Due to slowing economic activity, up to 3 million more people in Bangladesh may fall into poverty this year, according to a new World Bank report.
In its latest "Bangladesh Development Update," released on April 23, the World Bank expressed concern over the country's deteriorating poverty situation.
Using the international poverty line of $2.15 per person per day, the report notes that 5% of Bangladeshis were considered extremely poor in 2022. That figure could rise to 9.3% in 2025.
The national poverty rate is also expected to increase. Based on data from the Bangladesh Bureau of Statistics, the poverty rate was 18.7% in 2022. The World Bank projects it could reach 22.9% this year.
The report warns that the economic slowdown could disproportionately affect vulnerable populations, and labour market conditions are likely to remain weak throughout the year.
In an earlier biannual report titled "South Asia Development Update: Taxing Times," the World Bank predicted Bangladesh's GDP growth could slow to 3.3% in the current fiscal year.
