Economy of Bangladesh

Topics: Economic growth, Unemployment, Recession Pages: 14 (3315 words) Published: November 29, 2013
INTRODUCTION
Economic development is the increase in the standard of living of a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy. (http://www.google.com/url?q=http://en.wikipedia.org/wiki/Economic_development)

Bangladesh is an economically developing country. We cannot develop our country because of some major economic barriers. Economic development of a country effected by many facts including political, economical, geographical, infrastructural, international economy system, scarcity of resources, Natural disaster, corruption, communication problem and so on. Because of these problems we are backward in economic situation. Every problem has a solution, so attempt to point out the problem and ensure the solution according the pattern of the problem.

Economic Growth and Development is what every country want for their wealth, but somehow still it is quite impossible for Less Economic Developed Countries, like Bangladesh, to gain economic growth and development, since there are many barriers to growth and development that hold back this developing country. Common examples of the challenges are Unemployment, Poverty cycle, Natural Hazards, Poor economic condition, less infrastructural development, Political factors and International financial barriers etc. These are basically the challenges that act as a hindrance to economic growth or economic development. As like as many poor countries Bangladesh is known to have a poor economic and political system and through these this country facing a variety of challenges to growth. It is known that like most developing countries, Bangladesh has lacking infrastructure even though it is important to economic growth. Infrastructure consists of the vital facilities and services. Natural hazards, international financial barriers are also responsible to drawback the economic development of Bangladesh. To be an economic developed country Bangladesh has to overcome these challenges.

ECONOMY OF BANGLADESH AT A GLANCE

|Currency |Bangladesh Taka (BDT) | |Fiscal year |1 July - 30 June | |Trade organizations |WTO, SAFTA, D8, WCO | |Statistics | |GDP |$228.4 billion (2008 est.PPP) | |GDP growth |6.5% (2008 est.) | |GDP per capita |$ 1500 (2008 est.PPP) | |GDP by sector |Agriculture (19%), industry (28.7%), services (53.7%) (2007 est.) | |Inflation (CPI) |9.61% (till March, 2010.) | |Population |36% (2009 est.) | |below poverty line | | |Unemployment |2.4% (2008) | |Main industries |jute manufacturing, cotton textiles, garments, tea processing, | | |paper newsprint, sugar, light engineering, chemical, cement, | | |fertilizer, food processing | |External | |Exports |$26.36 billion (2009-2010) | |Export goods |garments, textiles, jute and jute goods, leather, produce, frozen | | |fish and seafood | |Imports |$30.205 billion (2009-2010) | |Import goods |machinery and...

Bibliography: VI. Khan, M. S. and A. S. Senhadji. “Threshold Effects in the Relationship between Inflation and Growth,” IMF Staff Papers, Vol. 48, No. 1 (2001).
VII. Mahmud, W. Growth or Stagnation?: A Review of Bangladesh 's Development 1996, Macroeconomic Update, Centre for Policy Dialogue, Dhaka: University Press Limited (1997).
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