Globalization Impact on Bangladesh Economy

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Economy of Bangladesh
Economy of Bangladesh

Currency Fiscal year Trade organisations

Bangladesh Taka (BDT) 1 July - 30 June WTO, SAFTA, D8, WCO Statistics

GDP GDP growth GDP per capita GDP by sector Inflation (CPI)

$228.4 billion (2008 est.PPP) 6.5% (2008 est.) $ 1500 (2008 est.PPP) Agriculture (19%), industry (28.7%), services (53.7%) (2007 est.) 9.4% (2008 est.)

Population 38% (2009 est.) below poverty line Labour force Labour force by occupation Unemployment Main industries 70.86 million (2008 est.) Agriculture (65%), industry (25%), services (10%) (2005 est.) 2.4% (2008) jute manufacturing, cotton textiles, garments, tea processing, paper newsprint, sugar, light engineering, chemical, cement, fertilizer, food processing External Exports Export goods $15.56 billion (2008-2009) garments, jute and jute goods, leather, frozen fish and seafood

Main export partners Imports Import goods Main import partners Gross External Debt

US 31.8%, Germany 10.9%, UK 7.9%, France 5.2%, Netherlands 5.2%, Italy 4.42% (2000) $25.205 billion (2008) machinery and equipment, chemicals, iron and steel, raw cotton, food, crude oil and petroleum products, India 10.5%, EU 9.5%, Japan 9.5%, Singapore 8.5%, China 7.4%(2004) $21.23 billion (31 December 2007 est.) Public finances

Public Debt Revenues Expenses Economic aid

$1.2 billion (June 2005 est.) $8 billion (2007 est.) $11 billion (2007 est.) $1.575 billion (2000 est.) Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars This box: view " talk

Bangladesh has modernized rapidly in recent years. The economy of Bangladesh is constituted by that of a developing country.[1] Its per capita income in 2008 was US$1389 (adjusted by purchasing power parity) lower than the world average of $10,497.[2] 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. Although one of the world's poorest and most densely populated countries, Bangladesh has made major strides to meet the food needs of its ever growing population.[3]

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.[3] 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.[3] Bangladesh's predominantly agricultural economy depends heavily on an erratic monsoonal cycle, with periodic flooding and drought.[3] Although improving at a very fast rate, infrastructure to support transportation, communications, power supply and water distribution is poorly developed.[3] 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.[3] 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.[3]

Contents


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1 Economic history • 1.1 Macro-economic trend 2 Economic outlook 3 Economic sectors • 3.1 Agriculture • 3.2 Manufacturing & Industry • 3.2.1 Textile sector 4 Investment 5 External trade 6 Overview 7 References...
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