Bangladesh’s Target FY 2021 GDP Growth Difficult to Achieve: International Chamber of Commerce - Bangladesh

The International Chamber of Commerce of Bangladesh (ICC-B) stated recently that the country’s targeted Gross Domestic Production (GDP) growth of 8.2% year-on-year (YoY) for the 2020-2021 fiscal year (FY 2021) will be difficult to achieve.

The Bangladeshi economy recorded an unexpected GDP high of 5.24% YoY in FY 2020, exceeding the World Bank's and International Monetary Fund's forecast of 2% YoY, with a record remittance inflow of USD 18.2 billion, according to local media reports.

However, the ramifications of the COVID-19 pandemic have seriously undercut these gains. Local media reported that export earnings dropped 17% YoY to USD 33.67 billion in FY 2020 whilst foreign d...