Bangladesh economy shows early signs of recovery amid pandemic uncertainties: World Bank
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Wednesday
February 08, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
WEDNESDAY, FEBRUARY 08, 2023
Bangladesh economy shows early signs of recovery amid pandemic uncertainties: World Bank

Economy

TBS Report 
12 April, 2021, 12:15 pm
Last modified: 12 April, 2021, 04:40 pm

Related News

  • World Bank can showcase Bangladesh's development as international success story: AK Momen
  • World Bank reaffirms support to Bangladesh’s upper-middle income goals
  • Strengthen reforms in finance, energy, export for long-term growth: WB MD
  • World Bank a key partner of Bangladesh's economic growth: Finance minister
  • World Bank to continue to support Bangladesh's digital journey

Bangladesh economy shows early signs of recovery amid pandemic uncertainties: World Bank

TBS Report 
12 April, 2021, 12:15 pm
Last modified: 12 April, 2021, 04:40 pm
Photo/TBS
Photo/TBS

Amid Covid-19 pandemic uncertainties, the economy of Bangladesh is showing promising signs of recovery backed by a rebound in exports, strong remittance inflows, and the ongoing vaccination program, according to a World Bank report. 

The World Bank launched the report titled "Bangladesh Development Update- Moving Forward: Connectivity and Logistics to strengthen Competitiveness," on Monday. 

After being severely affected by the Covid 19 pandemic—which slowed growth and for the first time in two decades reversed the poverty reduction trend—the economy is recovering gradually.

Over the first half of FY21, factories reopened and exports rebounded. However, the economy faces elevated risks in the context of the ongoing Covid-19 pandemic.

In Dhaka and Chittagong, the country's two largest cities, recent surveys pointed to a recovery in the labor market in the first half of FY21.

With gradual restoration of livelihoods, food security in poor and slum areas improved. In Chittagong, the percentage of adults working had returned to pre-COVID levels by February 2021.  

"Despite the uncertainty created by Covid-19, the outlook for Bangladesh's economy is positive. Much of the pace of recovery will depend on how fast mass vaccination can be achieved," said Mercy Miyang Tembon, World Bank Country Director for Bangladesh and Bhutan.

 "The World Bank will support a resilient recovery, helping Bangladesh achieve green, smart, and inclusive growth."

In FY21, growth will be supported by a recovery in manufacturing as export demand strengthens, a rebound in construction supported by accelerating public investment, and robust service sector growth as the vaccination campaign progress. inflation is projected to remain close to Bangladesh Bank's 5.5 percent target, and the fiscal deficit is projected to remain at 6 percent of GDP.

Risks to the outlook remain elevated. A fragile global economic recovery could dampen demand for RMG products and limit job opportunities for migrant workers. The Covid-19 pandemic has exacerbated financial sector risks stemming from nonperforming loans and weaknesses in bank governance and risk management.

Improving logistics performance could help accelerate the recovery and improve competitiveness. The report outlines opportunities to modernize the logistics system to ensure business continuity and build resilience. This can be achieved through a system-wide strategy to increase logistics efficiency; improve the quality, capacity, and management of infrastructure; improve the quality and integration of logistics services; and, achieve a seamless integration of regional logistics services. 

"The Covid-19 pandemic has led to an unpreceded global recession," said Bernard Haven, World Bank Senior Economist, and co-author of the report. "Protecting households affected by the pandemic remains an urgent priority, while structural reforms can help accelerate the recovery."

The Bangladesh Development Update is a companion piece to the South Asia Economic Focus, a twice-a-year World Bank report that examines economic developments and prospects in the South Asia Region, and analyzes policy challenges faced by countries. 

The Spring 2021 edition titled South Asia Vaccinates, launched on 31 March, 2021, shows that economic activity in South Asia is bouncing back, but growth is uneven, recovery remains fragile, and the economic outlook is precarious. 

The report also focuses on the different dimensions of vaccine deployment and provides a cost-benefit analysis of vaccination in the region. 

Bangladesh / Top News

World Bank / Covid-19 pandemic / Bangladesh's Economy

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • RMG turns to India from China to get cheaper man-made yarn
    RMG turns to India from China to get cheaper man-made yarn
  • Country's revenue earnings were Tk40,000cr more in last fiscal: Finance Minister
    Country's revenue earnings were Tk40,000cr more in last fiscal: Finance Minister
  • The world's richest person is trying to head off a succession battle
    The world's richest person is trying to head off a succession battle

MOST VIEWED

  • The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
    IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms
  • Will reform pledges to IMF work this time?
    Will reform pledges to IMF work this time?
  • Despite downturn 3 dozen listed firms plan Tk7,500cr investment
    Despite downturn 3 dozen listed firms plan Tk7,500cr investment
  • International Monetary Fund logo : AP via UNB
    IMF sets time-bound reform agenda as it releases first tranche of loan
  • NBFIs can no longer borrow from call money market: Cenbank
    NBFIs can no longer borrow from call money market: Cenbank
  • Song of the farmers as boro begins
    Song of the farmers as boro begins

Related News

  • World Bank can showcase Bangladesh's development as international success story: AK Momen
  • World Bank reaffirms support to Bangladesh’s upper-middle income goals
  • Strengthen reforms in finance, energy, export for long-term growth: WB MD
  • World Bank a key partner of Bangladesh's economic growth: Finance minister
  • World Bank to continue to support Bangladesh's digital journey

Features

Photo: Reuters

A tragedy that will also shake up the region's geopolitics

5h | Panorama
Nimah designed by Compass Architects- Wooden tiles. Photo: Junaid Hasan Pranto

Trendy flooring designs to upgrade any space

16h | Habitat
Benefits of having high ceilings in your new home

Benefits of having high ceilings in your new home

16h | Habitat
Each Reverse Osmosi plant can produce approximately 8,000 litres of drinking water a day for around 250 families. Photo: Sadiqur Rahman

A drop in the ocean of persistent water crisis

17h | Panorama

More Videos from TBS

30% companies see double-digit growth even in hard times

30% companies see double-digit growth even in hard times

8h | TBS Insight
Challenging time waiting for RMG

Challenging time waiting for RMG

15h | TBS Round Table
"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

15h | TBS Graduates
10 cricketers who have played over 400 T20 matches

10 cricketers who have played over 400 T20 matches

15h | TBS SPORTS

Most Read

1
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

2
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

3
Master plan for futuristic Chattogram city in the making
Districts

Master plan for futuristic Chattogram city in the making

4
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

5
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

6
Photo: Collected
Crime

Prime Distribution MD Mamun arrested in fraud case

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]