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bangladesh economy and its prospects

Fadiyah Sameh
Fadiyah Sameh
Posted: 2015-04-06

The economy of Bangladesh has continued to grow at more than six percentage points over last five years consequently. According to the household income and expenditure survey by the bureau of statistics, there are now 21 % of total populations living below a poverty line of Bangladesh. The Industrial contribution of GDP is going to touch at 30 percentages while the dominating contribution of agriculture in GDP has reduced to roughly 20% while it had more than half of the share some years ago. Readymade garment products of Bangladesh have earned a reputation worldwide for its quality and cost efficiency. Leather products and shrimp have rising demand worldwide and we have relative advantages of cheap labor. Bangladesh ranks below India while it comes to economic indicators like per capita or the size and growth of GDP. But in many social indicators like maternal mortality, female enrollment at the school and life expectancy to name a few, Bangladesh is setting the trends for India. Nobel laureate economist Amartya Sen has acknowledged this fact in several of his recent articles. 20 years ago average Bangladeshis lived 3 years short of the Indian population and now the order has reversed. The socio-economic progress of Bangladesh has continued despite the degenerating scenario of governance. Political unrest, massive corruption, a bureaucratic red tape always slow down the enthusiasm of our entrepreneurs, but it could not bind them to a standstill. For this reason, Bangladesh is called as the development paradox where development is taking place despite the presence of factors that did not allow many countries of the world to move ahead. The Economic progress of Bangladesh has set a trend and hence inspired the academia to differently explain the development theories. At this moment, Bangladesh is deeply troubled, in a political enigma. The ongoing strikes by political opponents have created disorder in our economy as well as lives. Knowing that it is trouble out there, people still go out to work. They donít wait for tomorrow and know that if they want to change the country, it has to be started from the micro level. Bangladeshi people are enthusiastic. They love to dream a better tomorrow and as long as this force prevails, Bangladesh will be one of the tiger economies in the days to come.

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