by Naim-Ul-Karim

DHAKA, Sept. 25 (Xinhua) -- Bangladesh's economy will continue to expand in 2019 and 2020 fiscal year with stronger performance by internal and external sectors, said a new Asian Development Bank (ADB) report released on Wednesday.

ADB's flagship annual economic publication, Asian Development Outlook, said that buoyant exports, robust private consumption, higher remittances, accommodative monetary policy, ongoing reform to improve business climate and higher infrastructure spending have helped Bangladesh attain high growth.

On the supply side, the Manila-based lender's report said sustained strong growth in industry and agriculture are expected to be the main drivers of growth in fiscal 2020.

The Bangladeshi economy is in a good shape and is likely to continue to grow, ADB's Country Director for Bangladesh Manmohan Parkash told a press conference to present the findings on the Asian Development Outlook Update (ADOU).

"At 8 percent growth in fiscal year 2020, ADB's outlook indicates that Bangladesh is likely to continue as the fastest growing economy in Asia and the Pacific," he said.

He said the Bangladeshi government should continue its support in removing infrastructure constraints, promoting skills development and improving the cost of doing business.

"All these measures will help the government achieve its long-term vision."

Soon Chan Hong, ADB senior economist, presented the summary of the economic performance and prospect of the countries in the Asia-Pacific region, and observations on the ADOU update's Bangladesh country chapter.

For 2020, he said this update anticipates sustained high GDP growth for Bangladesh despite some deterioration in global growth and trade conditions, slightly higher inflation and a continued moderate current account deficit of the country.

According to the bank's ADOU, the growth in developing Asia is moderating but remains robust.

Compared with a projection of 5.7 percent GDP growth earlier, it said the revised estimate is 5.4 percent for fiscal year 2019 and 5.5 percent from 5.6 percent for fiscal 2020.

"This is largely due to the slowing down of the global trade and weakening investment," the report said. Enditem

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