Dhaka, Thursday, 30 June 2022

Per capita income to reach $3,089 in next FY: Finance minister

Per capita income to reach $3,089 in next FY: Finance minister

Apparel Correspondent: Finance minister AHM Mustafa Kamal recently expressed optimism of achieving targeted 7.2 per cent GDP growth in the current fiscal year (FY) after a meeting of the cabinet committee on government purchase.

Asked how the International Monetary Fund (IMF) had recently projected a slowdown in global growth, how it views Bangladesh and on what basis its per capita income would increase, the minister said, "Last year, our GDP growth rate was 5.43 percent. This year, our GDP growth will be 7.2. At this point, our GDP will be $455 billion."

He said,"If we share this $455 billion with the population we have, the per capita income will increase to $2,785. This is for the current year. Hopefully in the next FY the size of our GDP will touch the milestone of half a trillion."

He added that the IMF always analyzes the world economy on the one hand, and publishes its observations or reports on the other.

We expect 6.6 percent, in contrast to the IMF says we will be able to achieve 7.6 percent. The IMF has always projected that to all countries involved. We must, as in the past, believe that we will be able to achieve what we have said. Next year, our per capita income will reach $3,089 US dollars in the next FY, that year GDP growth will be 7.5 percent, this is my rough estimate.

The finance minister said 16 proposals have been approved by the committee.

Among the recommendations of the procurement committee were seven from the Ministry of Water Resources, three from the Ministry of Shipping, three from the Ministry of Agriculture, one from the Ministry of Industries, one from the Department of Public Security Division and one from the Local Government Department.

In the 16 proposals approved by the committee, the total amount is Tk1387.33 crore. Out of the total financing, Tk 449.42 crore will be spent from the government and Tk937.90 crore from domestic banks and foreign loans.