Registering economic growth of 6.5 percent in fiscal year 2023-24 would be satisfactory for Bangladesh considering the current economic climate at home and abroad, according to Professor Shamsul Alam, the ex-state minister for planning.

The government had set the growth target for the current fiscal year at 8 percent in its 8th five-year plan, which aims to facilitate the country's economic development between 2021 and 2025.

And although the target was ultimately revised down to 7.5 percent, achieving 6.5 percent growth in gross domestic product (GDP) would be satisfactory given the current economic context, he said.

Bangladesh's foreign currency reserve, which stood at more than $40 billion a few years ago, has shrivelled to about $20 billion at present.

This is causing difficulties in importing raw materials and other issues, which are slowing the country's overall economic activities.

Alam yesterday made these comments at a seminar, styled "Planned Economy: Bangladesh Experience".

The event was organised by The Dhaka School of Economics, an undergraduate and postgraduate institution of the University of Dhaka, at its lecture hall in the capital.

Earlier, the International Monetary Fund revised down its growth forecast for Bangladesh's economy to 6 percent from 6.5 percent for fiscal year 2023-24.

And as per the Global Economic Prospects report by the World Bank, the country's economic growth is expected to slow to 5.6 percent in the current fiscal year.

Similarly, the government will likely further revise its GDP growth target down to 6.5 percent for FY24 as internal and external factors, such as higher energy costs, continue to pose challenges.

Alam also raised concerns over sustained elevated inflation in the country, which has so far exceeded 9 percent in the current fiscal year.

Regarding corruption, Alam urged the government to ensure good governance.

"The government has to set specific goals to remove corruption," he said.

Qazi Kholikuzzaman Ahmad, chairman of the Dhaka School of Economics, and Jahangir Alam Khan, an agricultural economist, also spoke at the event.