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National Economy Analysis |
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Bangladesh Economic Structure.
A developing country, Bangladesh was the world’s 48th largest economy as of 2008, as graded by the International Monetary Fund. At US$1,500, the per capita income of the country is much lower than its neighbors India and Pakistan. During the first decade of the 21st century, Bangladesh’s economy grew at a rate of 6%-7% annually.
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Main Sectors of Bangladesh Economy.
The economic structure of Bangladesh can be divided into the following three sectors:
Primary Sector: With 45% of the workforce engaged in the primary sector (est. 2008), Bangladesh can be called an agrarian economy. Agriculture contributes 30% of the country's GDP and enables Bangladesh to achieve its macroeconomic objectives, including food security, poverty alleviation, human resources development and employment generation. Cooperatives are increasingly motivating farmers to employ modern machinery. Bangladesh primarily produces jute, rice, tobacco, tea, sugarcane, pulses and wheat. According to the composition of sub sectors, the crop sector contributes 72% of the production, followed by Fisheries at 10.33%, livestock at 10.11% and forestry at 7.33%. The unpredictable weather and natural calamities disrupt the country’s economy frequently. To overcome this problem, the government has constructed several irrigation projects to conserve rainwater and control floods. The projects also include controlling pests and using high quality seeds.
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Secondary Sector: This sector mainly comprises of small and medium enterprises that give employment to 30% of the country’s workforce (est. 2008). It generates 25% of the GDP and 40% of the gross manufacturing output. Bangladesh’s light engineering sector is one of the largest and most diverse, producing a wide variety of machinery and spare parts. There are several mills and factories, producing jute, garments, cotton, paper, textile, pharmaceuticals and fertilizers, among other things. Some major manufacturing industries are railways, tea plantation & processing industries, construction sector, ferry and transport. Infrastructure is developing swiftly in terms of water distribution, power supply, communications and transportation. Bangladesh features a prominent wealth of coal mines.
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Tertiary Sector: In the last two decades, Bangladesh has seen incredible growth in its service sector. As of 2008, 25% (2008 est.) of the country’s workforce was employed in this sector. Although this percentage is lesser than the primary and secondary sectors, a large part of the country’s GDP comes from service sector. The hospitality industry, in particular, has shown considerable growth.
Agriculture and labor-intensive manufacturing remain the 2 major pillars of the Bangladesh national economy. Historically, a tropical climate and warm temperatures throughout the year made it possible to grow 2 or 3 crops of rice each year, although floods and cyclones regularly damaged crop yield.
After achieving independence in 1971, Bangladesh confronted the challenging task of developing and diversifying its economy, as the country had very limited natural resources and arable land with which to support its rapidly growing population. The task was complicated by years of political turbulence and military coups (in 1975, 1981, and 1982) that did little to attract international investors and by devastating natural disasters that regularly visited Bangladesh in the 1970s and 1980s. By the beginning of the 21st century, according to the World Bank, Bangladesh had become one of the poorest and least-developed economies in Asia.
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Government steps towards economic development of the Country.
During the 1970s and 1980s the government of Bangladesh promoted economic development based on heavy state involvement both in economic management and economic planning. After achieving independence, the government at that time nationalized a large and medium-sized enterprises in jute, cotton textile, sugar processing,
banking and insurances. Its economic policies were centered on 5-year plans (the first 5-year plan was launched in 1973), which aimed at development and public resource allocation modeled on the Soviet 5-year experience. However, the Bangladeshi experiment with socialism did not last long, and the government eschewed radical changes.
The country's average gross domestic product (GDP) growth of around 3.3 percent in the 1970s and 4.4 percent in the 1980s (World Bank calculation) were very impressive, but this growth was offset by even more rapid growth of the population. After 1991 GDP growth has been developed gradually, as the next governments considerably revised the economic policies and the growth in GDP was around 7% during the fiscal year 2010 – 2011. However, Bangladesh still depends heavily on international assistance and loans, as well as remittances from Bangladeshis working abroad. ......Click for details
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