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Economy of Bangladesh

The Economy of Bangladesh is the 32nd largest in the world by purchasing power parity and is classified among the Next Eleven emerging market economies in the world. According to IMF, Bangladesh's economy is the second fastest growing major economy of 2016, with a rate of 7.1%. Dhaka is the wealthiest Bangladeshi division and has an annual GDP of US$231 billion, and Chittagong Division serves as the largest export hub of the country.

Throughout the last few decades, Bangladesh averaged a GDP growth of 6.5%, leading the country towards becoming anexport-oriented industrialisation. In recent years, Bangladesh has seen a major surge in export as the Bangladesh textile industry, the second largest in the world, along with emerging Pharmaceutical, Defence, and IT industry thrived. The country's exports are projected to cross US$50 billion by 2021. Being situated in one of the most fertile regions of Earth, agriculture plays a crucial role, with the principal cash crops including rice, jute, tea, wheat, cotton and sugarcane.

In recent years, Bangladesh have seen a drastic improvement in its energy infrastructure, which is required to implement and achieve the Vision 2021, a goal to provide accessible housing and healthcare to all, and Digital Bangladesh 2021, digitization of education and business sector to generate faster economic growth. Bangladesh's telecommunication industry has witnessed rapid growth over the years, receiving high investment from foreign companies. Bangladesh also has substantial reserves of natural gas and coal, and many international oil companies are involved in production and exploration activities in the Bay of Bengal. Located at the crossroads of SAARC, the ASEAN+3, BIMSTEC, and the Indian Ocean, Bangladesh has the potential to emerge as a regional economic and logistics hub.

Sectors

Agriculture

Most Bangladeshis earn their living from agriculture. Although rice and jute are the primary crops, maize and vegetables are assuming greater importance. Tea is grown in the northeast. Due to a number of factors, Bangladesh's labour-intensive agriculture has achieved steady increases in food grain production despite the often unfavourable weather conditions. These include better flood control and irrigation, a generally more efficient use of fertilisers, and the establishment of better distribution and rural credit networks.

Manufacturing and industry

Bangladesh has overtaken India in apparel exports in 2009, its exports stood at 2.66 billion US dollar, ahead of India's 2.27 billion US dollar and in 2014 the export rose to $3.12 billion every month.

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

Apparel sector

Bangladesh's textile industry, which includes knitwear and ready-made garments (RMG) along with specialised textile products, is the nation's number one export earner, accounting for $21.5 billion in 2013 - 80% of Bangladesh's total exports of $27 billion. Bangladesh is 2nd in world textile exports, behind China, which exported $120.1 billion worth of textiles in 2009.

Shipbuilding and ship breaking

Shipbuilding is a growing industry in Bangladesh with great potentials. The potentials of shipbuilding in Bangladesh has made the country to be compared with countries like China, Japan and South Korea.

Bangladesh also has the world's largest ship breaking industry which employs over 200,000 Bangladeshis and accounts for half of all the steel in Bangladesh. Chittagong Ship Breaking Yard is world's second-largest ship breaking area.

Finance

The next finance sector reform program was launched from 2000 to 2006 with focus on the development of financial 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.



This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Bangladesh"

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