Economy of Bangladesh - Wikipedia

4/11/2020 Economy of Bangladesh - Wikipedia
Economy of Bangladesh
Economy of Bangladesh
Dhaka, the financial centre of Bangladesh

urrency Bangladeshi taka (BDT, ৳)
scal year 1 July – 30 June
ade SAFTA, SAARC, BIMSTEC, WTO, AIIB, IMF, Commonwealth of Nations, World Bank, ADB,
ganizations Developing-8
ountry group Developing/Emerging[1]
Lower-middle income economy[2]
Statistics
opulation 161,356,039 (2018)[3]
DP $347.991 billion (nominal, 2020 est.)[4]
$917.805 billion (PPP, 2020 est.)[4]
DP rank 39th (nominal, 2019)
29th (PPP, 2019)
DP growth 7.3% (16/17) 7.9% (17/18)
8.1% (18/19e) 7.8% (19/20f)[5]
DP per capita $2,068 (nominal, 2020 est.)[4]
$5,453 (PPP, 2020 est.)[4]
DP per capita 143rd (nominal, 2019)
nk
137th (PPP, 2019)
DP by sector agriculture: 14.23%
industry: 33.66%
services: 52.11%
(FY18)[6][7]
https://en.wikipedia.org/wiki/Economy_of_Bangladesh 1/26
flation (CPI) 5.5% (2020 est.)[4]

opulation 20.5% in poverty (2019)[8][9]
elow
overty line 52.9% on less than $3.20/day (2016)[10]
4% living in extreme poverty (2020)[11][12]
ni coefficient 32.4 medium (2016, World Bank)[13]
uman 0.614 medium (2018)[14] (135th)
evelopment
dex 0.465 low IHDI (2018)[15]
abor force 69,706,733 (2019)[16]
55.8% employment rate (2017)[17]
abor force by agriculture: 40.6%
ccupation
industry: 20.4%
services: 39.6%
(2017 est.)[18]
nemployment Overall 4.2%
Male 3.1%
Female 6.7%
(2017 est.)[19]
ain Textiles · pharmaceutical products · electronics · shipbuilding · automotive · bicycle · leather ·
dustries jute · glass · paper · plastic · food and beverages · cement · tea · rice · natural gas and crude
petroleum · iron and steel
ase-of-doing- 168th (below average, 2020)[20]
usiness rank
External
xports $40.53 billion (July 2018- June 2019)
$36.66 billion (July 2017-June 2018)[21]
xport goods Textiles, Garments (2nd largest exporter in the world), Leather & Leather Goods,
Pharmaceuticals and other Chemical products, Ceramic Products, Bicycles, Jute and Jute
Goods, IT, Agricultural Products, Frozen Food (Fish and Seafood)
ain export European Union 58.2%
artners
United States 16.3%
Japan 3.1%
Canada 3.0%
India 2.4%
Australia 1.9%
China 1.9%
Southeast Asia 1.6%
Others 11.6%[22]
mports $55.44 billion (July 2018- June 2019)
$54.46 billion (July 2017- June 2018)[23]
mport goods Textiles and Textile Articles, Machinery and Mechanical Appliances, Electrical Equipment,
Mineral Products, Vegetable Products, Metal & metal products, Chemicals & Allied Products,
Vehicles & Aircraft
ain import China 21.5%
artners
India 12.2%
Singapore 9.2%
European Union 6.2%
Hong Kong 5.5%
Other 45.3%[24]
DI stock $14.62 billion (31 December 2017 est.)[25]
Abroad: $369.6 million (31 December 2017 est.)[25]
urrent −$5.322 billion (2017 est.)[25]
ccount
ross external $50.26 billion (31 December 2017 est.)[25]
ebt
Public finances
ublic debt 33.1% of GDP (2017 est.)[25]
udget −3.2% (of GDP) (2017 est.)[25]
alance
evenues $24.36 billion (৳2.05 trillion) (FY18)[26]
xpenses
$62.28 billion (FY 2019-20)
5,23,190 cr Taka [27][28]
redit rating List of ratings
oreign $32 billion (July 2019)[32] (51st)
serves
Main data source:
IA World Fact Book (https://www.cia.gov/library/publications/resources/the-world-factbook/geos/bg.html)
All values, unless otherwise stated, are in US dollars.
The economy of Bangladesh is a developing market economy.[33] It's the 39th largest in the world in
nominal terms, and 29th largest by purchasing power parity; it is classified among the Next Eleven
emerging market middle income economies and a frontier market. In the first quarter of 2019,
Bangladesh's was the world's seventh fastest growing economy with a rate of 7.3% real GDP annual
growth.[34] Dhaka and Chittagong are the principal financial centers of the country, being home to the
Dhaka Stock Exchange and the Chittagong Stock Exchange. The financial sector of Bangladesh is the
second largest in the subcontinent. Bangladesh is one of the world's fastest growing economy.
In the decade since 2004, Bangladesh averaged a GDP

growth of 6.5%, that has been largely driven by its exports
of ready made garments, remittances and the domestic
agricultural sector. The country has pursued export-
oriented industrialisation, with its key export sectors
include textiles, shipbuilding, fish and seafood, jute and
leather goods. It has also developed self-sufficient
industries in pharmaceuticals, steel and food processing.
Bangladesh's telecommunication industry has witnessed
rapid growth over the years, receiving high investment
from foreign companies. Bangladesh also has substantial
reserves of natural gas and is Asia's seventh largest gas Chittagong is the second largest city in
producer. Offshore exploration activities are increasing in Bangladesh and its chief seaport
its maritime territory in the Bay of Bengal. It also has large
deposits of limestone.[35] The government promotes the
Digital Bangladesh scheme as part of its efforts to develop the country's growing information technology
sector.
Bangladesh is strategically important for the economies of Northeast India, Nepal and Bhutan, as
Bangladeshi seaports provide maritime access for these landlocked regions and countries.[36][37][38]
China also views Bangladesh as a potential gateway for its landlocked southwest, including Tibet, Sichuan
and Yunnan.
As of 2019, Bangladesh's GDP per capita income is estimated as per IMF data at US$5,028 (PPP) and
US$1,906 (nominal).[39] Bangladesh is a member of the D-8 Organization for Economic Cooperation, the
South Asian Association for Regional Cooperation, the International Monetary Fund, the World Bank, the
World Trade Organization and the Asian Infrastructure Investment Bank. The economy faces challenges of
infrastructure bottlenecks, insufficient power and gas supplies, bureaucratic corruption, political
instability, natural calamities and a lack of skilled workers.
Contents
Economic history
Ancient Bengal
Mughal Bengal
British Bengal
Modern Bangladesh
Macro-economic trend
Economic sectors
Agriculture
Manufacturing and industry
Shipbuilding and ship breaking
Finance
Tourism
Information and Communication Technology
Investment
2010–11 market crash
Companies
Composition of economic sectors

International trade
Bangladeshi women and the economy
Historical statistics
Gross export and import
(in bn. US$)
See also
References
External links
Economic history
Ancient Bengal
East Bengal—the eastern segment of Bengal—was a historically prosperous region.[40] The Ganges Delta
provided advantages of a mild, almost tropical climate, fertile soil, ample water, and an abundance of fish,
wildlife, and fruit.[40] The standard of living is believed to have been higher compared with other parts of
South Asia.[40] As early as the thirteenth century, the region was developing as an agrarian economy.[40]
Bengal was the junction of trade routes on the Southeastern Silk Road.[40]
Mughal Bengal
Under Mughal rule, Bengal operated as a centre of the worldwide

muslin, silk and pearl trades.[40] Domestically, much of India
depended on Bengali products such as rice, silks and cotton
textiles. Overseas, Europeans depended on Bengali products such
as cotton textiles, silks and opium; Bengal accounted for 40% of
Dutch imports from Asia, for example.[41] Bengal shipped
saltpeter to Europe, sold opium in Indonesia, exported raw silk to
Japan and the Netherlands, and produced cotton and silk textiles
for export to Europe, Indonesia and Japan.[42] Real wages and
living standards in 18th-century Bengal were comparable to
A woman in Dhaka clad in fine Bengali Britain, which in turn had the highest living standards in
muslin, 18th century. Europe.[43]
During the Mughal era, the most important centre of cotton

production was Bengal, particularly around its capital city of Dhaka, leading to muslin being called "daka"
in distant markets such as Central Asia.[44] Bengali agriculturalists rapidly learned techniques of mulberry
cultivation and sericulture, establishing Bengal as a major silk-producing region of the world.[45] Bengal
accounted for more than 50% of textiles and around 80% of silks imported by the Dutch from Asia, for
example.[41]
Bengal also had a large shipbuilding industry. Indrajit Ray estimates shipbuilding output of Bengal during
the sixteenth and seventeenth centuries at 223,250 tons annually, compared with 23,061 tons produced in
nineteen colonies in North America from 1769 to 1771.[46] He also assesses ship repairing as very
advanced in Bengal.[46] Bengali shipbuilding was advanced compared to European shipbuilding at the
time. An important innovation in shipbuilding was the introduction of a flushed deck design in Bengal rice
ships, resulting in hulls that were stronger and less prone to leak than the structurally weak hulls of
traditional European ships built with a stepped deck design. The British East India Company later
duplicated the flushed-deck and hull designs of Bengal rice ships in the 1760s, leading to significant
improvements in seaworthiness and navigation for European ships during the Industrial Revolution.[47]
British Bengal
The British East India Company, that took complete control of Bengal in 1793 by abolishing Nizamat (local
rule), chose to develop Calcutta, now the capital city of West Bengal, as their commercial and
administrative center for the Company-held territories in South Asia.[40] The development of East Bengal
was thereafter limited to agriculture.[40] The administrative infrastructure of the late eighteenth and
nineteenth centuries reinforced East Bengal's function as the primary agricultural producer—chiefly of
rice, tea, teak, cotton, sugar cane and jute — for processors and traders from around Asia and beyond.[40]
Modern Bangladesh
After its independence from Pakistan, Bangladesh followed a socialist economy by nationalising all
industries, proving to be a critical blunder undertaken by the Awami League government. Some of the
same factors that had made East Bengal a prosperous region became disadvantages during the nineteenth
and twentieth centuries.[40] As life expectancy increased, the limitations of land and the annual floods
increasingly became constraints on economic growth.[40] Traditional agricultural methods became
obstacles to the modernisation of agriculture.[40] Geography severely limited the development and
maintenance of a modern transportation and communications system.[40]
The partition of British India and the emergence of India and Pakistan in 1947 severely disrupted the
economic system. The united government of Pakistan expanded the cultivated area and some irrigation
facilities, but the rural population generally became poorer between 1947 and 1971 because improvements
did not keep pace with rural population increase.[40] Pakistan's five-year plans opted for a development
strategy based on industrialisation, but the major share of the development budget went to West Pakistan,
that is, contemporary Pakistan.[40] The lack of natural resources meant that East Pakistan was heavily
dependent on imports, creating a balance of payments problem.[40] Without a substantial
industrialisation programme or adequate agrarian expansion, the economy of East Pakistan steadily
declined.[40] Blame was placed by various observers, but especially those in East Pakistan, on the West
Pakistani leaders who not only dominated the government but also most of the fledgling industries in East
Pakistan.[40]
Since Bangladesh followed a socialist economy by nationalising all industries after its independence, it
underwent a slow growth of producing experienced entrepreneurs, managers, administrators, engineers,
and technicians.[48] There were critical shortages of essential food grains and other staples because of
wartime disruptions.[48] External markets for jute had been lost because of the instability of supply and
the increasing popularity of synthetic substitutes.[48] Foreign exchange resources were minuscule, and the
banking and monetary systems were unreliable.[48] Although Bangladesh had a large work force, the vast
reserves of under trained and underpaid workers were largely illiterate, unskilled, and underemployed.[48]
Commercially exploitable industrial resources, except for natural gas, were lacking.[48] Inflation,
especially for essential consumer goods, ran between 300 and 400 percent.[48] The war of independence
had crippled the transportation system.[48] Hundreds of road and railroad bridges had been destroyed or
damaged, and rolling stock was inadequate and in poor repair.[48] The new country was still recovering
from a severe cyclone that hit the area in 1970 and caused 250,000 deaths.[48] India came forward
immediately with critically measured economic assistance in the first months after Bangladesh achieved
independence from Pakistan.[48] Between December 1971 and January 1972, India committed US$232
million in aid to Bangladesh from the politico-economic aid India received from the US and USSR. Official
amount of disbursement yet undisclosed.[48]
After 1975, Bangladeshi leaders began to turn their attention to developing new industrial capacity and
rehabilitating its economy.[49] The static economic model adopted by these early leaders, however—
including the nationalisation of much of the industrial sector—resulted in inefficiency and economic
stagnation.[49] Beginning in late 1975, the government gradually gave greater scope to private sector
participation in the economy, a pattern that has continued.[49] Many state-owned enterprises have been
privatised, like banking, telecommunication, aviation, media, and jute.[49] Inefficiency in the public sector
has been rising however at a gradual pace; external resistance to developing the country's richest natural
resources is mounting; and power sectors including infrastructure have all contributed to slowing
economic growth.[49]
In the mid-1980s, there were encouraging signs of progress.[49] Economic policies aimed at encouraging
private enterprise and investment, privatising public industries, reinstating budgetary discipline, and
liberalising the import regime were accelerated.[49] From 1991 to 1993, the government successfully
followed an enhanced structural adjustment facility (ESAF) with the International Monetary Fund (IMF)
but failed to follow through on reforms in large part because of preoccupation with the government's
domestic political troubles.[49] 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.[49] 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.[49] Seventy million dollars was made available immediately.[49]
In the same vein the World Bank approved $536 million in interest-free loans.[49] The economy saw
continuous real GDP growth of at least 5% since 2003. In 2010, Government of India extended a line of
credit worth $1 billion to counterbalance China's close relationship with Bangladesh.
Bangladesh historically has run a large trade deficit, financed largely through aid receipts and remittances
from workers overseas.[49] Foreign reserves dropped markedly in 2001 but stabilised in the US$3 to US$4
billion range (or about 3 months' import cover).[49] In January 2007, reserves stood at $3.74 billion, and
then increased to $5.8 billion by January 2008, in November 2009 it surpassed $10.0 billion, and as of
April 2011 it surpassed the US$12 billion according to the Bank of Bangladesh, the central bank.[49] The
dependence on foreign aid and imports has also decreased gradually since the early 1990s.[50] According
to Bangladesh bank the reserve is $30 billion in August 2016
In last decade, poverty dropped by around one third with significant improvement in human development
index, literacy, life expectancy and per capita food consumption. With economy growing close to 6% per
year, more than 15 million people have moved out of poverty since 1992.[51]
Macro-economic trend
This is a chart of trend of gross domestic product of Bangladesh at market prices estimated (http://www.i
mf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001) by the International Monetary Fund
with figures in millions of Bangladeshi Taka. However, this reflects only the formal sector of the economy.
Inflation Index Per Capita Income

Year Gross Domestic Product (Million Taka) US Dollar Exchange
(2000=100) (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 $0.58 per man-hour in 2009.
The following table shows the main economic indicators in 1980–2019. Inflation below 5% is in
green.[52][53]
GDP
GDP Unemployment Rate Total Investment
per Inflation Government
(in GDP
capita rate debt
Year bn. growth
(in (in (in Percent) (in % of (in % of GDP)
US$ (real)
US$ Percent) GDP)
PPP)
PPP)
1980 41.2 500 3.1 % 15.4 % n/a n/a 14.44 %
1981 560 5.6 % 14.5 % n/a n/a 17.16 %

47.4
1982 597 3.2 % 12.9 % n/a n/a 17.36 %

52.0
1983 633 4.6 % 9.5 % n/a n/a 16.56 %

56.5
1984 664 4.2 % 10.4 % n/a n/a 16.48 %

61.0
1985 693 3.7 % 10.5 % n/a n/a 15.83 %

65.3
1986 715 4.0 % 10.2 % n/a n/a 16.18 %

69.3
1987 735 2.9 % 10.8 % n/a n/a 15.47 %

73.1
1988 759 2.4 % 9.7 % n/a n/a 15.74 %

77.5
1989 801 4.3 % 8.7 % n/a n/a 16.12 %

84.0
1990 848 4.6 % 10.5 % n/a n/a 16.46 %

91.1
1991 892 4.2 % 8.3 % 2.20 % n/a 16.90 %

98.1
1992 935 4.8 % 3.6 % 2.25 % n/a 17.31 %

105.1
1993 977 4.3 % 3.0 % 2.37 % n/a 17.95 %

112.3
1994 4.5 % 6.2 % 2.44 % n/a 18.40 %

119.9 1,021
1995 4.8 % 10.1 % 2.48 % n/a 19.12 %

128.2 1,069
1996 5.0 % 2.5 % 2.51 % n/a 20.73 %

137.1 1,120
1997 5.3 % 5.0 % 2.69 % n/a 21.82 %

146.8 1,175
1998 5.0 % 8.6 % 2.83 % n/a 22.12 %

155.9 1,223
1999 5.4 % 6.2 % 3.10 % n/a 22.72 %

166.9 1,284
2000 5.6 % 2.5 % 3.27 % n/a 23.81 %

180.2 1,361
2001 4.8 % 1.9 % 3.55 % n/a 24.17 %

193.2 1,434
2002 4.8 % 3.7 % 3.96 % n/a 24.34 %

205.7 1,501
2003 5.8 % 5.4 % 4.32 % 44.3 % 24.68 %

221.9 1,594
2004 6.1 % 6.1 % 4.30 % 43.5 % 24.99 %

241.9 1,713
2005 6.3 % 7.0 % 4.25 % 42.3 % 25.83 %

265.5 1,855
2006 6.9 % 6.8 % 3.59 % 42.3 % 26.14 %

292.4 2,018
2007 6.5 % 9.1 % 3.77 % 41.9 % 26.18 %

319.7 2,183
2008 5.5 % 8.9 % 4.07 % 40.6 % 26.20 %

344.0 2,325
2009 5.3 % 4.9 % 5.00 % 39.5 % 26.21 %

365.0 2,441
2010 6.0 % 9.4 % 3.37 % 35.5 % 26.25 %

391.7 2,592
2011 6.5 % 11.5 % 3.71 % 36.6 % 27.42 %

425.8 2,785
2012 6.3 % 6.2 % 4.04 % 36.2 % 28.26 %

460.8 2,979
2013 6.0 % 7.5 % 4.43 % 35.8 % 28.39 %

496.5 3,171
2014 6.3 % 7.0 % 4.41 % 35.3 % 28.58 %

537.3 3,396
2015 6.8 % 6.2 % 4.42 % 33.6 % 28.89 %

581.6 3,638
2016 7.2 % 5.7 % 4.35 % 33.3 % 29.65 %

629.9 3,900
2017 7.6 % 5.6 % 4.37 % 32.6 % 30.51 %

690.5 4,231
2018 7.9 % 5.6 % 4.30 % 34.0 % 31.23 %

763.4 4,630
2019 8.1% 5.5% 4.29 % 33.5% 31.60 %

817.6 5,028
Economic sectors
Agriculture
Most Bangladeshis earn their living from agriculture.[49] Although rice

and jute are the primary crops, maize and vegetables are assuming
greater importance.[49] Due to the expansion of irrigation networks,
some wheat producers have switched to cultivation of maize which is
used mostly as poultry feed.[49] Tea is grown in the northeast.[49]
Because of Bangladesh's fertile soil and normally ample water supply,
rice can be grown and harvested three times a year in many areas.[49]
Due to a number of factors, Bangladesh's labour-intensive agriculture
has achieved steady increases in food grain production despite the often
unfavourable weather conditions.[49] These include better flood control
and irrigation, a generally more efficient use of fertilisers, and the
establishment of better distribution and rural credit networks.[49] With
28.8 million metric tons produced in 2005–2006 (July–June), rice is
Bangladesh's principal crop.[49] By comparison, wheat output in 2005–
2006 was 9 million metric tons.[49] Population pressure continues to
place a severe burden on productive capacity, creating a food deficit, Map showing the growing
especially of wheat.[49] Foreign assistance and commercial imports fill areas of major agricultural
the gap, [49] but seasonal hunger ("monga") remains a problem. [54]
products.
Underemployment remains a serious problem, and a growing concern
for Bangladesh's agricultural sector will be its ability to absorb additional
manpower.[49] Finding alternative sources of employment will continue to be a daunting problem for
future governments, particularly with the increasing numbers of landless peasants who already account for
about half the rural labour force.[49] Due to farmers' vulnerability to various risks, Bangladesh's poorest
face numerous potential limitations on their ability to enhance agriculture production and their
livelihoods. These include an actual and perceived risk to investing in new agricultural technologies and
activities (despite their potential to increase income), a vulnerability to shocks and stresses and a limited
ability to mitigate or cope with these and limited access to market information.[54]
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.[49] 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.[55]
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.[56]
Other industries which have shown very strong growth include the pharmaceutical industry,[57]
shipbuilding industry,[58] information technology,[59] leather industry,[60] steel industry,[61][62] and light
engineering industry.[63][64]
Bangladesh's textile industry, which includes knitwear and ready-

made garments (RMG) along with specialised textile products, is the
nation's number one export earner, accounting for $21.5 billion in
2013 – 80% of Bangladesh's total exports of $27 billion.[65]
Bangladesh is 2nd in world textile exports, behind China, which
exported $120.1 billion worth of textiles in 2009. The industry
employs nearly 3.5 million workers. Current exports have doubled
since 2004. Wages in Bangladesh's textile industry were the lowest in
the world as of 2010. The country was considered the most formidable
rival to China where wages were rapidly rising and currency was A Bangladeshi textile fabric plant
appreciating.[66][67] As of 2012 wages remained low for the 3 million
people employed in the industry, but labour unrest was increasing
despite vigorous government action to enforce labour peace. Owners of textile firms and their political
allies were a powerful political influence in Bangladesh.[68] The urban garment industry has created more
than one million formal sector jobs for women, contributing to the high female labour participation in
Bangladesh.[69] While it can be argued that women working in the garment industry are subjected to
unsafe labour conditions and low wages, Dina M. Siddiqi argues that even though conditions in
Bangladesh garment factories "are by no means ideal," they still give women in Bangladesh the
opportunity to earn their own wages.[70] As evidence she points to the fear created by the passage of the
1993 Harkins Bill (Child Labor Deterrence Bill), which caused factory owners to dismiss "an estimated
50,000 children, many of whom helped support their families, forcing them into a completely unregulated
informal sector, in lower-paying and much less secure occupations such as brick-breaking, domestic
service and rickshaw pulling."[70]
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."[71] 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.[71]
After massive labour unrest in 2006[72] the government formed a Minimum Wage Board including
business[73] and worker representatives which in 2006 set a minimum wage equivalent to 1,662.50 taka,
$24 a month, up from Tk950. In 2010, following widespread labour protests involving 60,000 workers in
June 2010,[74][75][76] a controversial proposal was being considered by the Board which would raise the
monthly minimum to the equivalent of $50 a month, still far below worker demands of 5,000 taka, $72,
for entry level wages, but unacceptably high according to textile manufacturers who are asking for a wage
below $30.[67][77] On 28 July 2010 it was announced that the minimum entry level wage would be
increased to 3,000 taka, about $43.[78]
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.[79]
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.[79]
Shipbuilding and ship breaking
Shipbuilding is a growing industry in Bangladesh with

great potential.[80][81] Due to the potential of shipbuilding
in Bangladesh, the country has been compared to
countries like China, Japan and South Korea.[82] 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 BNS Durgam has been built in Bangladesh
could emerge as a major competitor in the global market of
small to medium ocean-going vessels.[83]
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.[84] 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
Until 1980s, the financial sector of Bangladesh was dominated by state-owned banks.[85] 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
Tourism in Bangladesh
Information and Communication Technology
Bangladesh's information technology sector is growing example of what can be achieved after the current
government's relentless effort to create a skilled workforce in ICT sector. The ICT workforce consisted of
private sector and freelance skilled ICT workforce. The ICT sector also contributed to Bangladesh's
economic growth. The ICT adviser to the prime minister, Sajeeb Wazed Joy is hopeful that Bangladesh will
become a major player in the ICT sector in the future.[86] In the last 3 years, Bangladesh has seen a
tremendous growth in the ICT sector. Bangladesh is a market of 160 million people with vast consumer
spending around mobile phones, telco and internet. Bangladesh has 80 million[87] internet users, an
estimated 9% growth in internet use by June 2017 powered by mobile internet. Bangladesh currently has
an active 23 million[88] Facebook users. Bangladesh currently has 143.1 million mobile phone
customers.[87] Bangladesh has exported $800 million[89] worth of software, games, outsourcing and
services to European countries, the United States, Canada, Russia and India by 30 June 2017. The Junior
Minister for ICT division of the Ministry of Post, Telecommunications and Information Technology said
that Bangladesh aims to raise its export earnings from the information and communications technology
(ICT) sector to $5 billion by 2021.[90]
Investment
The stock market capitalisation of the Dhaka Stock Exchange in Bangladesh crossed $10 billion in
November 2007 and the $30 billion mark in 2009, and US$50 billion in August 2010.[91] Bangladesh had
the best performing stock market in Asia during the recent global recession between 2007 and 2010, due
to relatively low correlations with developed country stock markets.[92]
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.[93] In 2011, Japan Bank for International Cooperation ranked Bangladesh as the 15th best
investment destination for foreign investors.[94]
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.[95] 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.[95]
Companies
The list includes ten largest Bangladeshi companies by trading value (millions in BDT) in 2018.[96][97]
Trading name at
Trading
Rank Company Dhaka Stock Headquarters Industry
Value
Exchange
Square
1 Pharmaceuticals SQURPHARMA Dhaka Pharmaceuticals 449.8880
Limited
Dragon Sweater and
2 DSSL Dhaka Apparel 129.4030
Spinning Limited
3 Ifad Autos Limited IFADAUTOS Dhaka Automotive 117.5370
Grameenphone
4 GP Dhaka Telecommunications 106.8660
Private Limited
Bangladesh Thai
5 BDTHAI Dhaka Manufacturing 99.7690
Aluminium Ltd
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
Olympic industries
9 OLYMPIC Dhaka Manufacturing 60.5570
limited
Shahjalal Islami Bank
10 SHAHJABANK Dhaka Banking 53.1710
Limited
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.[98] A Square Pharmaceuticals plant in
Gazipur.
"[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.[99]
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.[100]
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.[101] 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 Bangladesh Export Processing Zone Authority to manage the
various export processing zones. The agency currently manages EPZs in Adamjee, Chittagong, Comilla,
Dhaka, Ishwardi, Karnaphuli, Mongla, and Uttara. An EPZ has also been proposed for Sylhet.[102] The
government has given the private sector permission to build and operate competing EPZs-initial
construction on a Korean EPZ started in 1999. In June 1999, the AFL-CIO petitioned the U.S. Government
to deny Bangladesh access to U.S. markets under the Generalized System of Preferences (GSP), citing the
country's failure to meet promises made in 1992 to allow freedom of association in EPZs.
International trade
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).[103] 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).[103]
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).[103] In 2015, the top import origins are China
($13.9B), India ($5.51B), Singapore ($2.22B), Hong Kong
($1.47B) and Japan ($1.36B).[103]
Bangladeshi women and the

economy
Treemap of Bangladesh Exports (2016)
As of 2014, female participation in the labour force is 58%
as per World Bank data,[104] and male participation at
82%.
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.[69] 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 Male and female labour
professional and administrative areas between 2000 and 2005, participation rates
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.[105] 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.[106]
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.[107] 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.[107]
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 region. Despite major impediments to growth like the inefficiency of state-owned
enterprises, a rapidly growing labour force that cannot be absorbed by agriculture, inadequate power
supplies,[108] and slow implementation of economic reforms, Bangladesh has made some headway
improving the climate for foreign investors and liberalising the capital markets; for example, it has
negotiated with foreign firms for oil and gas exploration, better countrywide distribution of cooking gas,
and the construction of natural gas pipelines and power stations. Progress on other economic reforms has
been halting because of opposition from the bureaucracy, public sector unions, and other vested interest
groups.
The especially severe floods of 1998 increased the flow of international

aid. So far the global financial crisis has not had a major impact on the
economy.[109] Foreign aid has seen a gradual decline over the last few
decades but economists see this as a good sign for self-reliance.[110]
There has been a dramatic growth in exports and remittance inflow
which has helped the economy to expand at a steady rate.[111][112]
Bangladesh has been on the list of UN Least Developed Countries

(LDC) since 1975. Bangladesh met the requirements to be recognised Bazaars are popular trading
as a developing country in March, 2018.[113] Bangladesh's Gross places for everyday household
National Income (GNI) $1,724 per capita, the Human Assets Index necessities.
(HAI) 72 and the Economic Vulnerability (EVI) Index 25.2.[113][114]
Gross export and import
Total Export Total Import Foreign Remittance Earnings

Fiscal Year
(in bn. US$) (in bn. US$)
(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 $30.10b $34.08 $14.2b
2014–2015 $31.2 $40.69 $14.23
2015-2016 $34.97 $40.08 $13.60
2016-2017 $35.00 $44.83 $12.76
2017-2018 $36.63 $54.46 $15.31
2018-2019 $40.53 $55.44 $14.98
See also
Bangladesh Academy for Rural Development
Electricity sector in Bangladesh
Automotive industry in Bangladesh
Bangladeshi RMG Sector
List of companies of Bangladesh
List of the largest trading partners of Bangladesh
3G (countries)
Corruption in Bangladesh
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External links
Bangladesh Economic Development (https://curlie.org/Regional/Asia/Bangladesh/Business_and_Econ
omy/Economic_Development) at Curlie
Bangladesh Economic News (http://www.bangladesh-economy.org/)
Bangladesh Budget 2007 – 2008 (https://web.archive.org/web/20070612155814/http://www.banglades
hbudget2007.info/)
Budget in Brief 2016–17 (https://web.archive.org/web/20161222151512/http://mof.gov.bd/en/index.ph
p?option=com_content&view=article&id=343&Itemid=1)
World Bank Summary Trade Statistics Bangladesh (http://wits.worldbank.org/CountryProfile/Country/B
GD/Year/2007/Summary), 2007
This article incorporates public domain material from the United States Department of State website
https://www.state.gov/countries-areas/ (https://www.state.gov/countries-areas/). (U.S. Bilateral
Relations Fact Sheets) This article incorporates public domain material from the CIA World Factbook
website https://www.cia.gov/library/publications/the-world-factbook/index.html (https://www.cia.gov/li
brary/publications/the-world-factbook/index.html).
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Dhaka, the financial centre of Bangladesh

flation (CPI) 5.5% (2020 est.)[4]

In the decade since 2004, Bangladesh averaged a GDP

Composition of economic sectors

Under Mughal rule, Bengal operated as a centre of the worldwide

During the Mughal era, the most important centre of cotton

Inflation Index Per Capita Income

Mean wages were $0.58 per man-hour in 2009.

1981 560 5.6 % 14.5 % n/a n/a 17.16 %

1982 597 3.2 % 12.9 % n/a n/a 17.36 %

1983 633 4.6 % 9.5 % n/a n/a 16.56 %

1984 664 4.2 % 10.4 % n/a n/a 16.48 %

1985 693 3.7 % 10.5 % n/a n/a 15.83 %

1986 715 4.0 % 10.2 % n/a n/a 16.18 %

1987 735 2.9 % 10.8 % n/a n/a 15.47 %

1988 759 2.4 % 9.7 % n/a n/a 15.74 %

1989 801 4.3 % 8.7 % n/a n/a 16.12 %

1990 848 4.6 % 10.5 % n/a n/a 16.46 %

1991 892 4.2 % 8.3 % 2.20 % n/a 16.90 %

1992 935 4.8 % 3.6 % 2.25 % n/a 17.31 %

1993 977 4.3 % 3.0 % 2.37 % n/a 17.95 %

1994 4.5 % 6.2 % 2.44 % n/a 18.40 %

1995 4.8 % 10.1 % 2.48 % n/a 19.12 %

1996 5.0 % 2.5 % 2.51 % n/a 20.73 %

1997 5.3 % 5.0 % 2.69 % n/a 21.82 %

1998 5.0 % 8.6 % 2.83 % n/a 22.12 %

1999 5.4 % 6.2 % 3.10 % n/a 22.72 %

2000 5.6 % 2.5 % 3.27 % n/a 23.81 %

2001 4.8 % 1.9 % 3.55 % n/a 24.17 %

2002 4.8 % 3.7 % 3.96 % n/a 24.34 %

2003 5.8 % 5.4 % 4.32 % 44.3 % 24.68 %

2004 6.1 % 6.1 % 4.30 % 43.5 % 24.99 %

2005 6.3 % 7.0 % 4.25 % 42.3 % 25.83 %

2006 6.9 % 6.8 % 3.59 % 42.3 % 26.14 %

2007 6.5 % 9.1 % 3.77 % 41.9 % 26.18 %

2008 5.5 % 8.9 % 4.07 % 40.6 % 26.20 %

2009 5.3 % 4.9 % 5.00 % 39.5 % 26.21 %

2010 6.0 % 9.4 % 3.37 % 35.5 % 26.25 %

2011 6.5 % 11.5 % 3.71 % 36.6 % 27.42 %

2012 6.3 % 6.2 % 4.04 % 36.2 % 28.26 %

2013 6.0 % 7.5 % 4.43 % 35.8 % 28.39 %

2014 6.3 % 7.0 % 4.41 % 35.3 % 28.58 %

2015 6.8 % 6.2 % 4.42 % 33.6 % 28.89 %

2016 7.2 % 5.7 % 4.35 % 33.3 % 29.65 %

2017 7.6 % 5.6 % 4.37 % 32.6 % 30.51 %

2018 7.9 % 5.6 % 4.30 % 34.0 % 31.23 %

2019 8.1% 5.5% 4.29 % 33.5% 31.60 %

Most Bangladeshis earn their living from agriculture.[49] Although rice

Manufacturing and industry

Bangladesh's textile industry, which includes knitwear and ready-

Shipbuilding and ship breaking

Shipbuilding is a growing industry in Bangladesh with

Information and Communication Technology

2010–11 market crash

Composition of economic sectors

The Bangladesh Garments Manufacturers and Exporters Association

According to a United Nations Development Programme report

In 2015, the top export destinations of Bangladesh are the

Bangladeshi women and the

The especially severe floods of 1998 increased the flow of international

Bangladesh has been on the list of UN Least Developed Countries

Gross export and import

Total Export Total Import Foreign Remittance Earnings