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What Do I Know About Bangladesh’s Economy?

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    Bangladesh is a rapidly developing country with a rapidly growing economy. Its economy ranks as 43rd largest economy regarding its PPP terms in 2010 and 57th largest economy regarding the nominal terms according to the IMF. By observing the economy of Bangladesh it is said that its economy is mainly market based economy. After liberation war Bangladesh had to suffer a lot and its economy was devastated at that time. So foreign aid was the main source of external earnings for Bangladesh.

    After passing about four decade Bangladesh has established a stable economy though it is still troubled with inflation, political instability and other constraints. Bangladesh had once only few countries to trade with as it had limited range of product to export. Importing products is still continued by Bangladesh since its production is not sufficient. Bangladesh domestic need for product is on increase and is still beyond its own production level making it obliged to import from foreign countries. Agro-based economy has made it backward in the industrial sector.

    A large number of labor forces are working in the agricultural sector. Industrial sectors lack efficient labor force and its growth obstacles by other constraints. Thus Bangladesh has to import products of billion dollars from foreign countries. Bangladesh had to import food products ago but now it imports more technological and raw material products for industrial sectors. So it spends more of its foreign earnings in importing products. Rise of the industrial sectors brings a wide range of products for Bangladesh to export rather than its traditional agro-based products.

    Its government has provided different privileges to its industrial sectors to do their export work. Export processing zone has been set for the special export products. Tax exemption and other advantages are been provided to increase the export and the foreign earnings. Readymade garments have become the most foreign earnings providing source. So Bangladesh is exporting products of billion dollars to variety of countries. With the new industrial sectors Bangladesh is also trying to capture new markets to export. Remittance is another major source of foreign earnings for Bangladesh.

    Bangladeshi workers, unskilled and semi-skilled, send huge amounts of foreign currency, which at times exceeds the exports earning from goods and services. Thus external trade of Bangladesh is increasing through various sectors. Objectives of the study are summarized in the following manner:

    • To analyze the economy of Bangladesh
    • To explain external trade relations
    • To show the variability in foreign trade
    • To show the trend of the foreign trade

    The data in this study are more of numerical, charts or graphs than observatory. Data from secondary sources has needed to analyze first. Some of the data of the report are raw that has been used from the sources. And rest of the work has taken the necessity of observations. 2002-03 has been chosen as base year to calculate growth.

    So Bangladesh followed socialist economy by nationalizing all industries and underwent a slow growth of producing experienced entrepreneurs, managers, administrators, engineers and technicians. External and internal trades were disrupted. After 1975, measures had been taken to develop new industrial capacity and rehabilitating its economy. In the course of time Bangladesh started to stabilize its economy. The major economic sectors of the economy of Bangladesh are Agriculture and Manufacturing and Industries. But these sectors help or oblige it to do external trade.

    Bangladesh historically has run a large trade deficit, financed largely through aid receipts and remittances from workers overseas. Import still is the only key to meet the domestic demand of goods. Having an agro-based economy Bangladesh was only able to export agro-products. But now the scenario has changed. Bangladesh started export industrial products such as readymade garments, leather goods, pharmaceuticals etc. Exporting products give Bangladesh the key to go ahead with the foreign earnings. Problems are still in there as Bangladesh has not got political stability or got rid of different problems.

    Different measures effectiveness is being lost because investment in the economy is getting lower day by day. Domestic investments are less than the need and foreign investments are being depressed by the govt. different laws. Thus Bangladesh’s economy is in need of visionary goals to survive through the world depression.

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    What Do I Know About Bangladesh’s Economy?. (2016, Sep 28). Retrieved from https://graduateway.com/bangladeshs-export-import-analysis/

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