Bangladesh, the country which was once called a basket case, is now being one of the fastest growing economies in South Asia. And it is even outperforming some of the big players in the region. This country has seen unprecedented economic growth in the past couple of decades with average economic growth of 7% in the last eleven years. Its GDP rose from 100 billion in 2009 to almost 303 billion dollars in 2019. That’s a massive 200% increase in 10 years. So how Bangladesh’s economy is growing so fast and is Bangladesh a next Asian tiger economy.
Well, the government of the new independent Bangladesh implemented socialist policies. Under this the government nationalized much of the industrial sector, which further resulted in inefficiency and economic stagnation.
Now in order to get good productivity and efficiency, the government gradually gave greater scope to private sector participation in the economy. Many state-owned enterprises like banking, telecommunication, aviation, media and some other were privatized.
But among all one particular industry that gave massive growth to the Bangladesh economy, was the garment industry. If you visit the world’s best shopping places to buy garments, then there are good possibilities that you are buying made in Bangladesh garments. Bangladesh has become the 2nd largest manufacturer of ready made garment. It is their main item of export, which accounts for 84.21% of the total exports. You see, Bangladesh has a massive labour force, it is the 8th largest in the world. And because of this, they are able to capitalize upon low skilled labour, to create ability in labor incentive export industries. This is the same principle followed by most of the Asian nations for their industrial sector, specifically for manufacturing.
Today the garment industry in the country provides direct employment to four million workers, and indirect employment to nearly 10 million people. Also 80% of workers in this industry are women, this has a good impact on women empowerment in the country as well.
The country’s garment industries benefited from custom free access to many western countries. This is because, many foreign countries removed the export duties for least developed countries. They helps making their products more competitive.
Another major pillar to the Bangladesh economy is remittance. Remittance is the money that workers who work in another country send back to their home. In 2019 nearly 10 million migrants sent over 18 billion US dollars in Bangladesh which is nearly 7% of total gdp of the nation. This has created a steady flow of foreign currency in the economy. A world bank report found that households, where a member is working abroad, have higher savings and income. It showed that monthly income, and savings were on average 82%, and 107% higher, respectively, for remittance receiving households than households not receiving. And research has shown that remittances have made a positive impact on the Bangladesh economy.
At the end we can say, Bangladesh has came far ahead by making its way. And still has good opportunities in today’s post pandemic world. So, we can really expect some remarkable growth by the end of this decade. Still it is better to ask, what do you think about this country. Will Bangladesh be the next tiger economy?
Well, tell us in the comments below.
#economyofbangladesh #bangladesheconomics
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Bangladesh best country in South Asia
We like and his honest it and change police religion.political.and armed forced power . control cruptios that is reason of economic growth
Now🤣
Love from Bangladesh.
🤣🤣🤣🤣
Please fix and educated your people about hygine and throwing trash into dushbin first.
7% average yearly growth is a lottt
Love Bangladesh 🇧🇩 from India 🇮🇳
🇮🇳 ❤ 🇧🇩
🇧🇩🇧🇩🇧🇩🇧🇩
Good analysis, thanks for making like this programme… From dhaka Bangladesh
I'm so proud of my country 😊💜 Bangladesh zindabad 😁
go ahead, my beloved country
🌿🌿💕💕💕🇧🇩🇧🇩🇧🇩💕🤝💕🇨🇳🇨🇳🇨🇳💕💕🌿🌿
🌿🌿💕💕🇧🇩🇧🇩🇧🇩🤝💕🇯🇵🇯🇵🇯🇵🇯🇵💕💕🌿🌿
Why want the reason why Bangladesh, South Indian states like Tamil Nadu, Karnataka or Telangana or take example western Indian states like Maharashtra and Gujarat are growing because they believe in free trade, not much involvement of trade unions, market Capitalism and no big socialist policies. Even few North Indian places like Delhi NCR, Haryana and Western UP is experiencing good growth in recent year because of more liberalisation of economy and more privatisation.
However, the fate of West Bengal is worst, which used to be the most industrialised region of the subcontinent, today almost no good and high paying jobs are available in Kolkata city. People are migrating toward Delhi, Mumbai and Bangalore.
30 long year of Communist rule has destroyed Bengal's economy. Extreme communist mentality of Bengali people has stopped the growth of the region. Today TMC is doing socialist politics of free hand outs and freebies instead of providing job even poorer state of Assam and odisha experiencing more growth rate than Bengal.
Future of Bengal is doomed due extreme left lining, utra communist and laziness quality of Bengali people living in West Bengal.
Someone forgot to mention alot of facts
joy Bangla.you did not mention growth of medicine,agriculture,shipbuilding,footwear sector.
So happy to see that 🇧🇩 become Mote GDP than 🇮🇳
Bangladesh is become business hub of Asia
I think Bangladesh economy is best economy in South Asia which is good 👍👍👍 not large but strong enough to place it's word at everyone
Amar sunar bangla ami tomai balobasi 🇧🇩❤️❤️
Well to be precise, B'desh economy is not that diversified mainl dependent on the textile industry.
love from bd
Bangladeshi people are changing to IT and remote work and various evolving technologies which are rapidly being adopted.
Unfortunately, the red tape or the Bureaucracy and corruption remain strong roadblocks.
But Bangladeshi people are generally very adoptive and resilient. Regards.
Srilanka, Nepal and Myanmar should become economic Tigers.
Good for the subcontinent as a whole.
brüh what is it with Bangladeshis and emojis that would make anyone in the 21st century die of cringe (this is based on a joke about us that we're practically stuck in the 6th but more advanced and yes I'm Bangladeshi)
Very happy for you. Wishing you well from London
Long live Bengalis 🇧🇩❤️
Love Bangladesh.from Việt Nam
Economy of Bangladesh depends on clothing industry 80 % so it'll not gonna continue always
In today's price Bangladesh GDP is 415 billion is almost double of Pakistan's GDP
Also in PPP Bangladesh crossed 1 trillion dollar
It’s clear in South Asia Bangladesh has bright future
If Bangladesh increase manufacturing of other products Bangladesh has possibility to become next China
And now it's $414 billion GDP nominal & the GDP PPP is $1 trillion
And what the hell unsafe 😑😑 we have the 7 green certified garment factories of 10 in the whole world & in total 150 factories leading the most number in the world 😑😑
We have
And now it's $414 billion GDP nominal & the GDP PPP is $1 trillion ❤️❤️🇧🇩🇧🇩🥰
And now it's $414 billion GDP nominal & the GDP PPP is $1 trillion ❤️❤️🇧🇩🇧🇩🥰
And now it's $414 billion GDP nominal & the GDP PPP is $1 trillion ❤️❤️🇧🇩🇧🇩🥰
Love Bangladesh I from Việt Nam 🇻🇳🇻🇳🇻🇳🇻🇳🇻🇳🇻🇳🇻🇳🇻🇳🇻🇳🇻🇳
Keep going on 🇹🇷😇🇧🇩
I'm proud of my country 🇧🇩🇧🇩