The Gross domestic product (GDP) growth rate has been targeted to be 7.5 percent for the next fiscal year (2023-2024).

Finance Minister AHM Mustafa Kamal was placing the proposed national budget for FY24 at Jatiya Sangsad here today (June 1).

He said: "We expect to return to a higher growth trajectory and achieve a 7.5 percent GDP growth in the coming fiscal year, by way of investing in the productive sectors and stimulating productivity and domestic demand. To achieve the growth target, we will gradually come out of the contractionary policy and invest in ongoing and new growth-inducing projects including the mega-projects." 

For this purpose, the budget of the next fiscal year has set a higher target of raising the public investment to 6.3 percent of the GDP. 

According to his budget speech, at the same time, investment will continue to be facilitated in economic zones with an investment-friendly environment consisting of various facilities such as undisputed land, improved infrastructure, uninterrupted utilities, financial incentives and ease of doing business, etc.

Development of logistics sector and reform of financial management will reduce time, cost and complexity in investment/business processing. As a result, private investment, which has decreased slightly in the current fiscal year, is expected to increase to 27.4 percent of GDP in the next fiscal year, he said. 

BDST: 1634 HRS, JUNE 01, 2023
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