Economy of Bangladesh
Developing-8 | |
Country group | |
---|---|
Statistics | |
Population | 169,800,000 (2022)[3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector | (FY2020)[9] |
9.89% (January 2024)[10] | |
Population below poverty line |
|
31.8 medium (2022)[12] | |
Labor force | |
Labor force by occupation |
|
Unemployment |
|
Main industries | |
External | |
Exports | |
Export goods | Cotton textiles and knitwear,[23][24] jute and jute goods,[23][24] fish and seafood,[24] leather and leather goods, home textiles, pharmaceuticals, processed food,[25] plastics, bicycles[24] |
Main export partners |
|
Imports |
|
Import goods | Liquified natural gas, crude oil and petroleum, machinery and equipment, chemicals, cotton, foodstuffs |
Main import partners | |
FDI stock | |
Gross external debt |
|
Public finances | |
40.7% of GDP (November 2021)[35] | |
−3.2% of GDP (2017 est.)[31] | |
Revenues | ৳433000 crore (US$40 billion) (2022-2023)[36] |
Expenses | ৳678064 crore (US$63 billion) (2022-2023)[36] |
$20 billion (2024)[41] (63rd) | |
The economy of Bangladesh is a major
Industrialisation in Bangladesh received a strong impetus after the
Bangladesh experienced robust growth after the pandemic with macroeconomic stability, improvements in infrastructure, a growing digital economy, and growing trade flows.[55] Tax collection remains very low, with tax revenues accounting for only 7.7% of GDP.[56] Bangladesh's banking sector has a large amount of non-performing loans or loan defaults, which have caused a lot of concern.[56][57] The private sector makes up 80% of GDP.[58][59] The Dhaka Stock Exchange and Chittagong Stock Exchange are the two stock markets of the country.[60] Most Bangladeshi businesses are privately owned small and medium-sized enterprises (SME) which make up 90% of all businesses.[61]
Economic history
The
Under
During the Mughal era, the most important centre of cotton production was Bengal, particularly around its capital city of
Bengal also had a large
The
The
After its independence from Pakistan, Bangladesh initially followed a socialist economy for five years, which proved to be a blunder by the
After 1975, Bangladeshi leaders began to promote private industry and turned their attention to developing new industrial capacity and rehabilitating the economy.[98] The socialist economic model adopted by early leaders had resulted in inefficiency and economic stagnation.[98] Beginning in late 1975, the government gradually gave greater scope to private sector participation in the economy, a pattern that has continued.[98] The Dhaka Stock Exchange was re-opened in 1976. The government established special economic zones called Export Processing Zones (EPZs) to attract investors and promote export industries. These zones have played a key role in Bangladesh's export economy. The government also de-nationalized and privatized state-owned industries by either returning them to their original owners or selling them to private buyers.[98] Inefficiency in the public sector gradually increased; and left-wing opposition grew against the export of natural gas.[98]
The 1980s saw the emergence of dynamic local brands like
From 1991 to 1993, the government engaged in an enhanced structural adjustment facility (ESAF) with the International Monetary Fund (IMF). A series of economic liberalization measures was introduced by finance minister Saifur Rahman, including opening up sectors like telecom to foreign investment.[101] The Chittagong Stock Exchange was also set up. The 1990s was a boon for the private sector. Banking, telecommunications, aviation and tertiary education saw new private players and increased competition. The pharmaceutical industry in Bangladesh grew to meet 98% of domestic demand.[102] The ceramics industry in Bangladesh developed to meet local demand for 96% of tableware ceramics, 77% of tiles and 89% of sanitary ceramics.[103] The Chittagong-based steel industry in Bangladesh exploited scrap steel from ship-breaking yards and started contributing to shipbuilding in Bangladesh.
But the government failed to sustain reforms in large part because of preoccupation with the government's domestic political troubles, including tensions between the Awami League, the Bangladesh Nationalist Party (BNP) and Jatiya Party.[98] Frequent hartals and strikes disrupted the economy. In the late 1990s the government's economic policies became more entrenched, and some gains were lost, which was highlighted by a precipitous drop in foreign direct investment in 2000 and 2001.[98] Many new private commercial banks were given licenses to operate. Between 2001 and 2006, annual GDP growth touched an average of 5-6%. In June 2003 the IMF approved 3-year, $490-million plan as part of the Poverty Reduction and Growth Facility (PRGF) for Bangladesh that aimed to support the government's economic reform programme up to 2006.[98] Seventy million dollars was made available immediately.[98] In the same vein the World Bank approved $536 million in interest-free loans.[98] The economy saw continuous real GDP growth of at least 6% since 2009. Bangladesh emerged as one of the fastest growing economies.
According to economist Syed Akhtar Mahmood, the Bangladeshi government is often seen as the villain in the country's economic story. But government has played an important role in stimulating the economy through building infrastructure, liberalizing regulations, and promoting high yielding crops in agriculture. According to Mahmood, "[m]ost roads linking the villages with one another, and with the cities, were not paved and not accessible throughout the year. This situation was remarkably transformed within a span of 10 years, from 1988 to 1997, with the construction of the so-called feeder roads. In 1988, Bangladesh had about 3,000 kilometers of feeder roads. By 1997, this network expanded to 15,500 kilometers. These “last-mile” all-weather roads helped connect the villages of Bangladesh to the rest of the country".[100]
As a result of export-led growth, Bangladesh has enjoyed a
In the last decade, poverty dropped by around one third with significant improvements in the
Bangladesh became the second largest textile exporter in the world.
The World Bank notes the economic progress of the country by stating that "[w]hen the newly independent country of Bangladesh was born on December 16, 1971, it was the second poorest country in the world—making the country's transformation over the next 50 years one of the great development stories. Since then, poverty has been cut in half at record speed. Enrolment in primary school is now nearly universal. Hundreds of thousands of women have entered the workforce. Steady progress has been made on maternal and child health. And the country is better buttressed against the destructive forces posed by climate change and natural disasters. Bangladesh's success comprises many moving parts—from investing in human capital to establishing macroeconomic stability. Building on this success, the country is now setting the stage for further economic growth and job creation by ramping up investments in energy, inland connectivity, urban projects, and transport infrastructure, as well as prioritizing climate change adaptation and disaster preparedness on its path toward sustainable growth".[119]
As of 2022, Bangladesh had the second largest
Macro-economic trend
This is a chart of trend of gross domestic product of Bangladesh at market prices estimated by the International Monetary Fund with figures in millions of Bangladeshi Taka. However, this reflects only the formal sector of the economy.
Year | Gross Domestic Product (Million Taka) | US Dollar Exchange | Inflation Index (2000=100) |
Per Capita Income (as % of USA) |
---|---|---|---|---|
1980 | 250,300 | 16.10 Taka | 20 | 1.79 |
1985 | 597,318 | 31.00 Taka | 36 | 1.19 |
1990 | 1,054,234 | 35.79 Taka | 58 | 1.16 |
1995 | 1,594,210 | 40.27 Taka | 78 | 1.12 |
2000 | 2,453,160 | 52.14 Taka | 100 | 0.97 |
2005 | 3,913,334 | 63.92 Taka | 126 | 0.95 |
2008 | 5,003,438 | 68.65 Taka | 147 | |
2015 | 17,295,665 | 78.15 Taka. | 196 | 2.48 |
2019 | 26,604,164 | 84.55 Taka. | 2.91 |
Mean wages were $0.58 per man-hour in 2009.
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027).[126] Inflation below 5% is in green. The annual unemployment rate is extracted from the World Bank, although the International Monetary Fund find them unreliable.[127]
Year | GDP
(in Bil. US$PPP) |
GDP per capita
(in US$ PPP) |
GDP
(in Bil. US$nominal) |
GDP per capita
(in US$ nominal) |
GDP growth
(real) |
Inflation rate
(in Percent) |
Unemployment
(in Percent) |
Government debt
(in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 40.7 | 511.2 | 22.6 | 283.3 | 3.1% | 7.7% | n/a | n/a |
1981 | 47.1 | 575.4 | 22.4 | 273.4 | 4.3% | 14.9% | n/a | n/a |
1982 | 51.6 | 614.3 | 20.9 | 249.4 | 2.4% | 13.7% | n/a | n/a |
1983 | 56.1 | 650.7 | 20.3 | 235.4 | 4.0% | 11.1% | n/a | n/a |
1984 | 60.5 | 684.3 | 22.7 | 257.2 | 5.2% | 10.0% | n/a | n/a |
1985 | 64.8 | 713.4 | 24.4 | 269.3 | 3.2% | 10.4% | n/a | n/a |
1986 | 68.7 | 737.1 | 25.1 | 269.8 | 4.2% | 10.3% | n/a | n/a |
1987 | 72.4 | 757.3 | 27.5 | 287.7 | 3.7% | 10.5% | n/a | n/a |
1988 | 76.8 | 782.1 | 29.6 | 301.6 | 2.2% | 10.2% | n/a | n/a |
1989 | 83.2 | 826.6 | 32.3 | 320.7 | 2.6% | 9.2% | n/a | n/a |
1990 | 90.3 | 875.5 | 34.8 | 337.6 | 5.9% | 9.7% | n/a | n/a |
1991 | 97.3 | 921.5 | 36.0 | 341.3 | 3.3% | 9.3% | 2.2% | n/a |
1992 | 104.3 | 965.9 | 36.7 | 340.0 | 5.0% | 5.9% | 2.3% | n/a |
1993 | 111.4 | 1,009.4 | 37.1 | 335.8 | 4.6% | 3.3% | 2.4% | n/a |
1994 | 118.9 | 1,054.7 | 39.4 | 349.4 | 4.1% | 4.6% | 2.4% | n/a |
1995 | 127.2 | 1,104.3 | 44.0 | 381.8 | 4.9% | 8.2% | 2.5% | n/a |
1996 | 136.0 | 1,156.0 | 47.0 | 399.7 | 4.6% | 6.1% | 2.5% | n/a |
1997 | 145.7 | 1,212.5 | 48.9 | 407.2 | 5.4% | 3.7% | 2.7% | n/a |
1998 | 154.8 | 1,261.5 | 51.2 | 417.0 | 5.2% | 6.8% | 2.9% | n/a |
1999 | 165.5 | 1,321.6 | 53.1 | 424.2 | 4.9% | 7.4% | 3.1% | n/a |
2000 | 178.7 | 1,399.6 | 54.3 | 425.7 | 5.9% | 4.3% | 3.3% | n/a |
2001 | 191.5 | 1,472.3 | 54.5 | 419.0 | 5.3% | 2.2% | 3.6% | n/a |
2002 | 203.9 | 1,539.4 | 55.8 | 420.9 | 4.4% | 2.8% | 3.9% | n/a |
2003 | 220.0 | 1,632.0 | 60.1 | 445.9 | 5.3% | 4.6% | 4.3% | 44.3% |
2004 | 239.7 | 1,749.7 | 65.7 | 479.4 | 6.3% | 5.7% | 4.3% | 43.5% |
2005 | 262.8 | 1,890.0 | 69.5 | 499.6 | 6.0% | 10.2% | 4.3% | 42.3% |
2006 | 289.4 | 2,053.9 | 71.8 | 509.6 | 6.6% | 6.8% | 3.6% | 42.3% |
2007 | 316.6 | 2,219.5 | 79.6 | 558.1 | 7.1% | 9.1% | 4.1% | 41.9% |
2008 | 340.5 | 2,359.7 | 91.6 | 635.0 | 6.0% | 8.9% | 4.6% | 40.6% |
2009 | 360.9 | 2,473.2 | 102.5 | 702.3 | 5.0% | 7.6% | 5.0% | 39.5% |
2010 | 387.3 | 2,624.2 | 115.3 | 781.2 | 5.6% | 6.8% | 3.4% | 35.5% |
2011 | 421.0 | 2,820.2 | 128.6 | 861.8 | 6.5% | 10.9% | 3.8% | 36.6% |
2012 | 473.8 | 3,137.6 | 133.4 | 883.1 | 6.5% | 8.9% | 4.1% | 36.2% |
2013 | 509.2 | 3,333.3 | 150.0 | 981.8 | 6.0% | 6.8% | 4.4% | 35.8% |
2014 | 553.8 | 3,583.7 | 172.9 | 1,118.9 | 6.1% | 7.3% | 4.4% | 35.3% |
2015 | 595.3 | 3,810.1 | 195.1 | 1,248.5 | 6.6% | 6.4% | 4.4% | 33.7% |
2016 | 650.7 | 4,118.9 | 265.4 | 1,466.6 | 7.1% | 5.9% | 4.3% | 33.3% |
2017 | 710.6 | 4,450.3 | 293.7 | 1,610.9 | 7.3% | 5.4% | 4.4% | 33.4% |
2018 | 835.9 | 5,370.4 | 321.0 | 1,858.4 | 7.9% | 5.8% | 4.4% | 34.6% |
2019 | 989.0 | 6,429.6 | 353.6 | 1,955.7 | 8.2% | 5.5% | 4.4% | 36.1% |
2020 | 1,050.8 | 6,950.5 | 373.1 | 2,227.5 | 3.5% | 5.6% | 5.4% | 39.5% |
2021 | 1,170.1 | 7,509.6 | 416.1 | 2,500.7 | 5.0% | 5.6% | 5.2% | 41.4% |
2022 | 1,348.6 | 7,923.1 | 460.7 | 2,782.0 | 6.4% | 6.0% | n/a | 42.6% |
2023 | 1,496.2 | 8,636.9 | 510.4 | 2,987.7 | 6.7% | 6.2% | n/a | 42.8% |
2024 | 1,647.1 | 9,450.4 | 565.0 | 3,213.9 | 7.2% | 5.7% | n/a | 42.7% |
2025 | 1,872.9 | 10,143.7 | 625.8 | 3,455.9 | 7.2% | 5.5% | n/a | 42.3% |
2026 | 1,947.0 | 10,845.5 | 685.1 | 3,714.7 | 7.1% | 5.5% | n/a | 42.1% |
2027 | 2,102.0 | 11,851.0 | 750.4 | 4,287.2 | 6.9% | 5.5% | n/a | 41.9% |
Economic sectors
Sectoral Shares of gross domestic product (GDP) of Bangladesh | 2015-16[128] | 2016-17[citation needed] | 2017-18[citation needed] | 2018-19[citation needed] |
---|---|---|---|---|
A) Agriculture | 14.77 | 14.17 | 13.82 | 13.32 |
Agriculture and forestry | 11.55 | 10.98 | 10.68 | 10.25 |
Crops & horticulture | 8.15 | 7.69 | 7.48 | 7.12 |
Animal Farmings | 2.01 | 1.93 | 1.86 | 1.79 |
Forest and related services | 1.39 | 1.37 | 1.34 | 1.35 |
Fishing | 3.22 | 3.19 | 3.14 | 3.07 |
B) Industry | 28.77 | 29.32 | 30.17 | 31.15 |
Mining and quarrying | 1.73 | 1.83 | 1.83 | 1.82 |
Natural gas and crude petroleum | 0.65 | 0.64 | 0.62 | 0.58 |
Other mining & coal | 1.08 | 1.18 | 1.2 | 1.24 |
Manufacturing | 17.91 | 18.28 | 18.99 | 19.89 |
Large & medium scale | 14.58 | 14.93 | 15.63 | 16.37 |
Small scale | 3.34 | 3.35 | 3.36 | 3.52 |
Electricity, gas and water supply | 1.45 | 1.4 | 1.38 | 1.33 |
Electricity | 1.12 | 1.09 | 1.07 | 1.04 |
Gas | 0.26 | 0.24 | 0.24 | 0.22 |
Water | 0.07 | 0.07 | 0.07 | 0.07 |
Construction | 7.67 | 7.81 | 7.98 | 8.12 |
C) Service | 56.46 | 56.5 | 56 | 55.53 |
Wholesale and retail trade; repair of
motor vehicles, motorcycles and personal and household goods |
13.01 | 13.05 | 13.15 | 13.34 |
Hotel and restaurants | 1.04 | 1.03 | 1.04 | 1.04 |
Transport, storage & communication | 10.27 | 10 | 9.61 | 9.34 |
Land transport | 7.76 | 7.64 | 7.38 | 7.22 |
Water transport | 0.62 | 0.59 | 0.55 | 0.51 |
Air transport | 0.08 | 0.07 | 0.07 | 0.07 |
Support transport services, storage | 0.49 | 0.47 | 0.46 | 0.44 |
Post and Tele communications | 1.32 | 1.24 | 1.16 | 1.1 |
Financial intermediations | 3.86 | 3.91 | 3.93 | 3.89 |
Monetary intermediation (banks) | 3.27 | 3.34 | 3.37 | 3.35 |
Insurance | 0.38 | 0.36 | 0.34 | 0.34 |
Other financial auxiliaries | 0.21 | 0.21 | 0.22 | 0.21 |
Real estate, renting and business activities | 7.51 | 7.73 | 7.82 | 7.87 |
Public administration and defence | 4.05 | 4.19 | 4.24 | 4.09 |
Education | 2.82 | 3.04 | 3.03 | 3.02 |
Health and social works | 2.11 | 2.08 | 2.07 | 2.15 |
Community, social and personal services | 11.79 | 11.46 | 11.11 | 10.78 |
Percentage of sectoral shares of GDP of Bangladesh |
Agriculture
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.[129] 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 labour-intensive agriculture has achieved steady increases in food grain production despite the often unfavorable weather conditions.[130] These include better flood control and irrigation, a generally more efficient use of fertilisers, as well as the establishment of better distribution and rural credit networks.[130]
Although rice and jute are the primary crops, maize and vegetables are assuming greater importance. With 35.8 million metric tons produced in 2000, rice is Bangladesh's principal crop. In comparison to rice, wheat output in 1999 was 1.9 million tonnes (1,900,000 long tons; 2,100,000 short tons).
Manufacturing and industry
Many new jobs – mostly for women – have been created by the country's dynamic private ready-made garment industry, which grew at double-digit rates through most of the 1990s.[98] By the late 1990s, about 1.5 million people, mostly women, were employed in the garments sector as well as Leather products specially Footwear (Shoe manufacturing unit). During 2001–2002, export earnings from ready-made garments reached $3,125 million, representing 52% of Bangladesh's total exports. Bangladesh has overtaken India in apparel exports in 2009, its exports stood at 2.66 billion US dollar, ahead of India's 2.27 billion US dollar and in 2014 the export rose to $3.12 billion every month. At the fiscal year 2018, Bangladesh has been able to garner US$36.67 billion export earnings by exporting manufactured goods, of which, 83.49 percent has come from the apparel manufacturing sector.[133]
Eastern Bengal was known for its fine muslin and silk fabric before the British period. The dyes, yarn, and cloth were the envy of much of the premodern world. Bengali muslin, silk, and brocade were worn by the aristocracy of Asia and Europe. The introduction of machine-made textiles from England in the late eighteenth century spelled doom for the costly and time-consuming hand loom process. Cotton growing died out in East Bengal, and the textile industry became dependent on imported yarn. Those who had earned their living in the textile industry were forced to rely more completely on farming. Only the smallest vestiges of a once-thriving cottage industry survived.[134]
Other industries which have shown very strong growth include the pharmaceutical industry,[135] shipbuilding industry,[136] information technology,[137] leather industry,[138] steel industry,[139][140] and light engineering industry.[141][142]
Bangladesh's textile industry, which includes knitwear and
Even though the working conditions in garment factories are not ideal, they tend to financially be more reliable than other occupations and, "enhance women's economic capabilities to spend, save and invest their incomes."[149] Both married and unmarried women send money back to their families as remittances, but these earned wages have more than just economic benefits. Many women in the garment industry are marrying later, have lower fertility rates, and attain higher levels of education, then women employed elsewhere.[149]
After massive labour unrest in 2006
The government also seems to believe some change is necessary. On 21 September 2006 then ex-Prime Minister Khaleda Zia called on textile firms to ensure the safety of workers by complying with international labour law at a speech inaugurating the Bangladesh Apparel & Textile Exposition (BATEXPO).
Many Western multinationals use labour in Bangladesh, which is one of the cheapest in the world: 30 euros per month compared to 150 or 200 in China. Four days is enough for the CEO of one of the top five global textile brands to earn what a Bangladeshi garment worker will earn in her lifetime. In April 2013, at least 1,135 textile workers died in the collapse of their factory. Other fatal accidents due to unsanitary factories have affected Bangladesh: in 2005 a factory collapsed and caused the death of 64 people. In 2006, a series of fires killed 85 people and injured 207 others. In 2010, some 30 people died of asphyxiation and burns in two serious fires.[157]
In 2006, tens of thousands of workers mobilized in one of the country's largest strike movements, affecting almost all of the 4,000 factories. The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) uses police forces to crack down. Three workers were killed, hundreds more were wounded by bullets, or imprisoned. In 2010, after a new strike movement, nearly 1,000 people were injured among workers as a result of the repression.[157]
Shipbuilding and shipbreaking
Shipbuilding is a growing industry in Bangladesh with great potential.[158][159] Due to the potential of shipbuilding in Bangladesh, the country has been compared to countries like China, Japan and South Korea.[160] Referring to the growing amount of export deals secured by the shipbuilding companies as well as the low cost labour available in the country, experts suggest that Bangladesh could emerge as a major competitor in the global market of small to medium ocean-going vessels.[161]
Bangladesh also has the world's largest ship breaking industry which employs over 200,000 Bangladeshis and accounts for half of all the steel in Bangladesh.[162] Chittagong Ship Breaking Yard is the world's second-largest ship breaking area.
Khulna Shipyard Limited (KSY) with over five decades of reputation has been leading the Bangladesh Shipbuilding industry and had built a wide spectrum of ships for domestic and international clients. KSY built ships for Bangladesh Navy, Bangladesh Army and Bangladesh Coast Guard under the contract of ministry of defence.
Finance
Most banks in Bangladesh are privately owned. Until the 1980s, the financial sector of Bangladesh was dominated by state-owned banks.[163] With the grand-scale reform made in finance, private commercial banks were established through privatisation. The next finance sector reform programme was launched from 2000 to 2006 with 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
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 totalled 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.
in 2014 125,000 tourists visited Bangladesh. This number is extremely low relative to total population. As of 22 May 2019 the total local population numbering 166,594,000 inhabitants. This gives a ratio of 1 tourist for every 1,333 locals.
Information and communication technology
Bangladesh's information technology sector is a sector that has seen much growth in the past three years. Bangladesh has 80 million[164] internet users, an estimated 9% growth in internet use by June 2017 powered by mobile internet. Bangladesh currently has an active 23 million[165] Facebook users. Bangladesh currently has 143.1 million mobile phone customers.[164] Bangladesh exported $800 million[166] worth of software, games, outsourcing and services to European countries, the United States, Canada, Russia and India by 30 June 2017.
Investment
The stock
Major investment in real estate by domestic and foreign-resident Bangladeshis has led to a massive building boom in Dhaka and Chittagong.
Recent (2011) trends for investing in Bangladesh as Saudi Arabia trying to secure public and private investment in oil and gas, power and transportation projects, United Arab Emirates (UAE) is keen to invest in growing shipbuilding industry in Bangladesh encouraged by comparative cost advantage, Tata, an India-based leading industrial multinational to invest Taka 1500 crore to set up an automobile industry in Bangladesh, World Bank to invest in rural roads improving quality of live, the Rwandan entrepreneurs are keen to invest in Bangladesh's pharmaceuticals sector considering its potentiality in international market, Samsung sought to lease 500 industrial plots from the export zones authority to set up an electronics hub in Bangladesh with an investment of US$1.25 billion, National Board of Revenue (NBR) is set to withdraw tax rebate facilities on investment in the capital market by individual taxpayers from the fiscal 2011–12.[169] In 2011, Japan Bank for International Cooperation ranked Bangladesh as the 15th best investment destination for foreign investors.[170]
2010–11 market crash
The bullish capital market turned bearish during 2010, with the exchange losing 1,800 points between December 2010 and January 2011.[171] Millions of investors have been rendered bankrupt as a result of the market crash. The crash is believed to be caused artificially to benefit a handful of players at the expense of the big players.[171]
Companies
The list includes ten largest Bangladeshi companies by trading value (millions in BDT) in 2018.[172][173]
Rank | Company | Trading name at Dhaka Stock Exchange | Headquarters | Industry | Trading Value |
---|---|---|---|---|---|
1 | Square Pharmaceuticals Limited | SQURPHARMA | Dhaka | Pharmaceuticals | 449.8880 |
2 | Dragon Sweater and Spinning Limited | DSSL | Dhaka | Apparel | 129.4030 |
3 | Ifad Autos Limited | IFADAUTOS | Dhaka | Automotive | 117.5370 |
4 | Grameenphone Private Limited | GP | Dhaka | Telecommunications | 106.8660 |
5 | Bangladesh Thai Aluminium Ltd | BDTHAI | Dhaka | Manufacturing | 99.7690 |
6 | City Bank Limited | CITYBANK | Dhaka | Banking | 78.6010 |
7 | Golden Harvest | GHAIL | Dhaka | Agriculture | 76.6710 |
8 | IPDC Finance Limited | IPDC | Dhaka | Financial Services | 67.0430 |
9 | Olympic industries limited | OLYMPIC | Dhaka | Manufacturing | 60.5570 |
10 | Shahjalal Islami Bank Limited | SHAHJABANK | Dhaka | Banking | 53.1710 |
Composition of economic sectors
The Bangladesh Garments Manufacturers and Exporters Association (BGMEA) has predicted textile exports will rise from US$7.90 billion earned in 2005–06 to US$15 billion by 2011. In part this optimism stems from how well the sector has fared since the end of textile and clothing quotas, under the Multifibre Agreement, in early 2005.
According to a United Nations Development Programme report "Sewing Thoughts: How to Realize Human Development Gains in the Post-Quota World" Bangladesh has been able to offset a decline in European sales by cultivating new markets in the United States.[174]
"[In 2005] we had tremendous growth. The quota-free textile regime has proved to be a big boost for our factories," said BGMEA president S.M. Fazlul Hoque told reporters, after the sector's 24 per cent growth rate was revealed.[175]
The Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) president Md Fazlul Hoque has also struck an optimistic tone. In an interview with United News Bangladesh he lauded the blistering growth rate, saying "The quality of our products and its competitiveness in terms of prices helped the sector achieve such... tremendous success."
Knitwear posted the strongest growth of all textile products in 2005–06, surging 35.38 per cent to US$2.82 billion. On the downside however, the sector's strong growth came amid sharp falls in prices for textile products on the world market, with growth subsequently dependent upon large increases in volume.
Bangladesh's quest to boost the quantity of textile trade was also helped by US and EU caps on Chinese textiles. The US cap restricts growth in imports of Chinese textiles to 12.5 per cent next year and between 15 and 16 per cent in 2008. The EU deal similarly manages import growth until 2008.
Bangladesh may continue to benefit from these restrictions over the next two years, however a climate of falling global textile prices forces wage rates the centre of the nation's efforts to increase market share.
They offer a range of incentives to potential investors including 10-year tax holidays, duty-free import of capital goods, raw materials and building materials, exemptions on income tax on salaries paid to foreign nationals for three years and dividend tax exemptions for the period of the tax holiday.
All goods produced in the zones are able to be exported duty-free, in addition to which Bangladesh benefits from the Generalised System of Preferences in US, European and Japanese markets and is also endowed with Most Favoured Nation status from the United States.
Furthermore, Bangladesh imposes no ceiling on investment in the EPZs and allows full repatriation of profits.
The formation of labour unions within the EPZs is prohibited as are strikes.[176]
Bangladesh has been a world leader in its efforts to end the use of child labour in garment factories. On 4 July 1995, the Bangladesh Garment Manufacturers and Exporters Association, International Labour Organization, and UNICEF signed a memorandum of understanding on the elimination of child labour in the garment sector. Implementation of this pioneering agreement began in fall 1995, and by the end of 1999, child labour in the garment trade virtually had been eliminated.[177] The labour-intensive process of ship breaking for scrap has developed to the point where it now meets most of Bangladesh's domestic steel needs. Other industries include sugar, tea, leather goods, newsprint, pharmaceutical, and fertilizer production.
The Bangladesh government continues to court foreign investment, something it has done fairly successfully in private power generation and gas exploration and production, as well as in other sectors such as cellular telephony, textiles, and pharmaceuticals. In 1989, the same year it signed a bilateral investment treaty with the United States, it established a Board of Investment to simplify approval and start-up procedures for foreign investors, although in practice the board has done little to increase investment. The government created the
International trade
Recently, the COVID-19 pandemic has taken a heavy toll on almost all sectors of the economy, inter alia, most notably, it has caused a reduction of exports by 16.93 percent, and imports by 17 percent in the FY2019-20.[179]
In 2015, the top exports of Bangladesh are Non-Knit Men's Suits ($5.6B), Knit T-shirts ($5.28B), Knit Sweaters ($4.12B), Non-Knit Women's Suits ($3.66B) and Non-Knit Men's Shirts ($2.52B).[180] In 2015, the top imports of Bangladesh are Heavy Pure Woven Cotton ($1.33B), Refined Petroleum ($1.25B), Light Pure Woven Cotton ($1.12B), Raw Cotton ($1.01B) and Wheat ($900M).[180]
In 2015, the top export destinations of Bangladesh are the United States ($6.19B), Germany ($5.17B), the United Kingdom ($3.53B), France ($2.37B) and Spain ($2.29B).[180] In 2015, the top import origins are China ($13.9B), India ($5.51B), Singapore ($2.22B), Hong Kong ($1.47B) and Japan ($1.36B).[180]
Bangladeshi women and the economy
As of 2014, female participation in the labour force is 58 percent as per World Bank data,
A 2007 World Bank report stated that the areas in which women's work force participation have increased the most are in the fields of agriculture, education and health and social work.[147] Over three-quarters of women in the labour force work in the agricultural sector. On the other hand, the International Labour Organization reports that women's workforce participation has only increased in the professional and administrative areas between 2000 and 2005, demonstrating women's increased participation in sectors that require higher education. Employment and labour force participation data from the World Bank, the UN, and the ILO vary and often under report on women's work due to unpaid labour and informal sector jobs.[183] Though these fields are mostly paid, women experience very different work conditions than men, including wage differences and work benefits. Women's wages are significantly lower than men's wages for the same job with women being paid as much as 60–75 percent less than what men make.[184]
One example of action that is being taken to improve female conditions in the work force is Non-Governmental Organisations. These NGOs encourage women to rely on their own self-savings, rather than external funds provide women with increased decision-making and participation within the family and society.[185] However, some NGOs that address microeconomic issues among individual families fail to deal with broader macroeconomic issues that prevent women's complete autonomy and advancement.[185]
Historical statistics
Bangladesh has made significant strides in its economic sector performance since independence in 1971. Although the economy has improved vastly in the 1990s, Bangladesh still suffers in the area of foreign trade in South Asian. Despite major impediments to growth like the inefficiency of
The especially severe floods of 1998 increased the flow of
Bangladesh has been on the list of UN Least Developed Countries (LDC) since 1975. Bangladesh met the requirements to be recognised as a developing country in March 2018 [192] with Bangladesh's Gross National Income (GNI) US$1,724 per capita, the Human Assets Index (HAI) 72 and the Economic Vulnerability (EVI) Index 25.2 then.[192][193] Bangladesh's GNI is now forecasted to reach at US$4,753.39 in 2030.[194]
Gross export and import
Fiscal Year | Total Export
(in bn. US$) |
Total Import
(in bn. US$) |
Foreign Remittance Earnings
(in bn. US$) |
---|---|---|---|
2007–2008 | $14.11 | $25.21 | $8.9b |
2008–2009 | $15.56 | $22.51 | $9.68b |
2009–2010 | $16.7 | $23.83 | $10.87 |
2010–2011 | $22.93 | $32b | $11.65 |
2011–2012 | $24.30 | $35.92 | $12.85 |
2012–2013 | $27.09 | $34.09 | $14.4 |
2013–2014 | $30.10 | $34.08 | $14.2 |
2014–2015 | $31.014 | $47.260 | $14.23 |
2015-2016 | $33.661 | $49.436 | $13.60 |
2016-2017 | $37.966 | $59.561 | $12.76 |
2017-2018 | $37.612 | $67.133 | $15.31 |
2018-2019 | $41.53 | $68.103 | $14.98 |
See also
- Bangladesh Academy for Rural Development
- Electricity sector in Bangladesh
- Automotive industry in Bangladesh
- Textile industry in Bangladesh
- Ceramics industry in Bangladesh
- Electronics industry in Bangladesh
- Federation of Bangladesh Chambers of Commerce & Industries
- List of companies of Bangladesh
- List of megaprojects in Bangladesh
- List of the largest trading partners of Bangladesh
- Ministry of Industries (Bangladesh)
- List of countries by 4G LTE penetration
- Corruption in Bangladesh
- Poverty in Bangladesh
- Prostitution in Bangladesh
- Crime in Bangladesh
- Human rights in Bangladesh
- Child labour in Bangladesh
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External links
- Bangladesh Economic Development at Curlie
- Bangladesh Economic News Archived 8 June 2015 at the Wayback Machine
- Bangladesh Budget 2007 – 2008
- Budget in Brief 2016–17
- World Bank Summary Trade Statistics Bangladesh, 2007
This article incorporates public domain material from U.S. Bilateral Relations Fact Sheets. United States Department of State.
This article incorporates public domain material from The World Factbook.