The economy of Bangladesh

The economy of Bangladesh
Ref. Wikipedia Otheres Source
The economy of Bangladesh is constituted by that of a developing country Its per capita income in 2008 was US$1389 (adjusted by purchasing power parity) lower than the world average of $10,497. According to the gradation by the International Monetary Fund, Bangladesh ranked as the 48th largest economy in the world in 2008, with a gross domestic product of US$224,889 million. The economy has grown at the rate of 6-7% p.a. over the past few years. While more than half of the GDP belongs to the service sector, nearly two-thirds of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important produce.
Remittances from Bangladeshis working overseas, mainly in the Middle East and East Asia, as well as exports of garments is the main source of foreign exchange earning. Economic growth is rather endogenous with slow growth in foreign direct investment. Bangladesh has made major strides to meet the food needs of its ever growing population.

The land is devoted mainly to rice and jute cultivation, although wheat production has increased in recent years; the country is largely self-sufficient in rice production. Nonetheless, an estimated 10% to 15% of the population faces serious nutritional risk, and that food security is at risk for 45% of the population. Bangladesh's predominantly agricultural economy depends heavily on an erratic monsoonal cycle, with periodic flooding and drought.

Although improving at a very fast rate, infrastructure to support transportation, communications, power supply and water distribution is still developing. Bangladesh is limited in its reserves of oil, but recently there was huge development in coal mining. While the service sector has expanded rapidly during last two decades, country's industrial base remains narrow. The country's main endowments include its vast human resource base, rich agricultural land, relatively abundant water, and substantial reserves of natural gas which are depleting quickly and may disappear in the next 7-8 years.

: Economic sectors :
Agriculture
BD_Agriculture_Map.JPGMap showing the growing areas of major agricultural products.
Manufacturing & Industry
Many new jobs - mostly for women - have been created by the country's dynamic private ready-made garment 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 in the garments sector. During 2001-2002, export earnings from ready-made garments reached $3,125 million, representing 52% of Bangladesh's total exports.

Textile sector
Bangladesh's textile industry, which includes knitwear and ready-made garments along with specialized textile products, is the nation's number one export earner. The sector, which employs 2.2 million workers, accounted for 75 per cent of Bangladesh's total exports of US$10.53 billion in FY2005-06, in the process logging a record growth rate of 24.44 per cent.
Investment
The stock market capitalization of the Dhaka Stock Exchange in Bangladesh crossed $ 10 billion in November 2007 and the $15 billion dollar mark. Major investment from foreign investors have led to a massive building boom in Dhaka and Chittagong.
External trade
2006Bangladeshi_exports.PNGBangladeshi exports in 2006
The Bangladesh Garments Manufacturers and Exporters Association (BGMEA) has predicted textile exports will rise from US$7.90 billion earned in 2005-06 to US$15 billion by 2011. In part this optimism stems from how well the sector has fared since the end of textile and clothing quotas, under the Multifibre Agreement, in early 2005.
Garments Sector.
Bangladeshi Economy is is developing by garments sector. Lots of worker working there and exporting our local goods.
Manpower sector
Foriegn currency is earning form our man power sector.
Leather Sector
Leather goods finishing, Making and developing now in Bangladesh
This informaation is collected from Wikipedia

1 comment:

Zahid said...

Very nice informative article on Economy of Bangladesh.