World Bank says Bangladesh's poverty rate dropped to 11.9%
Own Correspondent, Dhaka, April 14: Due to the economic recovery amid the pandemic situation, the poverty rate of Bangladesh has come down to 11.9 percent in FY 2021 from 12.5 percent in FY 2020.
A new World Bank report titled 'Bangladesh Development Update-Recovery and Resilience Amid Global Uncertainty' was released at a virtual media briefing on Wednesday.
According to the report, despite Bangladesh's strong economic recovery from the Covid-19 pandemic situation, the impact of the Ukraine war is causing uncertainty in the world market. As a result of strong growth in FY 2021 and FY 2022, Bangladesh's manufacturing and service sectors have turned around. GDP growth is expected to remain strong in the medium term.
Inflation in February 2022 was 6.2 percent. The war in Ukraine is putting pressure on the commodity market due to inflation in the international market. Bangladesh's Country Director for Bangladesh and Bhutan, Mercy Tembon, said Bangladesh's poverty rate dropped to 11.9 percent in 2021 from 12.5 percent in 2020 due to strong economic recovery despite the pandemic.