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Bangladesh growth would be moderate: IMF

The International Monetary Fund (IMF) has predicted a moderate growth rate for Bangladesh in view of the global economic slowdown, which has dented the country’s exports.

business Updated: Apr 03, 2009 13:02 IST

The International Monetary Fund (IMF) has predicted a moderate growth rate for Bangladesh in view of the global economic slowdown, which has dented the country’s exports.

At the same time, the IMF said Bangladesh seems to have benefitted too from the global fall in prices of oil, food and other commodities as a result inflation in the country has come down to six per cent, a two-year low.

“Overall, Bangladesh’s economy has so far remained relatively robust,” it said in a statement at the conclusion of its mission to Bangladesh from March 30 to April 2.

The IMF said the domestic economy has retained momentum from a favourable agricultural performance and it continues to benefit from the fall in food, fuel and other commodity prices. Limited capital account dependence has largely protected the country’s banks and stock market from the first round impact of the global crisis.

However, pressures from the global slowdown continue to build and it is likely that growth will moderate, IMF said.

“Garment and other exports are slowing and garment export orders are now declining. Any significant slowdown in the export sector is likely to weigh heavily on the domestic economy through a reduction in demand for services, transport and construction,” it said.