Dhaka, Apr 3 (IANS): Bangladesh economy is expected to grow by 8 per cent in 2019-20 fiscal year (July 2019-June 2020), likely recording the fastest economic growth in Asia and the Pacific, according to a new Asian Development Bank (ADB) report.

The latest Asian Development Outlook (ADO) 2019 -- ADB's flagship economic publication -- predicted that gross domestic product (GDP) of Bangladesh was expected to grow by 8 per cent in 2019-2020 with robust private consumption, increased public investment, strong export performance and expansion in industries, Xinhua news agency reported.

The ADO 2019 said favourable trade prospects were expected to continue despite a weaker global growth. Exports and remittances were likely to be further strengthened while strong public investment was envisaged due to continued policy environment and expeditious implementation of large infrastructure projects.

"To sustain this momentum in the medium to long term, Bangladesh requires expanded industrial base, diversified export basket, improved business environment for vibrant private sector development, expanded tax base, better revenue collection for increased resource allocation and human capital development," said Country Director Manmohan Parkash in a statement.

"Continued focus on prudent macroeconomic policies, sound debt management, strengthening the banking sector, removing infrastructure constraints and reducing the cost of doing business are important to help achieve the long-term development vision of the country," he added.