DHAKA, Nov 28, 2024 (BSS) - The Metropolitan Chamber of Commerce and Industry (MCCI) has observed that the country's economy has been gradually recovering from political instability, sparked by the Anti-Discrimination Students movement, which began in the first week of July 2024.
 
This movement led to a change in government and has resulted in an ongoing transition period, the trade-body opined in its Review of Economic Situation in Bangladesh first three months of the current fiscal year (July-September of FY25).
 
During this period, MCCI said, the economy has shown some improvement, with gradual increases in exports, imports, remittances, and foreign exchange reserves.
 
 However, there are several challenges that need to be addressed, including high inflation, a slowdown in external demand, a shortfall in revenue collection, slow public spending, diminished job opportunities, and a sluggish investment climate, the chamber opined.
 
 Additionally, restoring law and order has become an urgent priority, it added.
 
As per the review, the inflow of remittances registered at US$2,404.79 million in September 2024, which were 80.22 per cent higher compared to the same month of the previous fiscal year ($1,334.35 million).
 
 Compared with the remittance earnings in August 2024 worth $2,224.15 million, the September figure was also higher by 8.12 per cent.
 
On the other hand, the inflow of remittance in July-September of FY25 increased by 33.34 per cent to $6,542.71 million from $4,906.95 million in July-September of FY24.
 
Export earnings in July-September of FY25 increased by 7.62 per cent to $11.66 billion from $10.83 billion in the corresponding three months of the previous fiscal year.
 
On the other hand, export earnings in September 2024 increased by 15.27 per cent to $3.80 billion from $3.30 billion in the corresponding month of the previous fiscal year; but less by 5.78 per cent from the previous month (August 2024).