The World Bank has predicted that three million new people in Bangladesh could fall into poverty this year due to the slowdown in economic activity, using international poverty lines.
In its 'Bangladesh Development Update' report released on Wednesday, the World Bank warned of a worsening poverty situation.
According to the World Bank, a person is considered extremely poor if their daily income is less than $2.15. In Bangladesh, the rate was 5 percent in 2022. The World Bank estimates that the rate of extreme poverty could rise to 9.3 percent by 2025.
The World Bank has warned that the national poverty rate is likely to increase. According to the Bangladesh Bureau of Statistics, the poverty rate in the country was 18.7 percent in 2022. It is expected to increase to 22.9 percent this year. The World Bank said that the economic slowdown could have a greater impact on vulnerable groups. In addition, the labor market situation is likely to remain weak this year.
Earlier, the World Bank's biannual report 'South Asia Development Update: Taxing Times' forecast said that the country's gross domestic product (GDP) growth could be 3.3 percent in the current fiscal year. Earlier, the World Bank had said in January that it would grow by 4.1 percent. In its new forecast, the organization said that the GDP growth in the next fiscal year could increase slightly to 4.9 percent.
