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Overview of the Bangladeshi Economy

Bangladesh: Key Facts

Bangladesh is an agricultural country, with some three-fifths of the population

engaged in farming. Jute and tea are principal sources of foreign exchange. Otherimportant agricultural products are wheat, pulses (leguminous plants, such as peas,

beans, and lentils), sweet potatoes, oilseeds of various kinds, sugarcane, tobacco,and fruits such as bananas, mangoes, and pineapples.

Agriculture has in the past been wholly dependent upon the vagaries of themonsoon. A poor monsoon has always meant poor harvests and the threat offamine. Among the remedial measures adopted has been the construction of a

number of irrigation projects designed to control floods and to conserve rainwater for

use in the dry months. The most important are the Karnaphuli Multipurpose Projectin the southeast, the Tista Barrage Project in the north, and the Ganges-Kabadak

Project, to serve the southwestern part of the country. Economic planning hasencouraged double and triple cropping, intercropping, and the increased use offertilizers

Area:143,998 sq km

Land boundaries:Burma 193 km, India 4,053 km

Population:142.3 million (Based on 2010 preliminary census data)

Median age:23.3 years

Ethnic groups:Bengali 98%, other 2% (includes tribal groups, non-Bengali

Muslims)

Religions:Muslim 83%, Hindu 16%, other 1% (1998)

Literacy:47.9% of total population age 15 and over

Head of state:President Zillur RAHMAN (since 12 February 2009)

Head of government:Prime Minister Sheikh HASINA Wajed (since 6 January

2009)

Most recent election results : AL 49%, BNP 33.2%, JP 7%, JIB 4.6%, other 6.2%;

seats by party: AL 230, BNP 30, JP 27, JIB 2, other 11

GDP (nominal):$99.822 billion (2010)

GDP - per capita (PPP):$751; nominal (2010)

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Prospects of Bangladesh Economy:INTRODUCTION

Bangladesh is known to be one of the world's poorest and most densely populated countries inthe world. Bangladesh has been able to become almost self-sufficient in food with an ever

increasing population. It is universally recognized that per capita income is not the best way to

measure the development of a country. While knowledge of English language is essential to

prosper in todays competitive world, literacy rate is not measured according to knowledge of aforeign language.

On the positive side Bangladesh has made major strides to improve its economic condition from

the ruinous situation left by the kleptocratic centre-right religion oriented government that ruled

Bangladesh in 2001-2005 periods. Bangladesh's predominantly agricultural economy dependsheavily on an erratic monsoonal cycle, with periodic flooding and drought.

Some of the major prospects in bangladesh economy is described below-

01. Man power export:As some key economies showed signs of recovery from the global recession, Bangladeshs

prospects for exporting manpower to traditional destinations appeared hopeful but renewed

initiatives should be taken to diversify markets and upgrade skills to capture high-salaried jobs.

Experts in the sector also underlined the need for financial support for the poor job-seekers from

the countrys backward regions and reducing the cost of migration through effective institutional

arrangements, free from deception. On their part, Bangladeshi expatriate workers can take

advantage of a wider set of opportunities if investments are made through both public and private

initiatives in basic education and upgrading skills, according to some recent reports and study

findings.

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2. Readymade Garments:Bangladeshi Garment Industry is the largest industrial sector of the country. Though the history of

Readymade Garment Industry is not older one but Bangladeshi clothing business has a golden history.

Probably it started from the Mughal age in the Indian subcontinent through Dhakai Musline. It had global

reputation as well as demandable market around the globe especially in the European market.

After industrial revolution in the west they were busy with technological advancement & started

outsourcing of ready made garments to meet up their daily demands. Many LDC's took that chance &

started ready made garment export at that markets. As an LDC Bangladesh took this chance enjoyedquota & other facilities of them. Thus ready made garment industry started to contribute in our economy

from late eighties (1977).

Several factors account for the outstanding successes of the RMG industry in Bangladesh. At the same

time this industry had faced & till facing many problems also. These problems & prospects of RMG

industry in Bangladesh is my topic to find out as well as to make critical analysis on these. The

importance of my study has been raised up by recent labor unrest in RMG sector.