Attempts to keep the economy open while fighting the coronavirus face new challenges from mutating COVID-19 variants, as the World Bank expresses concerns about financial stress for countries that failed to get on top of the pandemic early.
WASHINGTON (AFP) - The World Bank on Tuesday downgraded its outlook for the global economy, and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed.
The coronavirus pandemic also has worsened the risks surrounding the rising debt load in deve
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World Bank revises up GDP growth projection
Figure still far lower than govt estimate
The World Bank has revised its GDP growth projection upwards for Bangladesh to 2 per cent for the last fiscal year, although the figure is still far lower than the government s estimate.
In June, the Washington-based lender had said that Bangladesh s economy would grow by 1.6 per cent in FY20 as the coronavirus pandemic battered the country.
It had also forecast the economy to expand by 1 per cent in the current fiscal year.
Yesterday, the lender said in Bangladesh, which had been one of the fastest-growing emerging market and developing economies prior to the pandemic, growth was estimated to have decelerated to 2 per cent in the last fiscal year.