Bangladesh GDP Growth Above 7%

Bangladesh’s gross domestic product growth reached 7.24% this fiscal year, beating all the previous records in the history of the country’s economy, according to a provisional estimate by Bangladesh Bureau of Statistics, BBS.gov reported. Per capita income rises to $1,602, which was $1,466 in the last fiscal year, BBS said Sunday. Economic growth reached record high, riding on buoyant exports and robust agricultural outputs, it said. For fiscal year 2015-16, the GDP growth was 7%, while the target for this fiscal was 7.2%. The planning ministry submitted the report at a meeting of the National Economic Council Sunday. Meanwhile, the World Bank Sunday said that Bangladesh’s economy is likely to grow between 6.4% to 6.8% in 2017 and 2018. “Bangladesh needs higher growth rate to accelerate its journey on the middle-income path,” said the report. “The country will need an investment-led strategy coupled with improvements in the efficiency of public capital. Achieving higher than 7% annual growth on a sustained basis will inevitable require increased productivity growth as well as much higher female labor force participation,” the report added.