New Era | Manufacturing sector affected by high inflation, dollar crisis: MCCI

According to the Metropolitan Chamber of Commerce and Industry, the country’s manufacturing sector is struggling with lower consumption both domestically and externally due to high inflation, import restrictions resulting from the dollar crisis, and gas and electricity shortages. economic review.

From “Bangladesh Economic Situation Review January-March 2024.” MCCI shows that in the second quarter of FY 2023-2024, the manufacturing sector recorded a negative growth of 0.45 percent, the share of the manufacturing sector in GDP also declined to 24.66 percent. in Q2 FY24 compared to 25.90 percent. in the previous quarter.

According to the economic review, the gravity of the conflict situation in the world, especially in the Middle East, may affect the social, political and economic aspects of Bangladesh.

The economic review also indicated that the growth of the services sector in the second quarter of fiscal 2024 declined in the second quarter of fiscal 2024 due to the current global conflicts and grew only by 3.06 percent, compared to the growth rate of 3.73 percent. in the first quarter of the same year.

The total amount of foreign direct investment flowing into the country from July to March in FY24 declined by 4.92 percent to reach $3,211 million compared to $3,377 million in the same period of the previous financial year.

Remittance inflows declined by 1.24% to $1.99 billion in March 2024 compared to $2.02 billion in March 2023.

Additionally, the transfer amount for March 2024 was 7.80%. lower than in February 2024

From July to March of fiscal year 2024, merchandise export revenues increased by 4.39% to reach $43.56 billion. This is up from $41.72 billion in the same period of the previous fiscal year.

Trade deficit narrowed to $4.75 billion in July-March FY24 compared to $14.63 billion in the same period last year as imports declined by 15.42 percent in July-March FY24.