The manufacturing sector of the country has been hindered by lower consumption in both domestic and external level amid high inflation, import restrictions due to a dollar crisis and shortage of gas and electricity over the past few months, according to the Metropolitan Chamber of Commerce and Industry鈥檚 economic review.
The 鈥楻eview of Economic Situation in Bangladesh January-March 2024鈥� of the MCCI said that the manufacturing sector recorded negative growth by 0.45 per cent in the second quarter of the financial year 2023-24, the share of the manufacturing sector in GDP also decreased to 24.66 per cent in Q2 of FY24 compared with that of 25.90 per cent in the previous quarter.
The brunt of the conflicting situation in the world especially in the Middle East may affect the social, political, and economic aspects of Bangladesh, according to the economic review.
The economic review also said that the services sector growth decreased in the second quarter of financial year 2024 because of the current global conflicts, increasing by only 3.06 per cent, comparing with that of 3.73 per cent growth rate in the first quarter of the same year.
The total amount of foreign direct investment coming into the country from July to March in FY24 dropped by 4.92 per cent, reaching $3,211 million compared with that of $3,377 million during the same period in the previous financial year.
The remittance inflow decreased by 1.24 per cent to $1.99 billion in March 2024, compared with that of $2.02 billion in March 2023.
Additionally, the remittance amount for March 2024 was 7.80 per cent lower than in February 2024.
From July to March in the financial year 2024, export earnings from goods increased by 4.39 per cent, reaching $43.56 billion. This is up from $41.72 billion during the same period in the previous financial year.
The trade deficit shrank to $4.75 billion in July-March of FY24 compared with that of $14.63 billion in the same period of the past year, as imports fell by 15.42 per cent in July-March in FY24.
