GDP growth forecast 7.5% for FY2024

Bangladesh's gross domestic product (GDP) growth has been forecast at 7.5% for the Fiscal Year 2023-2024, Finance Minister AHM Mustafa Kamal said while presenting the national budget today.

"On the whole, we expect to return to a higher growth trajectory and achieve a 7.5% GDP growth in the coming fiscal year, by way of investing in the productive sectors and stimulating productivity and domestic demand," the minister said presenting the national budget for FY2024 at the Jatiya Sangshad on Thursday (1 June).

"To achieve the growth target, we will gradually come out of the contractionary policy and invest in ongoing and new growth-inducing projects including the mega-projects," he added.

Finance Minister Mustafa Kamal said the budget for the next fiscal year has set a higher target of raising public investment to 6.3% of the GDP

"At the same time, investment will continue to be facilitated in economic zones with an investment-friendly environment consisting of various facilities such as undisputed land, improved infrastructure, uninterrupted utilities, financial incentives and ease of doing business, etc. Development of logistics sector and reform of financial management will reduce time, cost and complexity in investment/business processing. As a result, private investment, which has decreased slightly in the current fiscal year, is expected to increase to 27.4% of GDP in the next fiscal year," he added.

With a focus on inflation, job creation, the fourth industrial revolution and "Smart Bangladesh", Finance Minister AHM Mustafa Kamal on Thursday (1 June) placed before the Jatiya Sangsad a Tk7.61 lakh crore National Budget for the fiscal year 2023-24.

This will be the largest budget for Bangladesh, a long way from the first budget of Tk786 crore budget placed by Tajuddin Ahmed for the FY1972-23.

The latest budget is 12.34% bigger than the last one, which was originally proposed to be Tk6,78,064 crore. This was the last budget of the present Awami League government's five-year term.

Finance Minister AHM Mustafa Kamal delivered his budget speech with the title "Unnayner Derdoshok: Smart Bangladesher Abhimukhe."

The budget was prepared with an emphasis on ensuring people's employment through business expansion.