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Saturday, October 3, 2020

Economy of Bangladesh

 The economy of Bangladesh may be a developing free enterprise . it is the 39th largest within the world in nominal terms, and 30th largest by purchasing power parity; it's classified among subsequent Eleven emerging market middle income economies and a frontier market. within the half-moon of 2019, Bangladesh's was the world's seventh fastest growing economy with a rate of seven .3% real GDP annual growth. Dhaka and Chittagong are the principal financial centers of the country, being home to the Dhaka stock market and therefore the Chittagong stock market . The financial sector of Bangladesh is that the second largest within the Indian subcontinent. Bangladesh is one among the world's fastest growing economies.


In the decade since 2004, Bangladesh averaged a GDP growth of 6.5%, that has been largely driven by its exports of ready made garments, remittances and therefore the domestic agricultural sector. The country has pursued export-oriented industrialisation, with its key export sectors include textiles, shipbuilding, fish and seafood, jute and leather goods. it's also developed self-sufficient industries in pharmaceuticals, steel and food processing. Bangladesh's telecommunication industry has witnessed rapid climb over the years, receiving high investment from foreign companies. Bangladesh also has substantial reserves of gas and is Asia's seventh largest gas producer. Offshore exploration activities are increasing in its maritime territory within the Bay of Bengal. It also has large deposits of limestone.The government promotes the Digital Bangladesh scheme as a part of its efforts to develop the country's growing information technology sector.


As of 2019, Bangladesh's GDP per capita income is estimated as per IMF data at US$5,028 (PPP) and US$1,906 (nominal). Bangladesh may be a member of the D-8 Organization for Economic Cooperation, the South Asian Association for Regional Cooperation, the International fund , the planet Bank, the planet Trade Organization and therefore the Asian Infrastructure Investment Bank. The economy faces challenges of infrastructure bottlenecks, bureaucratic corruption, and youth unemployment.


Agriculture



Map showing the growing areas of major agricultural products.

Main article: Agriculture of Bangladesh


Most Bangladeshis earn their living from agriculture.Although rice and jute are the first crops, maize and vegetables are assuming greater importance. thanks to the expansion of irrigation networks, some wheat producers have switched to cultivation of maize which is employed mostly as poultry feed.Tea is grown within the northeast. due to Bangladesh's fertile soil and normally ample water system , rice are often grown and harvested 3 times a year in many areas. thanks to variety of things , Bangladesh's labour-intensive agriculture has achieved steady increases in grain production despite the usually unfavourable weather .These include better control and irrigation, a generally more efficient use of fertilisers, and therefore the establishment of higher distribution and rural credit networks. With 28.8 million metric tons produced in 2005–2006 (July–June), rice is Bangladesh's principal crop. 


Manufacturing and industry



Many new jobs – mostly for ladies – are created by the country's dynamic private ready-made apparel industry , which grew at double-digit rates through most of the 1990s.By the late 1990s, about 1.5 million people, mostly women, were employed within the garments sector also as Leather products specially Footwear (Shoe manufacturing unit). During 2001–2002, export earnings from ready-made garments reached $3,125 million, representing 52% of Bangladesh's total exports. Bangladesh has overtaken India in apparel exports in 2009, its exports stood at 2.66 billion US dollar, before India's 2.27 billion US dollar and in 2014 the export rose to $3.12 billion monthly . At the financial year 2018, Bangladesh has been ready to garner US$36.67 billion export earnings by exporting manufactured goods, of which, 83.49 percent has come from the apparel manufacturing sector.

Eastern Bengal was known for its fine muslin and silk fabric before British period. The dyes, yarn, and cloth were the envy of much of the premodern world. Bengali muslin, silk, and brocade were worn by the aristocracy of Asia and Europe. those that had earned their living within the textile industry were forced to rely more completely on farming. Only the littlest vestiges of a once-thriving industry survived.

Other industries which have shown very strong growth include the pharmaceutical industry,shipbuilding industry, information technology, leather industry, industry , and lightweight engineering industry.


Finance

Until the 1980s, the financial sector of Bangladesh was dominated by state-owned banks. With the grand-scale reform made in finance, private commercial banks were established through privatisation. subsequent finance sector reform programme was launched from 2000 to 2006 with specialise in the event of monetary institutions and adoption of risk-based regulations and supervision by Bangladesh Bank. As of date, the banking sector consisted of 4 SCBs, 4 government-owned specialized banks dealing in development financing, 39 private commercial banks, and 9 foreign commercial banks.


Information and Communication Technology

Bangladesh's information technology sector is growing example of what are often achieved after the present government's relentless effort to make a talented workforce in ICT sector. The ICT workforce consisted of personal sector and freelance skilled ICT workforce. The ICT sector also contributed to Bangladesh's economic process . The ICT adviser to the prime minister, Sajeeb Wazed Joy is hopeful that Bangladesh will become a serious player within the ICT sector within the future. within the last 3 years, Bangladesh has seen an incredible growth within the ICT sector. Bangladesh may be a market of 160 million people with vast consumer spending around mobile phones, telco and internet. Bangladesh has 80 million internet users, an estimated 9% growth in internet use by June 2017 powered by mobile internet. Bangladesh currently has a lively 23 million. Facebook users. Bangladesh currently has 143.1 million mobile customers. Bangladesh has exported $800 million worth of software, games, outsourcing and services to European countries, the us , Canada, Russia and India by 30 June 2017. The Junior Minister for ICT division of the Ministry of Post, Telecommunications and knowledge Technology said that Bangladesh aims to boost its export earnings from the knowledge and technology (ICT) sector to $5 billion by 2021.


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