Bangladesh

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Economy

Despite sustained domestic and international efforts to improve economic and demographic prospects, Bangladesh remains an underdeveloped, overpopulated, and ill-governed nation. Although more than half of the GDP is generated through the service sector, nearly two-thirds of Bangladeshis are employed in the agriculture sector, with rice as the single most important product.

Related Topics:
Overpopulated - GDP - Agriculture - Rice

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Among other crops, Jute has been the major foreign exchange earnings cash crop from Bangladesh. Almost 70% of the export earnings of Bangladesh came from Jute immediately after the independence. Jute is the second Natural Fiber widely cultivated in the world after cotton. And Bangladesh is the major producer of Jute in the world.

Related Topics:
Jute - Fiber - Cotton

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However, major portion of the export earnings of Bangladesh comes from the Garments Industry. During the 80s, the garments sector in Bangladesh boomed very rapidly. This was possible because of the very low cost labor, which the attracted the foreign investors to invest in the garments sector. The garments sector has developed a comprehensive network of businesses in Bangladesh, from yarn, lables, accessories, and fabrics, to ready made garments. The garments industry employs almost 40% of the female population in Bangladesh.

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Major impediments to growth include frequent cyclones and floods, inefficient state-owned enterprises, mismanaged port facilities, a rapidly growing labour force that has not been absorbed by agriculture, inefficient use of energy resources (such as natural gas), insufficient power supplies, and slow implementation of economic reforms, caused by political infighting and corruption. In 2001, 2002, and 2003, Transparency International's surveys ranked Bangladesh as the World's most corrupt country.

Related Topics:
Cyclone - Flood - Natural gas - Corruption - Transparency International

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Since June 2004 Bangladesh has been ravaged by its worst floods in six years, which have killed 628 people so far and covered about 60% of the country. About 20 million people are in need of food aid on account of damaged crops, and the textile industry which earns 80% of the country's export earnings has been disrupted. Officials estimate that the damage incurred could approach US$7 billion (Yahoo!News).

Related Topics:
June - 2004 - Textile

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The July 19, 2005 issue of the New York Times reported that an eight story shopping mall (the largest in South Asia) has recently opened in Dhaka, the capital of Bangladesh. The large influx of shoppers belies the notion that the economy of Bangladesh has been stagnant, and also reveals the growth of the middle class in the country. Observers credited an expansion in the textile and garment trade for bringing some prosperity to the country.

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