Economic Development In Bangladesh Essay

1825 Words4 Pages
bulb-icon

Recommended: What is the largest foreign exchange of bangladesh

Bangladesh: Report on Economic Development from 1980-2014

Country Profile
Bangladesh is located in South Asia and shares borders with India to the north, east and west. Burma lies to the southeast of Bangladesh. It occupies a fertile delta that was created by two of Asia’s largest river systems, Ganges and Brahmaputra.
Bangladesh is one of the most populated and poorest countries in the world. According to the World Population Review, Bangladesh is ranked 8th most populated country with 152,518,015 millions people (2012). In 2012, the per capita income of the country stood at US$2640, while the world average is $13,720 (World Bank, 2012). Bangladesh has undertaken an ambitious program of economic reforms with its newfound political stability. It has also opened its doors to foreign investment. Bangladesh is an attractive base for setting up manufacturing and assembling facilities because it has a large workforce, low wages and costs.

The current government has initiated several measures to stimulate economic growth. New businesses are being encouraged and there are generous tax incentives for exporters. The government also has eased the restrictions on foreign exchange. As foreigners are now allowed to own ventures wholly and are permitted to invest in the stock market, overseas businesses are being wooed. The key priority of the program is the mobilization of domestic resources. Since 1991, economic growth has improved steadily. The results have been satisfactory. Inflation has been considerably reduced and the external current account balance has also improved. According to the Country Brief released by the World Bank in July 2005, Bangladesh has improved considerably in terms of reduction in population growth, human developm...

... middle of paper ...

...a and Benin have a remarkable loan repayments at level of 97%, almost 20% higher than agricultural credit repayments in some industrialized countries. Microfinance has shown its capabilities as a powerful tool in combating poverty.

Conclusion
In respect of the three pillars of sustainable development (economic, social and environment), Bangladesh has achieved a remarkable success in all three of them but much more needs to be done in relation to building a pathway for sustainable and facilitated development for the country. Bangladesh needs to gear up its own act for this to be accomplished, which the government are committed doing. Given its resources and capability limitations, Bangladesh needs international support in terms of transfer of appropriate technologies and funds, and free access of it exports to developed economies in order to accomplish the goal.

Show More
Related

  • MBA Admissions Essay - My Most Significant Leadership Role

    346 Words  | 1 Pages

    We held our first seminar on the "Prospect of Software Development Business in Bangladesh and the Government's Role, " and five months later we had our second seminar on the "Obstacles for Young Entrepreneurs in Bangladesh' with the finance minister as the chief guest.

    Read More

  • Brazil’s Developing Economy

    1945 Words  | 4 Pages

    Brazil is both the fifth largest country in the world based off of land size and population (World Factbook). Brazil has used this demographic as a strength in its efforts to find some sort of stability in a very unstable economic climate. Brazil is the largest national economy in Latin America the world's eighth largest economy at market exchange rates and the and 10 in purchasing power parity (PPP) or GDP, according to the International Monetary Fund and the World Bank (World Fact Book). There are many factors to the development of the Brazilian economy, each having an impact, but the development is not complete.

    Read More

  • An Overview Of Brazil

    3219 Words  | 7 Pages

    Brazil has the 7th largest economy by nominal GDP in the world and also 7th largest by purchasing power parity. It is moderately open to free markets and is one of the fastest growing economies in the world with an annual GDP growth rate of 5%. Brazil is closing the competitiveness gap with India and China among the BRIC economies. The major components of GDP of Brazil are: service sector (68.1% of GDP), industrial sector (26.5 % of GDP) and agriculture (5.5% of GDP). Various industries include textiles, shoes, chemicals, lumber, iron ore, tin, steel, machinery and equipments. Coffee is the major product of agriculture; other agricultural produce include soybeans, wheat, rice, corn, sugarcane, cocoa, etc. Touris...

    Read More

  • Footwear International - Bangladesh

    1846 Words  | 4 Pages

    The correlation of expansion in Footwear International fell within the same time constraints as Bangladesh’s political history. As power transferred in 1971, the Manager Director of the company was recognized as being an integral part of the independence movement of Bangladesh. Two years following President Ershad gaining office, Footwear Bangladesh seen as the number one growth potential within Footwear International’s strategic plan. Sales were in excess of 10,000,000 pairs of footwear and gave the company 15% of the national market (L...

    Read More

  • Case Study Of H & M In Bangladesh

    2572 Words  | 6 Pages

    On April 24 2013, a building housing several garment factories collapsed in the capital of Bangladesh, leading to the deaths of more than 1,100 textile workers. These factories supplied clothing for many western retailers, such as Walmart, H&M, Gap and others. Bangladesh is the world’s second largest garment exporter, depending on low wages. "Sweatshop" sometimes is not enough to describe the working conditions of labor in less developed areas. In Bangladesh, clothing enterprises are as frightening as ruins and fires.

    Read More

  • Assessing Rostow's Stages of Economic Growth Model

    1043 Words  | 3 Pages

    Brazil, the world’s seventh largest economy by nominal GDP, the sixth largest by purchasing power parity (The World Bank. 2016.), one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5% (Blankfeld. 2010.). On paper, evaluating based on GDP, Brazil has acquired status that of developed country, surpassing United Kingdom, Sweden, most European

    Read More

  • Breaking the Cycle of Poverty: Micro-Loans

    3025 Words  | 7 Pages

    Micro-loaning is designed to break the cycle of poverty by allowing low income residents access to outside funds, which they were previously restricted from. These funds give the opportunity to participate in investments, such as small businesses, and create a steady flow of income. Micro-loaning provides financial services for those who might have low or no income, as well as not having the official documents required when applying for a regular loan. With the goal of low interest and easy application, micro-loaning appears to the most efficient, alternative way of alleviating poverty. To help gain a better understanding of micro-loaning; we will explore the micro-finance history and its organization, poverty and the target subject of this organization, and the benefits and backfires of providing these services.

    Read More

  • Economic Growth In Brazil

    1484 Words  | 3 Pages

    As one of the BRIC countries, Brazil is emerging as a developing economy that is contributing to world trade with its abundance of agricultural products and natural resources. Global trading and foreign direct investment is contributing to economic growth and social progress by raising the standard of living and reducing poverty around the country; especially in Brazil.

    Read More

  • Microcredit

    1743 Words  | 4 Pages

    Since its emergence, microcredit has been viewed as a very important tool for development. Many around the world believe microcredit is the antidote for global poverty. Although the Grameen Bank focuses only on people from Bangladesh, different microfinance institutions had been established around the world. Accion International is one example of these institutions in Latin America, which started providing loans in 1973 (The history of microfinance, 2005). These financial institutions started to grow rapidly due to high demands of small loans. Poor people around the world started to lose faith to their countries’ authorities to provide for their well being and started to tur...

    Read More

  • Suffering of Bangladesh People Due to Flooding

    603 Words  | 2 Pages

    Bangladesh is located in South Asia were the Bay of Bengal, the largest bay in the world, forms the northeastern part of the Indian Ocean. Bangladesh borders the Bay of Bengal so the people of Bangladesh are provided with huge amounts of water. The River Brahmaputra and the River Ganges, the two main rivers in Bangladesh, join up creating a confluence and a larger river which can be easily flooded. This relates to the climate of Bangladesh because the climate depends on the location. Bangladesh experiences many tropical cyclones, It frequenty rains due to the monsoon climate, a...

    Read More

  • Factors That Contribute To Economic Growth

    1280 Words  | 3 Pages

    In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.

    Read More

  • Environmental Development: The Basic Characteristics Of Sustainable Development

    1471 Words  | 3 Pages

    The first is to encourage economic growth and sustainable development. It emphasizes the need for economic growth, the need to improve the level of contemporary human welfare through economic growth, enhance national strength and social wealth. However, sustainable development should not only pay attention to the amount of economic growth, but also to the pursuit of quality of economic growth. That is economic development, including growth in the number and quality improvement in two parts. Growth in the number is limited, and rely on scientific and technological progress and improving the effectiveness of economic activity and quality, adopt a scientific mode of economic growth is sustainable. Flag of sustainable development is the sustainable use of resources and good ecological environment. Economic and social development can not exceed the carrying capacity of resources and the

    Read More

  • Effects Of Poverty On Society

    970 Words  | 2 Pages

    The first and arguably most common effect of poverty on society is its financial impact (Veritta, 2008). In many of the societies that experienced significantly high levels of poverty, debt was increasingly common, and especially debt accrued from moneylenders (Hatcher, 2016). For many individuals living in poverty, access to financial services such as banking is often stifled and rudimentary, making it difficult for such individuals to access self-improvement loans at standard and fair rates (Yoshikawa, Aber, & Beardslee, 2012). For these individuals, moneylenders are the best option available, which results in them paying exorbitant interest rates. The interconnection between poverty and finance, however, is cyclic in nature. The lack of finances or access to financial services causes poverty, which in turn causes an isolation of individuals from finances and financial services (Hickey & du Toit, 2013). This makes poverty a fairly complex problem to

    Read More

  • Economic Growth Essay

    700 Words  | 2 Pages

    Economic growth is one of the most important fields in economics. In current generation economic is developing well. Economic growth is really important to country and for the world as well. Economic are one of the identity for country because it shows a country development and attraction for other countries (F, Peter. 2014). For example well economic develop such as Singapore, Dubai, New York, and Japan. These countries are well develop and maintaining their economic growths. Economic growths are really important because higher average incomes enables consumers to enjoy more goods and services. Then, lower unemployment with higher output and positive economic growth firms tend to utilize more workers creating more employment. Enhanced public

    Read More

  • Bangladesh Textile Industry Case Study

    705 Words  | 2 Pages

    The shift to a free trade regime in the textile industry was good for Bangladesh. Bangladesh prospered when other economies were not t doing so well. The textile industry greatly increased causing it to become a major reason as to why the economic has continued to increase. Increasingly bring in billions and billions from exports between 2006 to 2012 like the book mentions.

    Read More

More about Economic Development In Bangladesh Essay

Open Document