic instability once Brexit gets implemented. This can have a negative impact on the country’s economy. In addition, the price of oil may increase further in the near future due to global economic unrest. At the same time, there are possibilities of job losses in the readymade garment sector due to technological changes, which may put the national economy at further risk.

But although the ongoing US-China trade war may have some negative impact on the economy, the country can benefit from this trade war by taking appropriate initiatives. Increased diversification of export items can increase Bangladesh’s share in the global trade. At the same time, the country needs to tap into the increased domestic demand to continue the growth momentum.