Asian Development Bank (ADB) Country Director in Bangladesh Hua Du told a press conference that Bangladesh’s gross domestic product (GDP) growth rate is likely to go down to below 6 percent in fiscal 2007-08 due to natural calamities. Earlier, it was expected to be 6.5 percent.
The bank released its quarterly economic update (July-Sept) at its office in Dhaka. Ms. Hua Du said that the country is passing through very difficult times as it experienced two floods and one severe cyclone in one year. The ADB update shows the country due to floods has incurred a loss of US$ 1.4 billion in economic terms, which is 1.1 percent of the GDP. The production loss because of flooding is estimated at 1.3 million tons, it said. On the other hand, the update said, the recent cyclone has damaged 38 percent of Aman crops in coastal areas. The ADB, however, is yet to assess the total loss of lives and crops caused by the cyclone.
Meanwhile, Food and Disaster Management Secretary Mohammad Ayub Mia said that there could be food deficit in the country considering this year's floods and cyclone. He said it would be useful for Bangladesh to tackle the problem if the donors offered food aid.
Amir Khasru has more on the story.