DHAKA: World Bank (WB) forecast the Gross Domestic Product (GDP) growth rate of Bangladesh at 7.2 per cent for the fiscal year 2019-20.

WB’s Dhaka office published a report titled ‘Bangladesh Development Update October 2019: Tertiary Education and Job Skills’ on Thursday (October 10).

The organization forecast 8.2 per cent GDP at the same time last year.

World Bank Senior Economist and co-author of the report Bernard Haven set out various dimensions of the report.

World Bank Country Director for Bangladesh and Bhutan, Mercy Miyang Tembon said Bangladesh is going ahead on a positive scale. It wasn’t like this when I came here in 2007. Bangladesh has invested a lot. Results will be reaped in phases.

Former lead economist of WB Jahid Hossen said at present the weakness is prevailing in the world market. Sales prices are falling in the US market. Chinese tariffs are being imposed in the United States. Buyers are now opening markets at cheap. Our capability to compete in price is declining. The market is getting cheaper. There is nothing that can be done to compete with Vietnam and India. These are some challenges. 

BDST: 1626 HRS, OCT 10, 2019

AH/SMS