Role of Agriculture in Economic Development of Bangladesh
The Role of Agriculture in the Economic Development of Bangladesh
Muhammed Nazmul Islam Economic Portrait of Bangladesh
After December 1971 Bangladesh was expected to be a prosperous economy by eradication of poverty & utilization of political freedom to avail economic liberation. With great ambitions in eyes & high responsibilities on the shoulder, Bangladesh reached to the 20th century with some achievements & lots of disappointments.
In past 20 years (1990 to 2009) the Gross Domestic Product (GDP) growth rate of Bangladesh on an average was 5.313 percent1. Within the period GDP increased from 300 billion US dollar to 783 billion but with an elevating price level2. GDP per capita of Bangladesh was $621 in 2009, which increased from $381 in the year 20013. The inflation shows unexpected growth in 2001 to 2004, as inflation lifted up from 2 percent to above 9 percent. In the fiscal year 2009 – 2010 inflation was at 8.12 percent4.
The structure of the economy is changing its patterns in agricultural & manufacturing sectors, as the percent of contribution of manufacturing sector in GDP is increasing with a decline in agricultural contribution. In 1974 agricultural sector was contributing 59.26 percent of the GDP, where as the ratio was declined to 19.85 percent in the year 20095. In fiscal year 2009 – 2010, total export & import (including EPZ) was 16236 & 21388 million US dollars respectively6. The ratio of export & import increased vibrantly, although the trend shows high import dependency. Foreign Direct Investment (FDI) in Bangladesh was 700 million US dollars in fiscal year 2008 – 2009, which is lower than that of 2007 – 20087. With a huge population of 147.86 million, Bangladesh is still growing with 1.3 percent population growth rate8. Life expectancy ratio is 66 years at birth & adult literacy ratio was 53.5 percent in the 20099.
The Role of Agriculture
Traditionally, the role of agriculture has been perceived as indirect & supportive for economic
Muhammed Nazmul Islam Economic Portrait of Bangladesh
After December 1971 Bangladesh was expected to be a prosperous economy by eradication of poverty & utilization of political freedom to avail economic liberation. With great ambitions in eyes & high responsibilities on the shoulder, Bangladesh reached to the 20th century with some achievements & lots of disappointments.
In past 20 years (1990 to 2009) the Gross Domestic Product (GDP) growth rate of Bangladesh on an average was 5.313 percent1. Within the period GDP increased from 300 billion US dollar to 783 billion but with an elevating price level2. GDP per capita of Bangladesh was $621 in 2009, which increased from $381 in the year 20013. The inflation shows unexpected growth in 2001 to 2004, as inflation lifted up from 2 percent to above 9 percent. In the fiscal year 2009 – 2010 inflation was at 8.12 percent4.
The structure of the economy is changing its patterns in agricultural & manufacturing sectors, as the percent of contribution of manufacturing sector in GDP is increasing with a decline in agricultural contribution. In 1974 agricultural sector was contributing 59.26 percent of the GDP, where as the ratio was declined to 19.85 percent in the year 20095. In fiscal year 2009 – 2010, total export & import (including EPZ) was 16236 & 21388 million US dollars respectively6. The ratio of export & import increased vibrantly, although the trend shows high import dependency. Foreign Direct Investment (FDI) in Bangladesh was 700 million US dollars in fiscal year 2008 – 2009, which is lower than that of 2007 – 20087. With a huge population of 147.86 million, Bangladesh is still growing with 1.3 percent population growth rate8. Life expectancy ratio is 66 years at birth & adult literacy ratio was 53.5 percent in the 20099.
The Role of Agriculture
Traditionally, the role of agriculture has been perceived as indirect & supportive for economic
References: 1. Average GDP growth rate is calculated using the “World Bank Data Series”, named “World Development Indicators & Global Development Finance”. Source: www.databank.worldbank.org/ddp/home.do 2. Source: World Bank data series 3. Source: Bangladesh Bureau of Statistics. 4. Bangladesh Bank, “Major Economic Indicators Monthly Updates”, December 2010. 5. Allauddin Mohammad (2004), “Recent Developments in the Bangladesh Economy” , ASRAC working paper, vol. 2004/13. 6. Source: Bangladesh Bureau of Statistics. 7. Source: Bangladesh Bureau of Statistics. 8. Source: Bangladesh Bureau of Statistics. 9. Source: World Bank data series 10. Source: Bangladesh Bureau of Statistics. 11. Source: World Bank data series 12. Source: World Bank data series 13. Source: World Bank data series 14. Eswaran Mukesh & Kotwal Ashok (2004), “The Role of Agriculture in Development”. 15. www.wikipedia.org , accessed on 29th December 2010 on the search of Agriculture of Bangladesh.