<div><span style="font-size: 1rem;">Despite the World Bank's forecast that global economic growth is desired to slow down before the end of the year, the Bangladesh government today set a $67 billion export target for the current fiscal year.</span><br></div><div><br></div><div>"Export target for current fiscal has been set as $67 billion. Of these, $58 billion will come from goods exporting and $9 billion from the service sector," Commerce Minister Tipu Munshi MP said during a press briefing at the secretariat on Wednesday (20 July).&nbsp;</div><div><br></div><div>"The backbone of any country's economic development is finding suitable policies and implementing them timely. Also, the government's assistance in helping the private sector's growth is important," the minister added.</div><div><br></div><div>During the press briefing, Tipu Munshi said: "The Russia-Ukraine war has been affecting supply chains and raising prices of many necessary commodities. Especially food items."</div><div><br></div><div>"Inflation and joblessness are creasing in America and Europe. According to the IMF, the global growth rate would be 4.4%, and in the year next year it might be even lower," he added.</div><div><br></div><div>World Bank's latest global economic forecast warned that most countries should begin preparing for a recession. It added that global economy had already been impaired by the aftereffects of the Covid-19 pandemic and Russia-Ukraine war, which left international supply chains in tatters and significantly hampered income growth and poverty reduction efforts in developing countries.</div><div><br></div><div>"The export target has been ser considering the recession situation. Otherwise, it would have been higher. Bangladesh is getting some global geopolitical benefits. Orders from the USA have shifted from China; Bangladesh along with Vietnam, Cambodia, India and Pakistan are enjoying the benefit of it," Tipu Munshi said.&nbsp;</div><div><br></div><div>"This is the first time export to a single country is crossing $10 billion, and that is USA. Of the $10 billion earned from exporting to the USA, $9 billion came from the RMG sector. I am myself an RMG exporter and have been BGMEA president. I think the RMG orders will not decline," he added.&nbsp;</div><div><br></div><div>"I don't think production will be hampered by load shedding and rationing. The load shedding won't be year-long, it is only temporary. We have kept load shedding in mind while setting the export target," the minister further said.&nbsp;</div><div><br></div><div>The minister said that the rising cases of Covid-19, inflation, demand loss, and heatwave in the west may pose some risk to the export target&nbsp;</div><div><br></div><div>According to the recently passed FY22-23 budget, Bangladesh's GDP growth rate is 7.25%.&nbsp;</div><div><br></div><div>The current fiscal year's export target is 11% higher than the last fiscal.</div><div><br></div><div>Actual goods export was $52 billion during the last fiscal and the service sector's actual earnings were $8 billion.</div><div><br></div><div>Meanwhile, the actual export of the ready-made garment sector during the last fiscal was $42.2 billion. The target has been set at $46 billion in the current fiscal for this sector.</div><div><br></div><div>Bangladesh's ready-made garments industry has been bracing for another battle for survival as most factories are getting orders less than 30% of their capacity as record inflation rates across Europe and the US make consumers less willing to loosen their purse strings for new outfits and fashion accessories.</div><div><br></div><div>Commerce Minister Tipu Munshi said that the government will offer policy support to ensure the export target is met.&nbsp;</div><div><br></div><div>"A combined effort by the government and private sector will help us achieve the export target," the minister said.&nbsp;</div><div><br></div><div>bnbd24/TR</div>