The International Monetary Fund (IMF) projected a 4.4 per cent economic growth of Bangladesh in the current fiscal year (FY) 2020-21.
The October 2020 version of the World Economic Outlook (WEO), released on Tuesday morning in Washington, DC, unveiled the projection. The title of the outlook is 'A Long and Difficult Ascent.'
The IMF also estimated 3.8 per cent growth in the Gross Domestic Product (GDP) of Bangladesh for FY'20.
Bangladesh will be able to achieve 7.3 per cent GDP growth in FY '25, according to the IMF's latest projection.
The average inflation rate will hit 5.9 per cent by the end of the current fiscal year.
The IMF in its report said data and forecasts for Bangladesh and Tonga are presented on a fiscal year basis.
Earlier, the Washington-based global monetary watchdog did not mention it and made the projection on the calendar year basis.
Earlier on October 08, the World Bank forecasted 1.6 per cent GDP growth for Bangladesh for the current fiscal year and 3.4 per cent for the next fiscal year, assuming that the impact of the Covid-19 crisis would extend.
Regarding the flow of inward remittances, the IMF also said remittance flows contracted sharply during the early lockdown period but have shown signs of recovery.
"Nonetheless, the risk of a decline in payments and transfers from migrant workers back to their home countries is very significant, particularly for such countries as Bangladesh, Egypt, Guatemala, Pakistan, the Philippines, and those in sub-Saharan Africa more broadly," it noted.
Bangladesh received a significant amount of inward remittance in the recent months despite the ongoing Covid-19 pandemic.
The inflow of remittances grew by more than 48 per cent to $ 6.71 billion during the July-September period of FY '21 from $4.52 billion in the same period of the previous FY.
An online media briefing was arranged to formally unveil the WEO on the eve of the World Bank and IMF Annual Meetings in 2020. Gita Gopinath, Chief Economist and Director of the Research Department of the IMF, presented the highlights of the flagship report of the IMF.
The IMF also projected -4.4 per cent global economic growth in 2020. And it also estimated 5.2 per cent global growth for 2021.
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