<span style="background-color: transparent; color: #000000;">The GDP growth rate of Bangladesh will be a moderate 5.3 percent in the current Financial Year 2023, says Asian Development Bank (ADB) in its Asian Development Outlook, April 2023 released in Dhaka on Tuesday. <br />''<br />''The growth rate is likely to recover to 6.5 percent in FY2024. The GDP growth rate of the current FY2023 is substantially lower than 7.1 percent achieved in FY2022 and 6.9 percent during FY 2021. The slower growth forecast reflects subdued domestic demand and weaker export expansion due to slow global growth following the Russian invasion of Ukraine, said the ADB.<br />''<br />''The Asian Development Outlook also forecasts a sharp acceleration in inflation at 8.7 percent in FY 2023 compared to 6.2 percent in FY2022. The current account deficit is anticipated to narrow from 4.1 percent of GDP in FY2022 to 1.6 percent of GDP in FY2023 as imports loosen and remittances grow. The main risk to this growth projection is a greater economic slowdown in Bangladesh's major export destinations driven by global uncertainty over the prolonged political tensions, says the report. <br />''<br />''ADB Country Director Edimon Ginting commended the government of Bangladesh for managing the impact of external adversities relatively well. He said that the government has embarked on the reform process as a precautionary measure. Ginting said strengthening public financial management and domestic resource mobilisation, deepening the financial sector, and enhancing competitiveness to promote the creation of productive jobs in the private sector will help the country sustain higher growth in the medium term. <br />''<br />''Pointing to the recent hike in prices of gas by the government , Edimon Ginting called it a step in the right direction to bring prices of fuel in line with market prices in the world and reduce its consumption.<br />''The ADB is currently conducting a comprehensive review of the investment regulatory environment of Bangladesh in partnership with Bangladesh Investment Development Authority (BIDA) and OECD. It is also conducting another study to help Bangladesh diversify exports. </span><br />