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Business images of Bangladesh

Economy of Bangladesh

The economy of Bangladesh is a major developing market economy. As the second largest economy in South Asia, Bangladesh's economy is the 35th largest in the world in nominal terms, and 25th largest by purchasing power parity. Bangladesh is seen by various financial institutions as one of the Next Eleven. It has been transitioning from being a frontier market into an emerging market. Bangladesh is a member of the South Asian Free Trade Area and the World Trade Organization. In fiscal year 2021 2022, Bangladesh registered a GDP growth rate of 7.2% after the global pandemic. Bangladesh is one of the fastest growing economies in the world.<br>Industrialization in Bangladesh received a strong impetus after the partition of India due to labor reforms and new industries. Between 1947 and 1971, East Bengal generated between 70% and 50% of Pakistan's exports. Modern Bangladesh embarked on economic reforms in the late 1970s which promoted free markets and foreign direct investment.

Top Sectors in Bangladesh

Agriculture in Bangladesh

Agriculture is the largest employment sector in Bangladesh, making up 14.2 percent of Bangladesh's GDP in 2017 and employing about 42.7 percent of the workforce. The performance of this sector has an overwhelming impact on major macroeconomic objectives like employment generation, poverty alleviation, human resources development, food security, and other economic and social forces. A plurality of Bangladeshis earn their living from agriculture. Due to a number of factors, Bangladesh's labor-intensive agriculture has achieved steady increases in food grain production despite the often unfavorable weather conditions. These include better flood control and irrigation, a generally more efficient use of fertilizers, as well as the establishment of better distribution and rural credit networks.

Banking and Finance in Bangladesh

Most banks in Bangladesh are privately owned. 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 privatization. The next finance sector reform programme was launched from 2000 to 2006 with a 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.

Tourism in Bangladesh

The World Travel and Tourism Council (WTTC) reported in 2013 that the travel and tourism industry in Bangladesh directly generated 1,281,500 jobs in 2012 or 1.8 percent of the country's total employment, which ranked Bangladesh 157 out of 178 countries worldwide. Direct and indirect employment in the industry totaled 2,714,500 jobs, or 3.7 percent of the country's total employment. The WTTC predicted that by 2023, travel and tourism will directly generate 1,785,000 jobs and support an overall total of 3,891,000 jobs, or 4.2 percent of the country's total employment. This would represent an annual growth rate in direct jobs of 2.9 percent. Domestic spending generated 97.7 percent of direct travel and tourism gross domestic product (GDP) in 2012. Bangladesh's world ranking in 2012 for travel and tourism's direct contribution to GDP, as a percentage of GDP, was 142 out of 176.

Information and Communication Technology in Bangladesh

Bangladesh's information technology sector has seen significant growth in the past three years. Bangladesh has 80 million internet users, with an estimated 9% growth in internet use by June 2017, powered by mobile internet. Currently, Bangladesh has an active 23 million Facebook users and 143.1 million mobile phone customers. The country exported $800 million worth of software, games, outsourcing, and services to European countries, the United States, Canada, Russia, and India by 30 June 2017.


Bangladesh - Key Economic Indicators

Exports and Imports

Bangladesh's exports mainly consist of garments and textiles, which account for a significant portion of its export earnings. Other key export items include agricultural products such as seafood, jute, and leather goods. In recent years, Bangladesh has also seen growth in export sectors like pharmaceuticals and information technology services. On the import side, the country imports goods such as machinery, raw materials, and petroleum products to support its manufacturing and industrial sectors.

Infrastructure

Bangladesh has been investing in infrastructure development to improve connectivity and support economic growth. The total length of roads in Bangladesh is approximately 21,000 kilometers, with ongoing projects aimed at expanding and upgrading the road network. Infrastructure projects also include the development of ports, airports, railways, and energy infrastructure to enhance transportation and logistics capabilities.

Balance of Trade

Bangladesh typically experiences a trade deficit, with imports exceeding exports. The trade deficit is primarily driven by the country's reliance on imported raw materials and machinery for its manufacturing industries, particularly the garment sector. While exports contribute significantly to the economy, the trade deficit poses challenges in terms of foreign exchange reserves and balance of payments.

Fiscal policy

Bangladesh's fiscal policy involves moderate government spending, with a focus on social development, infrastructure, and poverty alleviation programs. The government generates revenue through taxation, including income tax, value-added tax (VAT), and customs duties. Fiscal deficits are managed through borrowing and international aid, with efforts to improve tax collection and fiscal discipline.

Monetary policy

Bangladesh Bank, the central bank of Bangladesh, implements monetary policy to maintain price stability and support sustainable economic growth. Monetary policy actions include setting key interest rates, managing liquidity in the banking system, and regulating the money supply. The central bank also intervenes in foreign exchange markets to stabilize the currency and manage inflation.

Trade agreements

Bangladesh is a member of various trade agreements and regional economic blocs, including the South Asian Free Trade Area (SAFTA) and the World Trade Organization (WTO). The country also benefits from preferential trade agreements with countries like India and China, which facilitate market access and promote trade relations. Efforts to diversify trade partners and reduce trade barriers are ongoing.

Environmental regulations

Bangladesh has implemented environmental regulations to address issues such as pollution, deforestation, and climate change. Environmental laws govern areas such as industrial emissions, waste management, and natural resource conservation. The government has also prioritized renewable energy initiatives and sustainable development practices to mitigate environmental risks and promote long-term resilience.

Tax System in Bangladesh

Capital Gains Tax:Bangladesh imposes a capital gains tax on profits earned from the sale of assets such as stocks, bonds, and real estate. The tax rate for capital gains varies depending on the type of asset and the holding period.
Corporate Tax:The corporate tax rate in Bangladesh is 25% for publicly traded companies and 35% for non-publicly traded companies. However, certain industries may enjoy preferential tax rates or tax holidays as incentives for investment.
Sales Tax:Bangladesh levies a value-added tax (VAT) on the sale of goods and services. The standard VAT rate is 15%, with some exemptions and reduced rates for specific goods and services.
Property Tax:Property tax in Bangladesh is imposed by local governments based on the assessed value of real estate properties. The tax rate and assessment methods vary across different municipalities and districts.
Payroll Tax:Bangladesh does not have a specific payroll tax. However, both employers and employees are required to contribute to various social security schemes, including the Employees' Provident Fund (EPF) and the Workers Welfare Fund.
Tax Deductions and Credits:Bangladesh offers various tax deductions and credits to individuals and businesses to encourage investment, entrepreneurship, and economic development. These may include deductions for charitable contributions, investment in specific sectors, and incentives for research and development.
Tax Compliance:Tax compliance in Bangladesh faces challenges due to factors such as tax evasion, informal economy, and administrative inefficiencies. The government has been implementing reforms to enhance tax administration, including the adoption of electronic filing systems, taxpayer education programs, and anti-corruption measures.
Tax Burden:The tax burden in Bangladesh varies depending on factors such as income level, business size, and sectoral activities. While the overall tax burden may be significant for some individuals and businesses, the government continues to review tax policies to ensure fairness and promote economic growth.

3759 Live Notices for Bangladesh ....

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Supply Of Birth Control Supplies Oral Pill (Apon) In Selected Facilities Of Cox'S Bazar, Noakhali, Bandarban, Rangamati And Chattogram Districts
country Bangladesh
posting date02 May 2025
deadline22 May 2025
Engineering Improvement On National Road Safety Demonstration Pilots - N4 And N6
country Bangladesh
posting date02 May 2025
deadline16 Jun 2025
Prioritized Mass Action Package 2- Central Zone (Dhaka, Mymensingh)
country Bangladesh
posting date02 May 2025
deadline17 Jun 2025
Request For Quotation For Provision Of Daily Basis Casual Labor Services For Iom Bangladesh Under Long Term Agreement
country Bangladesh
posting date02 May 2025
deadline18 May 2025
Rfq For Supply Of Vaccine For Hap Operation At Cxb
country Bangladesh
posting date02 May 2025
deadline03 May 2025
Construction Of New Shed For Garrage At 1St Line Sub-Division Office Compound Under Road Division Rangpur During The Year Of 2024-2025.
country Bangladesh
posting date02 May 2025
deadline13 May 2025
Maintenance Of Existing Pavement With Seal Coat Work Including Necessary Repair Works At Ch.18+100M To 18+50M, Ch. 18+550M To 19+200M & Ch. 19+400M To 20+200M, (Total=1850.00M) Of Chiulmari-Fakirhat (Faltita) Road (Z-7801) & Protective Work With Bullah Palisading & Geo-Bag At Ch. 82+220M To 82+260M Of Bhanga-Bhatiapara-Mollahat-Fakirhat-Noapara Road (N-805) Under Road Division, Bagerhat During The Year 2024-2025.
country Bangladesh
posting date02 May 2025
deadline13 May 2025
Maintenance Of Existing Pavement With Seal Coat Including Necessary Repair Works At Ch.16+500M To 18+400M (Total=1900.00 Meter) Of Morelganj (Care Bazar)-Mongla Road (Z-7701) & Repair & Maintenance Of Existing Pavement With Carpeting & Seal Coat Works At Ch.38+470M To 39+000M (Total= 530.00 Meter) Of Siglboard-Morelgonj-Sharakhola- Rainda-Bogiroad (R-773) Under Road Division, Bagerhat During The Year 2024-2025.
country Bangladesh
posting date02 May 2025
deadline13 May 2025
Widening Of Existing Pavement By Hbb Works At From Ch:.108+852M To 108+942M Of Bhanga-Bhatiapara Mollahat Fakirhat-Noapara (N-805), National Highway Crossing Point (N-805) & (N-807) & Hbb Work In Front Of Rhd Inspection Banglo & Digraj Baur Bus Stand Area At 249 Th Km(P) Of Daulatdia-Faridpur (Goalchamot)-Magura-Jhenaidah-Jesore- Khulna-Mongla (Digraj) National Highway (N-7) Under Road Division, Bagerhat During The Year 2024-2025.
country Bangladesh
posting date02 May 2025
deadline13 May 2025
Repair & Maintenance Work Of Mechanical Shed And Garage At Bagerhat Rhd Office Compound Under Bagerhat Road Division During The Year 2024-2025
country Bangladesh
posting date02 May 2025
deadline13 May 2025
Repair And Maintenance Work Of Rhd Office Building , Mongla Inspection Bunglow & Part Of Office Boundary Wall Under Road Division, Bagerhat During The Year 2024-2025.
country Bangladesh
posting date02 May 2025
deadline13 May 2025
Construction & Installation Of Rcc Row Pillar At Ch:-219+115 To Ch:-233+115 Of Daulatdia-Faridpur (Goalchamot)-Magura-Jhenaidah-Jessore-Khulna-Mongla (Digraj) (N-7) National Highway & Ch:-00+000 To Ch:-11+700 Of Signboard-Morelgonj-Raynda-Shorankhola-Bogi (R-773) Regional Highway Under Road Division Bagerhat, During The Year 2024-2025.
country Bangladesh
posting date02 May 2025
deadline13 May 2025
Supplying Of Stone Chippings, Sand,Fire Wood & Synthetic Bage At Rhd Stackyard, Rangpur For Emergency Repair & Maintenance Work For Different Roads Of Road Sub-Division-2 Under Road Division, Rangpur During The Fy 2024-2025.
country Bangladesh
posting date02 May 2025
deadline15 May 2025
Supplying Of Stone Chips, Sand & Road Marking Paint At Rhd Stackyard(Shapla), Rangpur For Emergency Repair & Maintenance Work For Different Roads Of Road Sub-Division-1 Under Road Division Rangpur During The Year 2024-2025.
country Bangladesh
posting date02 May 2025
deadline15 May 2025
Oven Microwave (Capacity: 42 Ltr)
country Bangladesh
posting date02 May 2025
deadline05 May 2025
Supply Of Birth Control Supplies Oral Pill (Apon) In Selected Facilities Of Cox'S Bazar, Noakhali, Bandarban, Rangamati And Chattogram Districts
country Bangladesh
posting date01 May 2025
deadline22 May 2025
Lgcrrp/Khulna/2024-25/W -22 Construction Of Mourner'S Waiting Hall At Rupsha Maha Shamshan (Ward No-30)
country Bangladesh
posting date01 May 2025
deadline26 May 2025
Drone Survey For New Alignment (3.750 Km) At Mathbaria Bazar Area, Topographical Survey And Land Acquisition Plan Of Charkhali-Tushkhali-Mathbaria-Patharghata Road (Z-Z8701) From 1St Km.(0+000) To 36Th Km.(36+412) Under Pirojpur Road Division During The Year 2024-2025.
country Bangladesh
posting date01 May 2025
deadline19 May 2025
Tiles Work At Office Room, Veranda, And Corridor Of 1St & 2Nd Floor Of Deputy Commissioner' S Office, Sherpur. Fy: 2024-25
country Bangladesh
posting date01 May 2025
deadline14 May 2025
Estimate For The Preparation Of Filling Earthen Tub With Fundamental Nursery Materials For The Development Of Mainamati Arboriculture Nursery Of Assistant Arboriculturist Office, Cumilla Under Executive Arboriculturist, Rhd, Operation Division (...
country Bangladesh
posting date01 May 2025
deadline15 May 2025