Bangladesh > Economy

Economy of Bangladesh

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monirulenam:
The economy of Bangladesh is a rapidly developing capitalist economy.[13] Its per capita income in 2012 was estimated to be US$2,800 (adjusted by purchasing power parity). According to the International Monetary Fund, Bangladesh ranked as the 37th largest economy in the world in 2013 in PPP terms and 36th largest in nominal terms with a gross domestic product of US$419 billion in PPP terms and US$173.8 billion in nominal terms http://www.thefinancialexpress-bd.com/2014/05/20/34963. The economy has grown at the rate of 6-7% per annum over the past few years. The growth potential of the economy has led to Bangladesh's inclusion in the Next Eleven (N-11) of Goldman Sachs and the Global Growth Generators countries. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leather and leather goods, ceramics, ready-made goods. Bangladesh is considered as the next Asian Tiger Economy.[14]

Exports of textiles and garments are the largest source of foreign exchange earnings. Shipbuilding, pharmaceuticals and consumer goods manufacturing are important emerging industries, while the jute sector is re-emerging with increasing global demand for green fibres. Remittances from Bangladeshis working overseas, mainly in the Middle East, are another major source of foreign exchange earnings. Other important export sectors include fish and seafood, ceramics, cement, fertilizer, leather and leather goods, food products, software and IT services. Bangladesh has also made major strides in its human development index.[15]

The land is devoted mainly to rice and jute cultivation as well as fruits and other produce, although wheat production has increased in recent years; the country is largely self-sufficient in rice production.[15][15] The country's tea-growing regions, located in the eastern divisions of Sylhet and Chittagong, are among the major tea producing-areas of the world. Bangladesh's growth of its agricultural industries is due to its fertile deltaic land that depend on its six seasons and multiple harvests.[15]

Transportation, communication, water distribution, and energy infrastructure are rapidly developing.[15] Bangladesh is limited in its reserves of oil, but recently there has been huge development in gas and coal mining. The service sector has expanded rapidly during last two decades and the country's industrial base remains very positive.[15] The country's main endowments include its vast human resource base, rich agricultural land, relatively abundant water, substantial reserves of natural gas and coal, major seaports at Chittagong and Mongla, and its central strategic location at the crossroads of the two large burgeoning economic hub groups of SAARC and ASEAN.[15]   From Wikipedia, the free encyclopedia

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