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The economic growth of Bangladesh |
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| Release time:2013-03-27 Source:admin Reads: | |
| Recent years, the economy of Bangladesh is a rapidly developing market-based economy. Its per capita income in 2010 was est. US$1,700 which adjusted by purchasing power parity. According to the International Monetary Fund, Bangladesh ranked as the 44rd largest economy in the world in 2011 in PPP terms and 57th largest in nominal terms, among the Next Eleven or N-11 of Goldman Sachs and D-8 economies, with a gross domestic product of US$269.3 billion in PPP terms and US$104.9 billion in nominal terms. The economy has grown at the rate of 6-7% per annum over the past few years. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, clothing with woven labels, jute, fish, vegetables, fruit, leather and leather goods, ceramics, ready-made goods. According to reports, remittance from Bangladeshis working overseas, mainly in the Middle East, is the major source of foreign exchange earnings; exports of garments including accessories of rubber labels, price tags, woven labels, and textiles are the other main sources of foreign exchange earnings. Ship building and cane cultivation have become a major force of growth. GDP's rapid growth due to sound financial control and regulations have also contributed to its growth; however, foreign direct investment is yet to rise significantly. Bangladesh has made major strides in its human development index. The land is devoted mainly to rice and jute cultivation as well as fruits and other produce, although wheat production has increased in recent years; the country is largely self-sufficient in rice production. Bangladesh's growth of its agricultural industries is due to its fertile deltaic land that depend on its six seasons and multiple harvests. Excluding agricultural industrial, textile manufacturers such as garments and woven labels makers are also devoted themselves to Bangladesh’s economic. |
