As 2023 comes to a close, we look at some of the milestones and disappointments of the economy

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Bangladesh’s gross domestic product is estimated to have grown at a slower pace in the current financial year with the biggest blow stemming from the industrial sector, official figures showed.

Bangladesh’s trade gap and current account deficit have narrowed significantly in recent months but the positive developments might not prove enough to bring back stability to the economy. 

Authorities must not let our demographic dividend go to waste

Economic uncertainty will keep us on our toes

Such incidents are becoming a serious problem for apparel exporters

Russia’s war in Ukraine might be taking place 5,800 kilometres away from Bangladesh and the country is not involved militarily in the dragging conflict in any way, but its economy and people have been paying heavy prices.

The International Monetary Fund would be watching the Bangladesh economy like a hawk, stipulating an extensive list of data reporting regularly as part of the conditions agreed upon for the $4.7 billion loan programme.

The record subsidy allocation of Tk 82,745 crore is set to be topped up with another Tk 27,360 crore in the revised budget in the face of demands from ministries even after the notable price hike of gas, electricity and fuel.

Lack of action to bring down prices of food is especially concerning

Bangladesh has a low risk of external and overall debt distress despite higher external borrowing in recent terms, said the International Monetary Fund.

Bangladesh is expected to get about $6 billion over the next four years from development partners other than the International Monetary Fund to meet the development financing needs, particularly to address climate change challenges.

The government is expecting the shrinking foreign currency reserves will buck the trend and hit $37.7 billion by June thanks to lower imports and budget support from development partners.

It seems the government is doing an about-turn from the austerity stance taken at the start of the fiscal year.

Bangladesh should be careful about falling into the middle-income trap, said Axel van Trotsenburg, the World Bank’s managing director of operations.

Bangladesh Bank yesterday unveiled a wishy-washy monetary policy for the next six months that will prove to be ineffective in tackling the headwinds passing through the economy.