The Hongkong and Shanghai Banking Corporation (HSBC) Limited in Bangladesh hosted an event titled ‘HSBC Economic Outlook: A Perspective on Bangladesh’ on Sunday, focusing on the latest global and Asian market trends and offering insights into Bangladesh’s economic landscape.

Salman F Rahman, the Private Industry and Investment Adviser to the Prime Minister, graced the occasion as the chief guest.

The highlight of the event was a keynote presentation by Frederic Neumann, Chief Asia Economist and Co-Head of Global Research Asia at HSBC, who provided valuable insights into the current macroeconomic outlook.

During his keynote address, Frederic Neumann underscored the substantial inflow of foreign direct investments into Asia, reaching near-record levels, and emphasized Bangladesh’s opportunity to capitalise on this trend.

HSBC forecasts Bangladesh’s GDP growth at 5.9 per cent for the upcoming fiscal year, and 6.3 per cent for the subsequent fiscal year.

Neumann also noted that the projected average incremental GDP over the next four years exceeds $60 billion, surpassing that of many other Asian economies.

This growth trajectory is expected to be bolstered by increased household spending and enhanced purchasing power amidst alleviating inflationary pressures.

Additionally, a rebound in remittances is anticipated, driven by a more favorable global economic outlook, which will further bolster consumption.

Moreover, investment spending is poised to rise, particularly among exporters benefiting from the improving global trade cycle.

Fred presented a Global Economic Policy Uncertainty Index, visually illustrating the fluctuations in global uncertainties over the years.

The index, reaching its peak during the pandemic, presented multifaceted challenges, which Bangladesh navigated with resilience.

Despite these challenges, Bangladesh’s outlook remains optimistic, with growth expected to strengthen as fiscal and structural reforms take hold.

Subsequently, an interactive question and answer session provided an opportunity for further exploration of the topic.

Rubana Huq, Vice-Chancellor, Asian University for Women and Zaved Akhtar, Chairman and Managing Director, Unilever Bangladesh and President, Foreign Investors’ Chamber of Commerce and Industry (FICCI) were the key speakers at the event.

The event was also attended by Md Mahbub ur Rahman, Chief Executive Officer, HSBC Bangladesh and Gerard Haughey, Country Head of Wholesale Banking, HSBC Bangladesh.