Economic Development of Bangladesh - 4859 Words

Economic Development of Bangladesh Economy of Bangladesh Economic Position in World: The economy of Bangladesh is a rapidly developing market-based economy. Its per capita income in 2010 was est. US$1,700 (adjusted by purchasing power parity). According to the International Monetary Fund, Bangladesh ranked as the 43rd largest economy in the world in 2010 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. Growth rate and Economic Sectors: 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†¦show more content†¦The service sector has expanded rapidly during last two decades and the countrys industrial base remains very positive. The countrys main endowments include its vast human resource base, rich agricultural land, relatively abundant water, and substantial reserves of natural gas, with the blessing of possessing the worlds only natural sea ports in Mongla and Chittagong, in addition to being the only central port linking two large burgeoning economic hub groups SAARC and ASEAN. Economic history of Bangladesh After its independence from Pakistan, Bangladesh followed a socialist economy by nationalizing all industries, proving to be a critical blunder undertaken by Awami Leagues Mujib Government following Indias policy.Between December 1971 and January 1972, India committed US$232 million in aid to Bangladesh from the politco-economic aid India received from the USA and USSR. Official amount of disbursement yet undisclosed. After 1975, Bangladeshi leaders began to turn their attention to developing new industrial capacity and rehabilitating its economy. The static economic model adopted by these early leaders, however—including the nationalization of much of the industrial sector—resulted in inefficiency and economic stagnation. Beginning in late 1975, the government gradually gave greater scope to private sector participation in the economy, a pattern that has continued. Many state-owned enterprises have been privatized, likeShow MoreRelatedThe Economic Development Of Bangladesh1710 Words   |  7 PagesIntroduction Bangladesh is a developing country nevertheless the present day progress of this country is remarkable. According to World Bank’s development indicators, Bangladesh ranked 44th in the world economy. In spite of its economic progress, poverty remains a curse. By looking at the poverty headcount ratio of 43.3% as of 2010, we can still notice that most of the people are living under poverty line. Furthermore, the economic development of our country comes with an additional cost that isRead MoreThe Role of Entrepreneurship in Economic Development in Bangladesh4090 Words   |  17 PagesThe Role of Entrepreneurship in Economic Development The entrepreneurs with their ability to scan, analyze and identify opportunities in the environment transform them into business proposition through creation of economic entities. Entrepreneurship and economic development are intimately related. So, that entrepreneurial process is a major factor in economic development and the entrepreneur is the key to economic growth. Whatever be the form of economic and political set-up of the country, entrepreneurshipRead MoreThe Role of Financial Institutions in the Economic Development of Bangladesh11088 Words   |  45 PagesFinancial Institution In financial economics, a financial institution is an institution that provides financial services for its clients or members. 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TheoreticallyRead MoreWomen Empowerment As A Notion Of Social Justice And Economic Development : Bangladesh Perspective1618 Words   |  7 PagesNotion of Social Justice and Economic Development: Bangladesh Perspective Abdul Alim and Mahmudul Hasanï‚ § ABSTRACT The issue of women’s empowerment has been growing for decades as a burning issue in South Asian countries, and this paper focuses especially on Bangladesh. Many laws and regulations have been made to combat the ideas and practices of depriving women of their rights. 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Multinational Zipper Manufacturing Company NEO Zipper Category: Business and Economy |  Multinational Companies | | | | 3.Maximus Mobile Phone Bangladesh Category: Business and Economy|  Mobile Phones | | 4.Nokia Bangladesh Category: Business and Economy  |  Mobile Phones | | 5.MAKS RenewableRead MoreIntroduction Of A Mobile Development Program1044 Words   |  5 PagesIntroducing Cluster Development Programme in Bangladesh Bangladesh is one of the most promising emerging economies in South Asia. The averaged GDP growth of the country is 6. 5% which has been largely driven by its exports, remittance and agricultural sectors. Recently, manufacturing industry and service sectors are growing rapidly and the involvement in farming is decreasing. Bangladesh has a lucrative opportunity to become one of the leading economic powers in Asia by properly utilising its cheapRead MoreThe Food, Agriculture And Economic Situation Of Bangladesh Essay1516 Words   |  7 Pagesfood, agriculture and economic situation of Bangladesh in some details. Although the country faces various problems in economic progress since the independent in 1971, in the last forty five years the increase of food production, economic development and poverty reduction of the country became remarkably. Bangladesh is a densely populated developing country in the southern Asia. The Government of Bangladesh is trying efficiently to reduce poverty of the country. In Bangladesh about 20% of the populationsRead MoreEssay on SOC 300 WEEK 9 Assignment 2 SOC 3001059 Words   |  5 Pagesperilous beginning, Bangladesh has attained notable advancements in economic and social development in about four decades. Since it won its independent in 1971 following a bloody war, many, in the international community were doubtful about the country’s long-term economic sustainability. Some observers predicted a state of continuing aid dependency, while others believed if a country with such enormous and innumerable development problems as Bangladesh could make strides in development, then possibly