Finance Minister AMA Muhith has rejected the World Bank’s projected growth rate of 5.6% in current fiscal year of the country.

He said the growth rate would near 7% despite political turmoil.

The finance minister made the remark yesterday while replying to a question from a reporter after meeting with the US Ambassador, Marcia Stephens Bloom Bernicat, at his secretariat.

The minister also said the International Monetary Fund (IMF) always looks upon the country’s growth rate in a conservative way.

The growth rate projected by the Asian Development Bank is a little bit similar to the country’s current fiscal projection, he added.

“I do not care about the multilateral agencies’ growth projection, but I think our growth estimate would be right.”       

Earlier in the day, the World Bank report on Bangladesh’s development update revealed 5.6% growth rate from projected 7.3% in current fiscal year due to prolonged political unrest.

The global lender revealed the findings yesterday at a programme that launched the Bangladesh Development Update Report 2015 at its Dhaka office. 

Unveiling the report, WB’s Chief Economist Dr Zahid Hossain said: “The country incurred a huge financial loss of around US$2.2 billion (approximately Tk17,150 crore) in the last three months due to political turmoil.”

The financial loss in January, February and March this year is more than that in the first three months in 2013, he said. 

Citing the three months as dry season, Zahid said: “Since it was the dry season, the loss incurred was huge as the three months were the peak time for production.”