The economy of Bangladesh may grow by 7.80 per cent in the current fiscal year (FY210), according to a projection of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
The forecast is, however, based on data and information available up to 10 March 2020 and without taking the effect of COVID-19.
The just released Economic and Social Survey of Asia and the Pacific 2020 mentioned the forecasts for Bangladesh other countries of the region.
“As the COVID-19 pandemic is still evolving rapidly and showing no signs of abating as of 31 March 2020, its negative impacts on economic performance of countries and territories in Asia and the Pacific will likely be very significant,” it added as a note of caution.
ESCAP also projected that Bangladesh would see moderate inflation at 5.30 per cent rate on average in the ongoing fiscal year.
This is also a pre-COVID projection.
The report, however, pointed out that the novel coronavirus) pandemic is having far-reaching economic and social consequences for the Asia-Pacific region, ‘with strong cross-border spillover effects through trade, tourism and financial linkages.’
Without mentioning any country-specific impact, it added that the COVID-19 pandemic as the immediate risk to the region’s economic outlook, deepening the economic slowdown that was already underway. “Although there are significant uncertainties surrounding the pandemic, the negative impacts are likely to be substantial,” it added.
As governments respond to the unprecedented health crisis and introduce economic stimulus packages, the report of the UN agency estimated that Asia-Pacific developing countries should increase health emergency spending by US$880 million per year.
It also called on Asia-Pacific countries to consider establishing a regional fund to respond to future health emergencies, added the report released on Wednesday.
