Govt eyes 7.5% GDP growth in FY23

The GDP growth rate has been targeted to be 7.5 percent for the next fiscal year (2022-2023) considering the lagged effects  of the COVID-19 and the protracted crisis arising from the Russia-Ukraine conflict. 

Finance Minister AHM Mustafa Kamal said this while placing the proposed national budget for FY23 at Jatiya Sangsad here today.

He said only in the FY20, the economic growth was hampered due to the COVID-19 pandemic. According to the new base year, a record 7.88 percent growth was achieved in FY19, but in the following year, FY20, it decreased to 3.45  percent due to the pandemic. 

"However, we were able to begin the process of economic recovery very quickly under the guidance of Hon'ble Prime Minister. As a result, 6.94 percent  growth has been achieved in FY21 despite the continued impact of COVID-19," he added.

Kamal said it appears from the economic variables that indicate that the second wave of COVID-19 continued in the first quarter of the current  financial year, but did not have a significant negative impact on the economy. "Considering overall perspective, this fiscal year's GDP growth is forecasted at 7.25 percent."