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“In light of these factors, maintaining vigilance and engaging in strategic planning are imperative for navigating potential fluctuations in the economic landscape.”

On the overall economy’s performance, the BB said the industrial sector was expected to experience relatively slower growth in the second quarter of the FY 2023-24 in the face of a decrease in external demand due to geopolitical tensions and trade uncertainty.

“The agriculture sector is projected to exhibit better performance in this period, with reasonable growth targets for major rice varieties and non-rice crop production,” it added.

“The service sector is anticipated to maintain its moderate growth trajectory in the second quarter,” said the BB, adding that the robust rebound in remittance inflows significantly contributed to the stimulation of economic activities.