Economic Condition Analysis Bangladesh
INTRODUCTION
The economy of Bangladesh is rapidly developing market-based economy. According to the International Monetary Fund, Bangladesh ranked as the 43rd largest economy in the world in 2010 in PPP terms and 57th largest in nominal terms, among the Next Eleven or N-11 of Goldman Sachs and D-8 economies. The economy has grown at the rate of 6-7% per annum over the past few years. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leather and leather goods, ceramics, ready-made goods. Remittances from Bangladeshis working overseas, mainly in the Middle East, are the major source of foreign exchange earnings; exports of garments and textiles are the other main sources of foreign exchange earnings. Ship building and cane cultivation have become a major force of growth. GDP 's rapid growth due to sound financial control and regulations has also contributed to its growth; however, foreign direct investment is yet to rise significantly. Bangladesh has made major strides in its human development index.
Bangladesh is a developing country. Macro aggregate factors shape the country’s overall economy. In order to find out any country’s economic condition real growth in GDP, Rate of inflation, GDP deflator, Economic participation rate etc are crucial macro aggregate factors. Among the five major macroeconomic indicators – GDP Growth, Inflation, Remittance, Export and Import, four indicators have been analyzed to understand the economic condition of Bangladesh.
For simplicity, and limitation of data availability and to keep the report within the course constraint, this report focused on Inflation, Remittance, Total export, and Total import of Bangladesh for the last five months (July- November 2012) compared with the same period of previous year.
HIGHLIGHTS OF THE FINDINGS * Remittances receipts: in July-October
The economy of Bangladesh is rapidly developing market-based economy. According to the International Monetary Fund, Bangladesh ranked as the 43rd largest economy in the world in 2010 in PPP terms and 57th largest in nominal terms, among the Next Eleven or N-11 of Goldman Sachs and D-8 economies. The economy has grown at the rate of 6-7% per annum over the past few years. More than half of the GDP is generated by the service sector; while nearly half of Bangladeshis are employed in the agriculture sector. Other goods produced are textiles, jute, fish, vegetables, fruit, leather and leather goods, ceramics, ready-made goods. Remittances from Bangladeshis working overseas, mainly in the Middle East, are the major source of foreign exchange earnings; exports of garments and textiles are the other main sources of foreign exchange earnings. Ship building and cane cultivation have become a major force of growth. GDP 's rapid growth due to sound financial control and regulations has also contributed to its growth; however, foreign direct investment is yet to rise significantly. Bangladesh has made major strides in its human development index.
Bangladesh is a developing country. Macro aggregate factors shape the country’s overall economy. In order to find out any country’s economic condition real growth in GDP, Rate of inflation, GDP deflator, Economic participation rate etc are crucial macro aggregate factors. Among the five major macroeconomic indicators – GDP Growth, Inflation, Remittance, Export and Import, four indicators have been analyzed to understand the economic condition of Bangladesh.
For simplicity, and limitation of data availability and to keep the report within the course constraint, this report focused on Inflation, Remittance, Total export, and Total import of Bangladesh for the last five months (July- November 2012) compared with the same period of previous year.
HIGHLIGHTS OF THE FINDINGS * Remittances receipts: in July-October
References: * Bangladesh Bank, Press release. * Bangladesh Bureau of statistics. * The financial express, online daily newspaper of Bangladesh. * The daily star, online daily newspaper of Bangladesh. * ExportHYPERLINK "http://www.epb.gov.bd/" Promotion Bureau, HYPERLINK "http://www.epb.gov.bd/"Bangladesh. * Center for Policy Dialogue, CPD Bangladesh.