The challenges that economists see in the new year

The country's economic crisis is not ending soon. In the current fiscal year; The International Monetary Fund (IMF) believes that there will be a game of light and darkness in various indicators of the economy in the coming financial years as well.

The organization believes that GDP growth, government and private expenditure, import and export will decrease in the current financial year. Inflationary pressure will increase. Foreign exchange reserves will decrease. Although remittances and foreign direct investment will increase slightly. In this situation, it will take at least 5 years for the GDP growth of the country to return to the pre-Corona state i.e. in the financial year 2018-19. The IMF believes that the GDP growth rate can reach 7.4 percent in the financial year 2026-27.

Electricity price

• The pace of setting up of new industries will be hampered by reducing the disbursement of term loans. This will slow down the pace of new employment for the unemployed. Electricity prices will increase in the new year. It will increase the cost of production of almost all products and increase the cost of living of people. As it is an election year, there is also fear of instability in the political arena.
  But the relief is that remittance inflows may increase slightly in the new year. Exports will remain challenged throughout the year. Production of agricultural products is expected to increase. This may bring some relief in food supply in the country.

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Economist comments

• The mentioned glimpse about the economy of the new year was obtained by analyzing the data available from the various organizations concerned. Besides, leading economists of the country have also made such comments. They urged the government to take efficient decisions and increase oversight in the market to deal with the crisis.
  According to the forecast of Bangladesh Bank, Bangladesh will have to face multifaceted challenges in 2023. Apart from this, there is renewed heat in the political arena, which will create uncertainty and disruption in economic activities. Next year, Bangladesh will have to deal with further pressure on foreign exchange reserves, devaluation of rupee against dollar, increase in food prices, increase in inflation rate, foreign debt repayment. Along with this, negative impact on employment due to decrease in investment, negative situation of increasing crisis in domestic industry due to decrease in import should be faced.

The officials of the Ministry of Finance are also excited after the approval of this loan. They say that the lon of 4.7 billion dollars received from the IMF in 42 months will not play any role in strengthening the foreign exchange reserves of Bangladesh. Because, it is equal to the import cost of only 15 days of Bangladesh. However, due to this loan, foreign banks and lenders will create new confidence in Bangladesh. Now foreign banks do not want to give LC confirmation of Bangladesh bank. But when they come to know that Bangladesh is under the IMF programme, they will. That's because the IMF program in Bangladesh means that in the next 3-6 months, Bangladesh will not be in such a crisis that it will fail to pay in foreign currency.