Domestic trade: Demand on the rise, says WB

Retail trade in the domestic market of Bangladesh was upto $12 billion during the two Eid festivals this year, the World Bank said today underlining that the internal demand of the country is on the rise.

The observation came up during the release of a report on Bangladesh development update this morning at a press conference organised at the World Bank’s Dhaka office.

“The GDP growth in the running 2014-15 fiscal is 6.2%, which was 6.1% in the last fiscal,” said Zahid Hussain, lead economist in the World Bank’s South Asia Finance and Poverty group.

wbIn the South Asia’s Economic Focus report released by the global lender earlier this month, it said Bangladesh found a way back to political stability and its GDP growth would recover and rise to 6.2% depending on macroeconomic stability and domestic consumption.

Now, the bank has pointed to a big volume in Bangladesh’s domestic trade during Eid-ul-Fitr and Eid-ul-Azha and highlighted that the internal demand of the country is on the rise.

Elsewhere in the economy, the agricultural growth of Bangladesh will be 2% in contrary to what was 3.3% in October last year, Zahid Hussain said at the press conference.

The growth in the industries sector is projected at 9.5% compared to the 8.4% growth in this sector last year. The growth in service sector is predicted at 6.1% compared to 5.8% last year.

The government of Bangladesh set a GDP growth target of 7.3% in the Tk 2.5 trillion budget passed for the 2014-15 fiscal year.

-Star Online Report