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Home > Country Profiles > Bangladesh

Country Profiles

Bangladesh - Economy

Whitaker's Almanack Version

Financial Outlook

The IMF believes that the economy will expand by around 5.5% in the fiscal year ending in June 2014, the slowest pace since 2002, according to a report published in December 2013. However, violence in the lead-up to the general election in January 2014 may cost Bangladesh up to two percentage points of growth in 2014. The country lost 71 days to strikes and blockades in 2013, with the Dhaka Chamber of Commerce estimating that daily shutdowns cost the economy around US$200 million a day. The vital garment industry has been particularly badly affected. In December 2013, the government raised the minimum wage in the industry by 77% following industrial unrest that closed factories after the collapse of a building in April that cost over 1,000 lives. The IMF, also in December 2013, warned that the higher wage costs and safety standards in the garment industry would affect the economy. However, it also forecast growth of 7% in the fiscal year ending June 2015 as domestic consumption takes over from net exports as the main driver of growth. The IMF added that removing critical infrastructure bottlenecks is necessary for sustained high growth.

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Further reading on Bangladesh

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