Budget FY22: Bangladesh targets 7.2% economic growth
AHM Minister of Finance Mustafa Kamal tables national budget of Tk 603,681 crore for fiscal 22 in parliament
The Minister of Finance AHM Mustafa Kamal has set a GDP growth rate of 7.2% for the fiscal year 2021-2022.
With an expenditure of Tk 603,681 crore, the proposed national budget for the fiscal year beginning July 1 was tabled in parliament on Thursday.
The new budget represents approximately 17.4% of GDP and approximately 12% higher than the revised budget for the current year, while being 6.34% higher than the main budget.
“Bangladesh-backed achievement of high GDP growth over the past decade has been temporarily halted due to the effects of the Covid pandemic. Even though we achieved a record growth of 8.15% in fiscal year 2018-2019, it slowed to 5.2% in fiscal year 2019-2020 due to the pandemic, “said the Minister of Finance in his budget speech.
The GDP growth rate for the current fiscal year has been revised to 6.1% “given the better than expected growth in remittances and the implementation of major stimulus packages by the government to facilitate the economic recovery, ”he said.
“At the same time, the growth rate for the 2021-2022 fiscal year has been set at 7.2% while remaining in line with the government’s long-term plan and taking into account the situation of post-Covid recovery”, added the Minister of Kamal Finance.