Business Report :
Even though Bangladesh’s GDP growth rate has been set to a revised 4.5% for FY2024-25, the country will rebound to 7.1% in the following year, said Frederic Neumann, chief Asia economist and co-head of Global Research Asia of HSBC.
“This growth will be largely driven by exports and remittances, both of which are showing positive signs despite the ongoing challenges in the global economy,” he said in a webinar based on latest HSBC Global Research report on Bangladesh ‘Regaining balance – Bangladesh looks to recovery’.
The Hongkong and Shanghai Banking Corporation (HSBC) Limited in Bangladesh organised the economic outlook webinar titled ‘Navigating Bangladesh’s Crossroads’ highlighting the latest global and Asian market developments and sharing perspectives on Bangladesh.
Key speaker Neumann highlighted that the garment sector, which accounts for 83% of the country’s exports, is expected to grow by the demand from international markets.
At the same time, imports, which had been strained by rising global energy prices, are now stabilising reflecting a recovery in domestic demand and easing cost pressures.
He also mentioned that remittances are anticipated to grow driven by improved employment conditions in key overseas markets.
This rise in remittances will not only support household consumption but play a significant role in sustaining the broader economic recovery, said the economist.