Economy of Bangladesh

Bangladesh's economy is a middle income developing economy. There are many characteristics of our economy like annual development, discrimination of income, great poverty, fuel, food grain, unemployment of youth, depending on imports to have working materials, depending on the aids provided by the foreign country. Bangladesh's economy has increased after getting the victory in 1971.

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Bangladesh garment industry is noteworthy among world's industries. Before 1900, Bangladesh economy was basically dependent on Jute and the products made from Jute. At that time, the country earned a lot of foreign currencies as remittance. But when Polypropylene arrived in the market, the popularity of the products made from jute decreased and thus jute trade was also decreased. Our economy is progressed and depended on agriculture, production of food grain, industry, investment, garment industry, poverty and export sectors. Mainly, our economy is depended on agriculture as most of the people of our country are farmers and they earn their livelihood by farming. According to the world Bank, 87% of people of Bangladesh earn their livelihood by farming and two third of village people is depended on agriculture. Even, 11% people of city is directly connected to farming. Again, according to a statistics of 2013, 45.7% of total labour powers is connected to agriculture. Our GDP rate in 1980 was 29% and in 1990, it was 24%. Secondly, our food grains also keep a noteworthy contribution in our economy. Thirdly, different industries like Beximco, Square, Ispahani, Navana, Habib Group, Transform group etc are remarkable to keep forward the economy of our country. Fourthly, our foreign investment is also a great sector. At fifth, there is a very important economic sector that keeps the contribution most for progressing our country's economy. That is garment industry. This industry helps a lot to develop the economy of a nation. Developed and development countries are also focusing on this industry to make more profit for their economic growth. At sixth, poverty is mentioned here as a sector that has great impact on our economy.

Bangladesh is one of the densest countries with 16 acres of people. Poverty is a diversified problem in our country. According to World Bank, in 2016, our poverty rate is decreased to 12.9 percentage. President of the World Bank named Jim Yong Kim had praised our country. Our poverty rate has decreased from 14.9 percentage in 1991 to 14.8 percentage in 2010. Again, from remittance, our economy gets a boost. Our economy achieved a large amount of money from this sector. Many people, especially from a rural area, go abroad for earning and they send money to their family and from this process, our government has profited. Besides, our economy is developed from the export sector. In the 1972-70 years, our income from exported products was 348.00 million and among this most of the income would be gotten from Jute and its products. The tea industry was also for exporting leaves to abroad. After that, now our main sector to earn and increase our economy is the garment industry. There are also some other industries like medicine industries and shipbuilding industries. Besides, the government spends much money to develop projects like hospital, school and from this sectors, government get the satisfactory amount. Lastly, it is said that Bangladesh, depending upon noteworthy sectors like garment, tea, the country is progressing to make itself a developed one.

Written by, Sonjoy Kumer

References (Information Collected)

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