Although the Asian Development Bank has projected a moderate 5.1 percent GDP growth Bangladesh for 2025-26 fiscal, the forecast may need to be revised downwards due to the recent imposition of higher tariffs on Bangladeshi exports to the US, said Hoe Yun Jeong, Country Director of the ADB’s Resident Mission in Bangladesh

“Our projection was done before the US sweeping tariff. So our projection was 5.1 percent for the fiscal year 2026. Obviously it will adversary affect the overall Bangladesh export to  the US and also on the overall economic progress. That 5.1 percent needed to be downgraded little bit.” Hoe Yun Jeong said on Wednesday.

He said these responding to questions from the reporters after releasing the ADB’s flagship publication Asian Development Outlook (ADO) April 2025 held at the ADB office in Dhaka.

In its latest report, the ADB also projected Bangladesh's GDP to grow by 3.9 percent in the current fiscal year (FY2024-25), reflecting weaker domestic demand amid ongoing political and economic challenges.

This outlook was part of the ADB’s Asian Development Outlook (ADO) for April 2025.

Bangladesh must diversify its products and markets for export for the medium and the long term perspective, he said.

Bangladesh a land of ‘crazy ideas’ that work: Dr Yunus tells foreign investors

“Of course engaging and negotiating the US government is important, but it is a short term measure. More importantly Bangladesh must diversify its products and markets for export,” he said.

He also suggested that Bangladesh should take this opportunity to rationalise its import tariff structure and reform its non-tariff barriers as well  considering its tariff regime is over protective.

"So, this tariff reform should apply not only to the US but also to other countries," he said.