Industrial output grew by 6.66% in FY2024, down from 8.37% in FY2023 and 9.86% in FY2022, marking the third consecutive year of decline since FY2021’s 10.29%. The Bangladesh Bureau of Statistics (BBS) released this data two months into the new fiscal year, with reports attributing the slowdown to import restrictions, foreign exchange shortages, high inflation, and gas shortages.
Despite the Yunus Administration implementing reforms and taking necessary steps to address the crisis, the situation has not yet stabilized. Business leaders, including the BKMEA President, blame the inefficiency of the National Board of Revenue (NBR) and lack of cooperation from bankers for worsening the situation. Analysts suggest that the government should focus on medium- and long-term strategies to alleviate the crisis. The industrial sector, which constitutes 38% of the national economy, grew by only 5.82% in FY2024, falling short of 6% for the second consecutive year. Inflation surged to 9.72% in 2024 and has now exceeded 11%.
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