An economic analysis of the Bangladeshi economy

Geography

Bangladesh is situated in the Bay of Bengal in south Asia. It is bounded by India to the West and north ; to the sou’-east, it borders Myanmar. It is chiefly a low-lying flood plain. About one third the entire country is deltaic and is prone to implosion therapy in the rainy season from May through September. The river Ganga flows into the state from the northwest, while from the north enters the river Jamuna. Dhaka is the capital metropolis and is near the point where those river systems meet. Hardwood woods are present in the Chittagong hill piece of lands. The huge river delta country is home to the dominant fields civilization. The hilly countries of the nor’-east and sou’-east are occupied by much smaller tribal groups occurred chiefly hilly parts of the sou’-east and many have strongly resisted control by the national authorities and the dwellers force per unit area from Bangladeshis who move into and seek to settle in their traditional countries.

Demography

Bangladesh is the most dumbly populated no island state in the universe. With about 135 million dwellers populating in an country of 55,812 sq stat mis, there are about 2,233 individuals per square stat mi. The mainstream of the population ( 98 per centum ) is Bengali, with 3 per centum belonging to tribal and other non-Bengali groups. About 83 per centum of the population is Muslim, 18 per centum in Hindu. Urbanization is scheduled quickly, and it is estimated that 33 % of the population come ining the manual labor force in the old ages to come will be a portion of agribusiness, though many will probably happen other sorts of work in rural countries. The countries around Dhaka and Comilla are the most dumbly populated.

Area: 147, 575 sq. kilometer.

Cities: Capital — Dhaka. Other metropoliss — Chittagong, Khulna, Rajshahi.

Terrain: Largely level alluvial field, with hills around the nor’-east and sou’-east.

Peoples

Nationality: — Bangladeshi ( s ) .

Religions: Muslim 84 % ; Hindu 17 % ; Christian 0.3 % , Buddhist 0.7 % , others 0.2 % .

Languages: Bangla ( functionary, which is besides known as Bengali ) , English.

Education: 62 % .

Work force ( 70.86 million ) : Agribusiness, forestry, and piscaries — 63 % ; production — 11 % ; excavation and quarrying — 0.2 % .

. Bangladesh has a comparatively immature public, where 0-25 age group comprise 65 % , while 3 % are 65 or older. The of import tribal groups outside the Hill tract are the Santhals and the Garos. Besides there are Kaibartta, Meitei, Mundas, Oraons, and Zomiethnic groups. Human trafficking has been a everlasting job in Bangladesh and illegal in-migration has been a cause of opposition with Burma and India. Health and instruction degrees have recently improved as poorness degrees have reduced. Bangladeshis largely are rural, populating on survival agriculture. Health jobs abound, runing from H2O taint, to arsenic taint of groundwater and diseases including malaria, enteric fever. swamp fever and dandy fever

Politicss

Bangladesh is a united province and parliamentary democracy. Direct elections in which all people, aged 18 or over, can vote are held one time in five old ages for the parliament known as Jativ Sangsad. The parliamentary edifice is known as the Jatiyo Sangshad Bhaban. Presently the parliament has 345 members together with 45 retained seats for adult females, elected from single-member constituencies. Bangladesh is governed by a multi-party parliamentary system of authorities. Other curates, province curates and deputy curates are selected by the Prime Minister. The PM nominates the cabinet members from the Parliament members and tenth parts of the entire members are from outside of the Parliament.

The President ‘s powers are by far expanded during the term of office of a authorities, which is held accountable for the behavior of elections and transportation of power.The Constitution of Bangladesh was drafted in the twelvemonth 1972 and has undergone 14 amendments. The top judicial organic structure is the Supreme Court. Justices are appointed by the President. Laws are based on English common jurisprudence, but household Torahs such as marriage and heritage are based on faith, and are different for different spiritual communities. The two major parties in Bangladesh are the Bangladesh Awami League and the Bangladesh Nationalist Party ( BNP ) . BNP gets its support among Islamist parties like Jamaat-e-Islami Bangladesh and Islami Oikya Jot, whereas Sheikh Hasina ‘s Awami League aligns with left-of-center andsecularist parties. Student political relations is well strong in Bangladesh, Two extremist terrorist organisations, Jagrata Muslim Janata Bangladesh ( JMJB ) and Jama’atul Mujahideen Bangladesh ( JMB ) , were banned in February 2005.

Economy

Bangladesh is an agricultural state. About half the population is occupied in farming. The land is used chiefly for rice and jute cultivation, besides, fruits and produce Although wheat production has risen in recent old ages ; the state is largely self-sufficing in rice production. Bangladesh ‘s growing of its agro industries is due to its affluent deltaic fertile land that depends on its assorted seasons and several crops. The most of import barriers to enlargement include frequent storms and inundations, useless state-owned endeavors, unequal port comfortss, a quickly turning work force that is missing for agribusiness, hold in working energy resources ( natural gas ) . Economic in many instances by political infighting and dishonesty at all degrees of authorities. Development besides has been choked-up by resistance from the bureaucratism and other vested involvement groups. The For higher GDP growing, militias in both public and private sectors will necessitate to be amplified. The bing political and economic stableness has greatly encouraged investing in the private part. The economic tendency of foreign direct investing is really hopeful.The authorities is committed to market economic system and has been prosecuting policies for cheering private investing and extinguishing not productive outgos in the populace sector. An sum of steps have been taken to stress the planning system and intensify reforms in the fiscal sector. The present authorities consider that waste of resources is a far greater barrier to development than inadequacy.

It is known that corruptness has led to a cut in the growing of the state. Besides terrorist act was allowed to stop dead jurisprudence and order. Administration was centralized at the monetary value of local disposal establishments. The authorities has, hence, certain to deconcentrate disposal in the fastest possible clip.

Production factors

Labor

Occupationally, 75 per centum of the labour force, which is presently estimated at 57 million, engaged in agribusiness. About 12 per centum is occupied in industry. Unemployment is approximated at around 18.5 per centum. Along with this is the job of unequal allocation and atomization of land in the rural countries. This is expected to come on with more vigorous attempts at poorness extenuation and elevation of educational and societal consciousness. Awkwardness of the agricultural sector has hence resulted in its turning trust on the caprices of environment and the per capita day-to-day handiness of nutrient grains. As the state stairss to the twenty-first century, it targets accelerated economic enlargement, human resource development and autonomy. Essential to all the strivings to make those marks will be rural development, affecting adult females in all national behavior and making a knowing healthy province to be able to confront the jobs of a fast stirring technologically advanced planetary society.

Land

The public presentation of agricultural sector has a hit on major macroeconomic aims such as employment coevals, poorness, human resources. Meeting the state ‘s nutrient demands remain the chief concern of the authorities and in recent old ages at that place has been considerable addition in grain production. Yet, due to catastrophes such as inundation, loss of nutrient and hard currency harvests is a frequent phenomenon which disrupts the systematic advancement of the state ‘s full economic system.

Agricultural retentions in Bangladesh are usually little. Throughout Cooperatives the usage of new machinery is bit by bit gaining acknowledgment. Rice, Potato, sugar cane, Wheat, baccy, jute and Tea are the chief harvests. The produce sub-sector overrules the agribusiness sector lending about 73 % of entire production. Fisheries, and forestry sub-sectors are 10.36 % , and 7.34 % severally.

Capital

Bangladesh has a good quality figure of immense, medium and small-sized industries in every bit public and private sectors based on both native and imported stuffs. Among them are cotton, fabric, fabrication, ship building, steel, jute oil-refinery, paper, chemical, cement and leather. In recent old ages, Ready Made vesture Industry has substituted Jute as the chief export-earner for the state. Considerable development has been attained in the last twosome of old ages in industries such as leather, ceramic, fish, pharmaceuticals and frozen nutrient.

With the growing of substructures, many policies for service and investing and comparative benefit in labor-intensive Industries, outstanding anticipation for investing exist in Bangladesh today. Foreign investors are torrential into the state in greater Numberss every twenty-four hours, peculiarly in the export processing zones particular comfortss active at Dhaka and Chittagong.

Economy at a glimpse:

GDP: buying power para – $ 232 billion

GDP-real growing rate: 5.6 %

GDP-composition by sector:

Agribusiness: 30 % .

Industry: 17 % .

Servicess: 53 % .

Inflation rate ( consumer monetary values ) : 5.8 %

Labour force: 64.1 million.

Labour force-by business: agribusiness 66 % , services 24 % , industry and excavation 10 %

Unemployment rate: 35 % .

Budget:

grosss: $ 4.8 billion

outgos: $ 6.8 billion..

Industries: jute fabrication, cotton fabrics, garments, tea processing, steel, paper newspaper, cement, chemical, light fabrication, sugar, nutrient processing, , fertiliser.

Industrial production growing rate: 6.3 %

Agriculture-commodities: rice, jute, tea, sugar cane, wheat, murphies, baccy, pulsations, oil-rich seeds, spices, fruit ; meat, domestic fowl, milk.

Exports: $ 6.65 billion

Exports-commodities: vesture, jute and jute goods, leather, frozen fish and seafood.

Imports: $ 8.71 billion

Imports-commodities: machinery and equipment, chemicals, Fe and steel, fabrics, natural cotton, rough oil and crude oil merchandises, cement.

Currency: 1 taka ( Tk ) = 100 poisha.

Decision

Bangladesh has made notable work in its economic sector since its independency in 1971. Although the economic system has enhanced greatly in the 1990s, Bangladesh is still enduring in the country of foreign trade in South Asiatic part. Despite major barriers to growing like the insufficiency of state-owned endeavors a quickly lifting labor force that can non be absorbed by agribusiness, deficient power commissariats, and sulky executing of economic reforms, Bangladesh has made a little headroom retrieving the clime for international investors and liberalising the capital market For illustration, it has negotiated with international companies for oil and gas probe, better countrywide distribution of cooking gas, and the manufacturer of natural gas grapevines and power Stationss Progress on other economic reforms has been probationary because of resistance from the authorities, public sector brotherhoods, and other vested concerned groups. The particularly rough inundations of 1998 enlarged the state ‘s trust on large-scale international aid. So far the East Asiatic fiscal crisis has non had main hit on the economic system. World Bank predicts that economic growing of 6.4 % for current twelvemonth. Foreign support has seen a autumn of 10 % over the last couple months but economic experts see this as a positive mark for autonomy.

Appendix

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Agribusiness in Bangladesh

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