Bangladesh is a low-income country. But it has a stable economy. Bangladesh has the second most ‘pro-capitalist population’ in the developing world to give another boost to the economy. Between 2004 and 2014 the average GDP growth rate was 6%. Now it is over 6.5%.
Since independence in 1971 the economy of Bangladesh has made a gradual progress. Now Bangladesh is considered as part of the Next Eleven Emerging Market and one of the Frontier Five. Before 1980, the economy was largely dependent on jute and jute products. From 1990s onward, textile, garment, pharmaceuticals, shipbuilding ceramics, leather goods and electronics came forward. Beximco, ACI, Square Group are the market leaders.
And today, the economy of Bangladesh is led by export-oriented industrialization including the garment industry and the textile industry. Garment industries contribute the most. Up to 6-8% of the total growth of the country comes from the sector. Now, there are more than 5000 garment industries across the country. The BGMEA said textile exports are expected to rise to USD 15 billion by the end of 2015.
As Bangladesh is situated in one of the most fertile regions on earth, agriculture has a vital impact on the economy. In rice production Bangladesh is currently the third-largest in the world. Also Bangladesh ranks fifth in the global production of fish and seafood.
After independence the country had only 348.33 million in export revenues, 90% of which came from exporting only jute and jute products. Tea and leather were other major products. But in the next four decades, the economy has made a remarkable progress by exporting ready-made garment products. Pharmaceutical industry and the shipbuilding industry are developing day by day and these sectors are considered as more potential sectors of the country.
Local Bangladeshi companies are also contributing to the economy. They are expanding their operations in every potential sector. Companies like Beximco Group, Square Group, Pran Group are creating more business, creating new product lines and increasing employment generation by a good margin. These companies, specially Beximco Group, are developing corporate culture as well.
Main donors are the World Bank, the Asian Development Bank, United Nations Development programme, United States of America, Japan, Saudi Arabia and Western European countries those helped Bangladesh develop its economy. In 2015 per-capita income reached at USD 1,314 which is not too bad.
Bangladesh is in the interest parameters of the multinational companies. Many top companies of the U.S. and Europe entered Bangladeshi market and many are considering. Foreign direct investment is increasing.
Since independence in 1971 the economy of Bangladesh has made a gradual progress. Now Bangladesh is considered as part of the Next Eleven Emerging Market and one of the Frontier Five. Before 1980, the economy was largely dependent on jute and jute products. From 1990s onward, textile, garment, pharmaceuticals, shipbuilding ceramics, leather goods and electronics came forward. Beximco, ACI, Square Group are the market leaders.
And today, the economy of Bangladesh is led by export-oriented industrialization including the garment industry and the textile industry. Garment industries contribute the most. Up to 6-8% of the total growth of the country comes from the sector. Now, there are more than 5000 garment industries across the country. The BGMEA said textile exports are expected to rise to USD 15 billion by the end of 2015.
As Bangladesh is situated in one of the most fertile regions on earth, agriculture has a vital impact on the economy. In rice production Bangladesh is currently the third-largest in the world. Also Bangladesh ranks fifth in the global production of fish and seafood.
After independence the country had only 348.33 million in export revenues, 90% of which came from exporting only jute and jute products. Tea and leather were other major products. But in the next four decades, the economy has made a remarkable progress by exporting ready-made garment products. Pharmaceutical industry and the shipbuilding industry are developing day by day and these sectors are considered as more potential sectors of the country.
Local Bangladeshi companies are also contributing to the economy. They are expanding their operations in every potential sector. Companies like Beximco Group, Square Group, Pran Group are creating more business, creating new product lines and increasing employment generation by a good margin. These companies, specially Beximco Group, are developing corporate culture as well.
Main donors are the World Bank, the Asian Development Bank, United Nations Development programme, United States of America, Japan, Saudi Arabia and Western European countries those helped Bangladesh develop its economy. In 2015 per-capita income reached at USD 1,314 which is not too bad.
Bangladesh is in the interest parameters of the multinational companies. Many top companies of the U.S. and Europe entered Bangladeshi market and many are considering. Foreign direct investment is increasing.
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