The Bangladesh government is preparing a new fiscal budget, aiming to capitalize on an anticipated global economic rebound to boost the export of Bangladeshi goods in the upcoming fiscal year.
Officials hope that improving economic conditions in major economies such as the Euro Zone and the United States will lead to a resurgence in imports and exports.
Finance officials involved in the budget preparation, however, acknowledge potential risks. High policy interest rates in large economies, currency depreciation, and balance-of-payments pressures could pose challenges to macroeconomic stability.
Bangladesh’s economy, like many others, faces uncertainties due to geopolitical conflicts, commodity price volatility, and the impacts of climate change.
The new fiscal budget, which is in its final stages of preparation, will be presented to parliament on June 6.
According to budget officials, forecasts from the World Trade Organization (WTO) suggest that global goods trade volume may grow by 2.6 percent in 2024 and 3.3 percent in 2025. This growth is expected to reduce overall inflation and increase demand for goods as a result of economic reflation.
Officials predict that export growth in emerging and developing economies could rise by 4 percent, offering Bangladesh an opportunity to increase its share of global trade.
Finance officials believe these goals can be met if global financial uncertainties remain manageable. They emphasize the importance of rapid industrialization, export diversification, and adopting artificial intelligence and automation to achieve these objectives.
