The market-based economy of Bangladesh is one of the fastest growing economies in the world. 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. According to the IMF, Bangladesh's economy is the second fastest growing major economy of 2016, with a rate of 7.1%. 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.
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 producer. Offshore exploration activities are increasing in its maritime territory in the Bay of Bengal. It also has large deposits of limestone. 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. China also views Bangladesh as a potential gateway for its landlocked southwest, including Tibet, Sichuan and Yunnan.
In 2018, Bangladesh's per-capita income was estimated as per IMF data at US$4,561 (PPP) and US$1,754 (nominal). 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.
|Economy of Bangladesh|
|Currency||Bangladeshi taka (BDT)|
|1 July – 30 June|
|SAFTA, SAARC, BIMSTEC, WTO, AIIB, IMF, Commonwealth of Nations, World Bank, ADB|
|GDP|| $314.656 billion (nominal, FY19 est.)|
$831.750 billion (PPP, FY19 est.)
|GDP rank||39th (nominal, 2018) 29th (PPP, 2018)|
|7.3% (16/17) 7.9% (17/18) 7.0% (18/19e) 6.8% (19/20f)|
GDP per capita
| $1,888 (nominal, FY19 est.) |
$4,992 (PPP, FY19 est.)
GDP per capita rank
|144th (nominal, 2018) 136th (PPP, 2018)|
GDP by sector
| agriculture: 14.23%|
services: 52.11% (FY18)
|5.378% (FY19f est.) 5.564% (FY18 est.) 5.611% (FY17)|
Population below poverty line
|8.1% living below $1.90/day (2018)|
|32.4 medium (2016, World Bank)|
|0.608 medium (2017) (136th)|
|109.1 million (2017 est.)|
Labor force by occupation
services: 39.6% (2017 est.)
|Unemployment|| Overall 4.2%|
Female 6.7% (2017 est.)
|Exports||$41 billion (FY18)|
|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)|
Main export partners
|Imports||$46.02 billion (FY18)|
|Textiles and Textile Articles, Machinery and Mechanical Appliances, Electrical Equipment, Mineral Products, Vegetable Products, Metal & metal products, Chemicals & Allied Products, Vehicles & Aircraft|
Main import partners
|$14.62 billion (31 December 2017 est.) Abroad: $369.6 million (31 December 2017 est.)|
|−$5.322 billion (2017 est.)|
Gross external debt
|$50.26 billion (31 December 2017 est.)|
|33.1% of GDP (2017 est.)|
|−3.2% (of GDP) (2017 est.)|
|Revenues||$24.36 billion (৳2.05 trillion) (FY18)|
|Expenses||$55.31 billion (FY 2018-19)|
BB- (T&C assessment)
(Standard & Poor's)
|$33.00 billion (June 2018)|
East Bengal—the eastern segment of Bengal—was a historically prosperous region. The Ganges Delta provided advantages of a mild, almost tropical climate, fertile soil, ample water, and an abundance of fish, wildlife, and fruit. The standard of living is believed to have been higher compared with other parts of South Asia. As early as the thirteenth century, the region was developing as an agrarian economy. Bengal was the junction of trade routes on the Southeastern Silk Road.
Under Mughal rule, Bengal operated as a center of the worldwide muslin, silk and pearl trades. 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. 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. Real wages and living standards in 18th-century Bengal were comparable to Britain, which in turn had the highest living standards in Europe.
During the Mughal era, the most important center 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. Bengali agriculturalists rapidly learned techniques of mulberry cultivation and sericulture, establishing Bengal as a major silk-producing region of the world. Bengal accounted for more than 50% of textiles and around 80% of silks imported by the Dutch from Asia, for example.
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. He also assesses ship repairing as very advanced in Bengal. 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.
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. The development of East Bengal was thereafter limited to agriculture. 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.
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. As life expectancy increased, the limitations of land and the annual floods increasingly became constraints on economic growth. Traditional agricultural methods became obstacles to the modernisation of agriculture. Geography severely limited the development and maintenance of a modern transportation and communications system.
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. 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. The lack of natural resources meant that East Pakistan was heavily dependent on imports, creating a balance of payments problem. Without a substantial industrialisation programme or adequate agrarian expansion, the economy of East Pakistan steadily declined. 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.
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. There were critical shortages of essential food grains and other staples because of wartime disruptions. External markets for jute had been lost because of the instability of supply and the increasing popularity of synthetic substitutes. Foreign exchange resources were minuscule, and the banking and monetary systems were unreliable. Although Bangladesh had a large work force, the vast reserves of under trained and underpaid workers were largely illiterate, unskilled, and underemployed. Commercially exploitable industrial resources, except for natural gas, were lacking. Inflation, especially for essential consumer goods, ran between 300 and 400 percent. The war of independence had crippled the transportation system. Hundreds of road and railroad bridges had been destroyed or damaged, and rolling stock was inadequate and in poor repair. The new country was still recovering from a severe cyclone that hit the area in 1970 and caused 250,000 deaths. India came forward immediately with critically measured economic assistance in the first months after Bangladesh achieved independence from Pakistan. 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.
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 nationalisation 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 privatised, like banking, telecommunication, aviation, media, and jute. 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.
In the mid-1980s, there were encouraging signs of progress. Economic policies aimed at encouraging private enterprise and investment, privatising public industries, reinstating budgetary discipline, and liberalising the import regime were accelerated. 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. 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. 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. Seventy million dollars was made available immediately. In the same vein the World Bank approved $536 million in interest-free loans. 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. Foreign reserves dropped markedly in 2001 but stabilised in the US$3 to US$4 billion range (or about 3 months' import cover). 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. The dependence on foreign aid and imports has also decreased gradually since the early 1990s. According to Bangladesh bank the reserve is $30 billions 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.
This is a chart of trend of gross domestic product of Bangladesh at market prices estimated by the International Monetary Fund with figures in millions of Bangladeshi Taka. However, this reflects only the formal sector of the economy.
|Year||Gross Domestic Product (Million Taka)||US Dollar Exchange||Inflation Index
|Per Capita Income|
(as % of USA)
Mean wages were $0.58 per man-hour in 2009.
The following table shows the main economic indicators in 1980–2017. Inflation below 5% is in green.
(in Bil. US$ PPP)
|GDP per capita
(in US$ PPP)
(in % of GDP)
|1980||41.1||498||3.1 %||15.4 %||n/a|
|1981||47.4||560||5.6 %||14.5 %||n/a|
|1982||52.0||597||3.2 %||12.9 %||n/a|
|1983||56.5||633||4.6 %||9.5 %||n/a|
|1984||61.0||664||4.2 %||10.4 %||n/a|
|1985||65.3||693||3.7 %||10.5 %||n/a|
|1986||69.3||715||4.0 %||10.2 %||n/a|
|1987||73.1||735||2.9 %||10.8 %||n/a|
|1988||77.5||759||2.4 %||9.7 %||n/a|
|1989||84.0||801||4.3 %||8.7 %||n/a|
|1990||91.1||848||4.6 %||10.5 %||n/a|
|1991||98.1||892||4.2 %||8.3 %||n/a|
|1992||105.1||935||4.8 %||3.6 %||n/a|
|1993||112.3||977||4.3 %||3.0 %||n/a|
|1994||119.9||1,021||4.5 %||6.2 %||n/a|
|1995||128.2||1,069||4.8 %||10.1 %||n/a|
|1996||137.1||1,120||5.0 %||2.5 %||n/a|
|1997||146.8||1,175||5.3 %||5.0 %||n/a|
|1998||155.9||1,223||5.0 %||8.6 %||n/a|
|1999||166.9||1,284||5.4 %||6.2 %||n/a|
|2000||180.2||1,361||5.6 %||2.5 %||n/a|
|2001||193.2||1,434||4.8 %||1.9 %||n/a|
|2002||205.7||1,501||4.8 %||3.7 %||n/a|
|2003||221.9||1,594||5.8 %||5.4 %||44.3 %|
|2004||241.9||1,713||6.1 %||6.1 %||43.5 %|
|2005||265.5||1,855||6.3 %||7.0 %||42.3 %|
|2006||292.4||2,018||6.9 %||6.8 %||42.3 %|
|2007||319.7||2,183||6.5 %||9.1 %||41.9 %|
|2008||344.0||2,325||5.5 %||8.9 %||40.6 %|
|2009||365.0||2,441||5.3 %||4.9 %||39.5 %|
|2010||391.7||2,592||6.0 %||9.4 %||35.5 %|
|2011||425.8||2,785||6.5 %||11.5 %||36.6 %|
|2012||460.8||2,979||6.3 %||6.2 %||36.2 %|
|2013||496.5||3,171||6.0 %||7.5 %||35.8 %|
|2014||537.3||3,396||6.3 %||7.0 %||35.3 %|
|2015||580.3||3,630||6.8 %||6.2 %||32.4 %|
|2016||630.0||3,901||7.2 %||5.7 %||32.1 %|
|2017||687.1||4,211||7.1 %||5.7 %||32.4 %|
Most Bangladeshis earn their living from agriculture. Although rice and jute are the primary crops, maize and vegetables are assuming greater importance. Due to the expansion of irrigation networks, some wheat producers have switched to cultivation of maize which is used mostly as poultry feed. Tea is grown in the northeast. Because of Bangladesh's fertile soil and normally ample water supply, rice can be grown and harvested three times a year in many areas. 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. These include better flood control and irrigation, a generally more efficient use of fertilisers, and the establishment of better distribution and rural credit networks. With 28.8 million metric tons produced in 2005–2006 (July–June), rice is Bangladesh's principal crop. By comparison, wheat output in 2005–2006 was 9 million metric tons. Population pressure continues to place a severe burden on productive capacity, creating a food deficit, especially of wheat. Foreign assistance and commercial imports fill the gap, but seasonal hunger ("monga") remains a problem. Underemployment remains a serious problem, and a growing concern for Bangladesh's agricultural sector will be its ability to absorb additional manpower. 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. 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.
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. 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 .
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.
Other industries which have shown very strong growth include the pharmaceutical industry, shipbuilding industry, information technology, leather industry, steel industry, and light engineering industry.
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. 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 appreciating. 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. The urban garment industry has created more than one million formal sector jobs for women, contributing to the high female labour participation in Bangladesh. 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. 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."
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." 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.
After massive labour unrest in 2006 the government formed a Minimum Wage Board including business 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, 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. On 28 July 2010 it was announced that the minimum entry level wage would be increased to 3,000 taka, about $43.
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).
Shipbuilding is a growing industry in Bangladesh with great potential. The potential of shipbuilding in Bangladesh has made the country to be compared with countries like China, Japan and South Korea. 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 could emerge as a major competitor in the global market of small to medium ocean-going vessels.
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. Chittagong Ship Breaking Yard is 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.
Until 1980s, the financial sector of Bangladesh was dominated by state-owned banks. 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.
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. 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 internet users, an estimated 9% growth in internet use by June 2017 powered by mobile internet. Bangladesh currently has an active 23 million Facebook users. Bangladesh currently has 143.1 million mobile phone customers. Bangladesh has exported $800 millions 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.
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. 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.
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. In 2011, Japan Bank for International Cooperation ranked Bangladesh as the 15th best investment destination for foreign investors.
The bullish capital market turned bearish during 2010, with the exchange losing 1,800 points between December 2010 and January 2011. 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.
|Rank||Company||Trading name at Dhaka Stock Exchange||Headquarters||Industry||Trading Value|
|1||Square Pharmaceuticals Limited||SQURPHARMA||Dhaka||Pharmaceuticals||449.8880|
|2||Dragon Sweater and Spinning Limited||DSSL||Dhaka||Apparel||129.4030|
|3||Ifad Autos Limited||IFADAUTOS||Dhaka||Automotive||117.5370|
|4||Grameenphone Private Limited||GP||Dhaka||Telecommunications||106.8660|
|5||Bangladesh Thai Aluminium Ltd||BDTHAI||Dhaka||Manufacturing||99.7690|
|6||City Bank Limited||CITYBANK||Dhaka||Banking||78.6010|
|8||IPDC Finance Limited||IPDC||Dhaka||Financial Services||67.0430|
|9||Olympic industries limited||OLYMPIC||Dhaka||Manufacturing||60.5570|
|10||Shahjalal Islami Bank Limited||SHAHJABANK||Dhaka||Banking||53.1710|
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.
"[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.
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.
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. 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. 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.
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). 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).
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). In 2015, the top import origins are China ($13.9B), India ($5.51B), Singapore ($2.22B), Hong Kong ($1.47B) and Japan ($1.36B).
As of 2014, female participation in the labour force is 58% as per World Bank data, 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. 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 professional and administrative areas between 2000 and 2005, 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. 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.
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. 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.
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, 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. Foreign aid has seen a gradual decline over the last few decades but economists see this as a good sign for self-reliance. There has been a dramatic growth in exports and remittance inflow which has helped the economy to expand at a steady rate.
Bangladesh has been on the list of UN Least Developed Countries (LDC) since 1975. Bangladesh met the requirements to be recognised as a developing country in March, 2018. Bangladesh's Gross National Income (GNI) $1,724 per capita, the Human Assets Index (HAI) 72 and the Economic Vulnerability (EVI) Index 25.2.
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This article incorporates public domain material from the United States Department of State website 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.Accord on Fire and Building Safety in Bangladesh
The Accord on Fire and Building Safety in Bangladesh (the Accord) was signed on 15 May 2013. It is a five-year independent, legally binding agreement between global brands and retailers and trade unions designed to build a safe and healthy Bangladeshi Ready Made Garment (RMG) Industry. The agreement was created in the immediate aftermath of the Rana Plaza building collapse that led to the death of more than 1100 people and injured more than 2000. In June 2013, an implementation plan was agreed leading to the incorporation of the Bangladesh Accord Foundation in the Netherlands in October 2013.
The agreement consists of six key components:
A five-year legally binding agreement between brands and trade unions to ensure a safe working environment in the Bangladeshi RMG industry
An independent inspection program supported by brands in which workers and trade unions are involved
Public disclosure of all factories, inspection reports and corrective action plans (CAP)
A commitment by signatory brands to ensure sufficient funds are available for remediation and to maintain sourcing relationships
Democratically elected health and safety committees in all factories to identify and act on health and safety risks
Worker empowerment through an extensive training program, complaints mechanism and right to refuse unsafe work.Bangladesh Bank
Bangladesh Bank (Bengali: বাংলাদেশ ব্যাংক) is the central bank of Bangladesh and is a member of the Asian Clearing Union.
The bank is active in developing green banking and financial inclusion policy and is an important member of the Alliance for Financial Inclusion. Bangladesh Financial Intelligence Unit (BFIU), a department of Bangladesh Bank, has got the membership of Egmont Group.
Bangladesh Bank is the first central bank in the world to introduce a dedicated hotline (16236) for the general populace to complain any banking related problem. Moreover, the organisation is the first central bank in the world to issue a "Green Banking Policy". To acknowledge this contribution, then-governor Dr. Atiur Rahman was given the title 'Green Governor' at the 2012 United Nations Climate Change Conference, held at the Qatar National Convention Centre in Doha .Bangladesh Planning Commission
Bangladesh Planning Commission (denoted as PC) is the economic public policy institution of the Government of Bangladesh. The Planning Commission undertakes research studies and policy development initiatives for the growth of national economy and the expansion of the public infrastructure of the country, in tandem under the Ministry of Planning and alongside the Ministry of Finance.In addition, the planning division of the Planning Commission serves as the secretariat for all major economic policy questions and for initiating the appraisal of development projects and programmes by:
National Economic Council (NEC)
Executive Committee of the National Economic Council (ECNEC)Bangladeshi taka
The Bangladeshi taka (Bengali: টাকা, sign: ৳ or Tk, code: BDT) is the currency of the People's Republic of Bangladesh. Issuance of banknotes ৳10 and larger is controlled by Bangladesh Bank, and for the ৳2 and ৳5 banknotes, which are the responsibility of the Ministry of Finance of the government of Bangladesh. The most commonly used symbol for the taka is "৳" and "Tk", used on receipts while purchasing goods and services. ৳1 is subdivided into 100 poisha.Citrus macroptera
Citrus macroptera, with English common names Melanesian papeda, wild orange, cabuyao, shatkora, hatkhora, hatxora or satkara, is a semi-wild species of citrus native to Malesia, Sylhet and Melanesia.Some authorities consider C. macroptera to be a taxonomic synonym of C. hystrix (kaffir lime), while others consider C. macroptera var. annamensis to be a synonym of C. hystrix, but not C. macroptera var. macroptera.Environmental issues in Bangladesh
Bangladesh, with an area of 144,000 km2, features a flood plain landscape and several river systems throughout the country. This landscape provides the major natural resources of water, land, fisheries, forests, and wildlife. The country currently faces several environmental issues which threaten these resources, including groundwater metal contamination, increased groundwater salinity, cyclones and flooding, and sedimentation and changing patterns of stream flow due to watershed mismanagement. Some of these, such as the changing patterns of stream flow and presence of lead in groundwater, can be directly correlated with human activity and industrial processes, while others, such as cyclones and flooding are naturally occurring issues. Many of these issues are further exacerbated by climate change, which causes increased occurrence of storms and cyclones and rising sea levels. According to the Notre Dame Global Adaptation Index, Bangladesh is the 43rd most vulnerable country to the effects of climate change, and the 37th least prepared country to address these effects. There has been some government actions taken to address these issues.Fishing in Bangladesh
Bangladesh being a first line littoral state of the Indian Ocean has a very good source of marine resources in the Bay of Bengal. The country has an exclusive economic zone of 41,000 square miles (110,000 km2), which is 73% of the country's land area. On the other hand, Bangladesh is a small and developing country overloaded with almost unbearable pressure of human population. In the past, people of Bangladesh were mostly dependent upon land-based proteins. But, the continuous process of industrialisation and urbanisation consumes the limited land area. Now there is no other way than to harvest the vast under water protein from the Bay of Bengal, which can meet the country's demand.
More than 80 percent of the animal protein in the Bangladeshi diet comes from fish. Fish accounted for 6 percent of GDP in the fiscal year of 1970, nearly 50 percent more than modern industrial manufacturing at that time. Most commercial fishermen are low-caste Hindus who eke out the barest subsistence working under primitive and dangerous conditions. They bring a high degree of skill and ingenuity to their occupation; a few of the most enterprising ones are aided by domesticated otters, which behave like shepherds, swimming underwater, driving fish toward the fisherman's net (and being rewarded themselves with a share of the catch). Fish for local consumption are generally of freshwater varieties.Forestry in Bangladesh
Wood is the main fuel for cooking and other domestic requirements. It is not surprising that population pressure has had an adverse effect on the indigenous forests. By 1980 only about 16 percent of the land was forested, and forests had all but disappeared from the densely populated and intensively cultivated deltaic plain. Aid organizations in the mid-1980s began looking into the possibility of stimulating small-scale forestry to restore a resource for which there was no affordable substitute.
The largest areas of forest are in the Chittagong Hills and the Sundarbans. The evergreen and deciduous forests of the Chittagong Hills cover more than 4,600 square kilometres (1,800 sq mi) and are the source of teak for heavy construction and boat building, as well as other forest products. Domesticated elephants are still used to haul logs. The Sundarbans, a tidal mangrove forest covering nearly 6,000 square kilometres (2,300 sq mi) along the Bay of Bengal, is the source of timber used for a variety of purposes, including pulp for the domestic paper industry, poles for electric power distribution, and leaves for thatching for dwellings.the total percentage of forests are 17.49%Indian numbering system
The Indian numbering system is used in the Indian subcontinent (Bangladesh, India, Nepal, Maldives, Pakistan and Sri Lanka) and in Burma. The terms lakh (100,000 or 1,00,000 in Indian notation) and crore (10,000,000 or 1,00,00,000) are used in Indian English to express large numbers. For example, in India 150,000 rupees is called 1.5 lakh rupees, written ₹1,50,000; while 30,000,000 (thirty million) rupees is called 3 crore rupees, written ₹3,00,00,000 with commas at the thousand, lakh, and crore levels; and 1,000,000,000 (one billion) rupees is called 100 crore rupees or one arab अरब, written ₹1,00,00,00,000. There are also words for numbers larger than 1 crore, but these are not commonly used and unfamiliar to most speakers. In common parlance, the thousand, lakh, crore terminology repeats for larger numbers: thus 1,000,000,000,000 (one trillion) becomes 1 lakh crore, written as 10,00,00,00,00,000.
The Indian number-word system corresponds to the western system for the zeroth through fourth powers of ten: one, ten, one hundred, one thousand, ten thousand. For higher powers, the names no longer correspond. In the Indian system, the next powers of ten are called one lakh, ten lakh, one crore, ten crore, one hundred crore, and so on: there are the single words lakh = 105 and crore = 107. In the Western system, the next powers of ten are called one hundred thousand, one million, ten million, one hundred million, one billion, and so on: there are the single words million = 106, billion = 109, trillion = 1012, etc.
The written numbers differ only in the placement of commas, which group the digits into powers of one hundred in the Indian system (except for the first thousand), and into powers of one thousand in the Western system. The Indian and English systems both use the decimal point and the comma digit-separator, while some other countries using the Western number-word system use the decimal comma, and space or point to separate digits in powers of one thousand.Jute trade
The jute trade is centred mainly around India and the Indian State of West Bengal. The major producing country of jute is India, due to its natural fertile soil. Bengal Jute was taken to Europe early in the 17th century by the Dutch and the French and later by the East India Company to Britain. By the 1790s a much larger trade had developed in the Scottish city of Dundee, the European home of jute spinners. Introduced to the British by the East India Company, crude fibre was the bulk still exported from Bengal after 1790, but a thriving trade did not really begin until after 1850 through mechanised processing, to meet rising demand. Raw jute was imported from Bengal by the British East India Company. British Jute Barons grew rich processing jute and selling manufactured products made from jute. Dundee Jute Barons and the British East India Company began to set up jute mills in Bengal and by 1895 jute industries in Bengal overtook the Scottish jute trade. Many Scots emigrated to Bengal to set up jute factories. More than a billion jute sandbags were exported from Bengal to the trenches during World War I and even more during WWII and also exported to the Americas, especially the United States southern region to bag cotton and coffee. It was used in the fishing, construction, art and in the arms industry. India, China, Thailand, Myanmar also produce Jute in low quantities. India is one of the largest importers of Jute in South Asia and also produces processed jute products in the world, while Bangladesh is the largest producer and exporter of raw jute. Therefore, the local price of raw jute in Bangladesh is the international price. Ironically, the local price of jute goods produced in India set their own price.
As an input to the jute manufacturing (goods) industry, the supply for jute is derived from the demand. Nearly 75% of jute goods are used as packaging materials, burlap, gunny cloth, (hessian), and sacks. Carpet Backing Cloth, the third major jute outlet, is fast growing in importance. Currently, it consists of roughly 15% of the world's jute goods consumption. The remaining products are carpet yarn, cordage, felts, padding, twine, ropes, decorative fabrics, and heavy duty miscellaneous items for industrial use.List of divisions of Bangladesh by Human Development Index
This is a list of divisions of Bangladesh (2009 borders) by Human Development Index as of 2017.List of governors of the Bangladesh Bank
The central bank of Bangladesh is known as Bangladesh Bank. Under the Bangladesh Bank Order, 1972, Bangladesh is established on 16 December 1971. The chief executive of the bank is described as Governor. The 11th and current Governor is Fazle Kabir, appointed 17 March 2017List of hartal in Bangladesh
This is a list of Hartals (labour strikes or collective actions) occurring in Bangladesh.
08-05-13 ||List of power stations in Bangladesh
This is a list of power stations in Bangladesh.Ministry of Commerce (Bangladesh)
The Ministry of Commerce (Bengali: বাণিজ্য মন্ত্রণালয়; Bāṇijya mantraṇālaẏa) is a ministry of Bangladesh. The ministry is responsible for regulation and implementation of policies applicable to domestic and foreign trade.Narayanganj District
Narayanganj District (Bengali: নারায়ণগঞ্জ জেলা pronounced: Narayongônj Jela) is a district in central Bangladesh, part of the Dhaka Division. The anicient city of Sonargan is in Naryanganj . It is located on the banks of the Meghna and the Sheetolokkha River. The main centre of the district is Narayanganj City. It borders the capital city of Dhaka. Narayanganj is one of the oldest industrial districts of Bangladesh. It is also a centre of business and industry, especially the jute trade and processing plants, and the textile sector of the country. It is nicknamed the "Dundee of Bangladesh" due to the presence of many jute mills. Dundee was the first industrialised "Juteopolis" in the world. It is number one district for economy of Bangladesh.Online shopping in Bangladesh
Online shopping in Bangladesh is a new idea and since the e-commerce protocol by the government of Bangladesh it has become much easier and is now popular in Bangladesh. A recent survey shows that Bangladesh is an emerging market for the online sectors and it has a growing market of around 2 billion BDT. The introduction of 3G mobile internet boosted the online retail industry significantly. The main items sold are clothing, electronics, toiletries and gifts.Socialism in Bangladesh
Socialism is one of the four fundamental principles according to the original Constitution of Bangladesh. Socialism in Bangladesh differs from other countries where all the means of production are owned by the government. Socialism has been considered in the Constitution as a way to establish an exploitation-free society. The constitution allows cooperative and private ownership along with state ownership.South Asian Free Trade Area
The South Asian Free Trade Area (SAFTA) is an agreement reached on January 6, 2004, at the 12th SAARC summit in Islamabad, Pakistan. It created a free trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka (as of 2018, the combined population is 2.08 billion people, about 27% of the world's population of 7715456000 ). The seven foreign ministers of the region signed a framework agreement on SAFTA to reduce customs duties of all traded goods to zero by the year 2016. The SAFTA agreement came into force on January 1, 2006, and is operational following the ratification of the agreement by the seven governments. SAFTA requires the developing countries in South Asia (India, Pakistan and Sri Lanka) to bring their duties down to 20 percent in the first phase of the two-year period ending in 2007. In the final five-year phase ending 2012, the 20 percent duty will be reduced to zero in a series of annual cuts. The least developed nations in South Asia (Nepal, Bhutan, Bangladesh, Afghanistan and Maldives) have an additional three years to reduce tariffs to zero. India and Pakistan ratified the treaty in 2009, whereas Afghanistan as the 8th memberstate of the SAARC ratified the SAFTA protocol on 4 May 2011.
South Asian Free Trade Area (SAFTA)
Urbanisation in Asia