The Economic Development of Bangladesh
The Economic Development of Bangladesh
Introduction
Economic development is one dimension of the more inclusive concept of development. Development is both a process and a project. As a process, it refers to changes occurring in countries defined variously as undeveloped, underdeveloped, developing, emerging, and newly industrializing. Economic development refers to the raising of the productive capacity of a country through the introduction of policies designed to enhance the productivity of land, labor and capital, raise standards of living and reduce or alleviate the poverty of the inhabitants of the country. At a minimum, economic development has a growth and a distributive dimension.
The economy of Bangladesh
Is a rapidly developing economy. Its per capita income in 2010 was est. US$1,700 (adjusted by purchasing power parity). According to the International Monetary Fund, Bangladesh ranked as the 47th 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, with a gross domestic product of US$269.3 billion in PPP terms and US$104.9 billion in nominal terms. The economy has grown at the rate of 6-7% p.a. over the past few years. More than half of the GDP belongs to the service sector; a major number of nearly half of Bangladeshis are employed in the agriculture sector, with RMG, textiles, leather, jute, fish, vegetables, leather and leather goods, ceramics, fruits as other important produce.
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
Introduction
Economic development is one dimension of the more inclusive concept of development. Development is both a process and a project. As a process, it refers to changes occurring in countries defined variously as undeveloped, underdeveloped, developing, emerging, and newly industrializing. Economic development refers to the raising of the productive capacity of a country through the introduction of policies designed to enhance the productivity of land, labor and capital, raise standards of living and reduce or alleviate the poverty of the inhabitants of the country. At a minimum, economic development has a growth and a distributive dimension.
The economy of Bangladesh
Is a rapidly developing economy. Its per capita income in 2010 was est. US$1,700 (adjusted by purchasing power parity). According to the International Monetary Fund, Bangladesh ranked as the 47th 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, with a gross domestic product of US$269.3 billion in PPP terms and US$104.9 billion in nominal terms. The economy has grown at the rate of 6-7% p.a. over the past few years. More than half of the GDP belongs to the service sector; a major number of nearly half of Bangladeshis are employed in the agriculture sector, with RMG, textiles, leather, jute, fish, vegetables, leather and leather goods, ceramics, fruits as other important produce.
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