ABOUT BANGLADESH

 

The Port of Chittagong is one of the region’s busiest gateways, handling $60 billion in trade each year

Bangladesh is a developing nation and a rapidly growing market-based economy. It is one of the world’s leading exporters of textiles and garments, as well as fish, seafood and jute, and has globally competitive emerging industries in shipbuilding, life sciences and technology. The country also has a strong social enterprise sector and is the birthplace of microfinance.[70][71][72]

Bangladesh has gradually decreased its dependency on foreign grants and loans from 85% (In 1988)[73] to 2% (In 2010)[74] for its annual development budget. Its per capita income as of 2013 is US$1,044 compared to the world average of $8,985.[75] In December 2005, the Central Bank of Bangladesh projected GDP growth around 6.5%.[76]

Bangladesh has seen a dramatic increase in foreign direct investment. In order to enhance economic growth, the government set up several export processing zones to attract foreign investment. These are managed by the Bangladesh Export Processing Zone Authority.

Goldman Sachs recognized the Bangladeshi economy as one of the Next Eleven. Citigroup identified Bangladesh as a 3G country with significant potential to generate global growth.

The insufficient power supply constitutes an obstacle to growth.[77] According to the World Bank, “among Bangladesh’s most significant obstacles to growth are poor governance and weak public institutions.”[78] In April 2010, Standard & Poor’s awarded Bangladesh a BB- for a long term in credit rating which is below India and well over Pakistan and Sri Lanka.[79]

One significant contributor to the development of the economy has been the widespread propagation of microcredit by Muhammad Yunus (awarded the Nobel Peace Prize in 2006) through the Grameen Bank. By the late 1990s, Grameen Bank had 2.3 million members, along with 2.5 million members of other similar organisations.[80]

Bangladesh government is planning for construction of the largest deep sea port in South Asia at Sonadia Island. The 500 billion taka project will be completed in multiple phases and enable Bangladesh to service the whole region as a maritime transport and logistics hub. India, China, Bhutan, Nepal and other neighbouring countries will be able to take full advantage of the strategic location and the privileges given to Bangladesh because of its Least developed country status, for exporting goods that are manufactured in Bangladesh.[81][82]

GDP – per capita (PPP):
$2,000 (2012 est.)
country comparison to the world: 191
$1,900(2011 est.)
$1,800 (2010 est.)
note: data are in 2012 US dollars

GDP – per capita (PPP): $2,000 (2012 est.)
country comparison to the world: 191
$1,900(2011 est.)
$1,800 (2010 est.)
note: data are in 2012 US dollars

GDP – composition by sector:
agriculture: 17.3%
industry:28.6%
services: 54.1% (2012 est.)

Laborforce:
77million
country comparison to the world: 7
note: extensive export of labor to Saudi Arabia,
Kuwait, UAE, Oman, Qatar, and Malaysia;workers’
remittances were $10.9 billion in FY09/10 (2012)

Labor force – by occupation:
agriculture: 45%.
industry: 30%.
se-.’ices: 25% (2008)

Unemployment rate:
5% (2012 est.)
country comparison to the world: 49
5% (2011 est.)
note: about 40% of the population is underem ployed; many participants in the labor force work only a few hours a week, at low wages.

Population below poverty line:
31.51% (2010 est.)

Household income or consumption by percentage share:
lowest 10%: 4% highest 10%: 27% (2010 est.)

Distribution of family income – Gini index: 33.2 (2005)
country comparison to the world: 97
33.6(1996)

Investment (gross fixed): 25.1 % of GDP (2012 est.)
country comparison to the world: 48

Budget:
revenues: $13.98billion
expenditures: $19.62 billion (2012 est.)

Taxes and other revenues: 11.8% of GDP (2012 est.)
country comparison to the world: 202

Budget surplus (+) or deficit (-): -4.8% of GDP (2012 est.)
country comparison to the world: 151

Commercial bank prime lending rate: 13.3%
(31 December 2012 est.)
country comparison to the world: 64 13.25%
(31 December 2011 est.)

Stock of narrow money:
$14.1 billion(31 December 2012 est.)
country comparison to the world: 69 $13.19 billion
(31 December 2011 est.)

Public debt: 32% of GDP (2012 est.)
country comparison to the world: 109 33.9% of GDP (2011 est.)

Inflation rate (consumer prices): 8.8% (2012 est.)
country comparison to the world: 189 10.7% (2011 est.)

 

Stock of broad money: $66.84 billion (31 December 2011 est.)
country comparison to the world: 64 $66.14billion
(31 December 2010 est.)

Stock of domestic credit: $80.81 billion (31 December 2012 est.)
country comparison to the world: 57 $68.57 billion
(31 December 2011 est.)

Market value of publicly traded shares:
$23.55 billion (31 December 2011) country comparison to the world: 65 $15.68 billion (31 December 2010) $7.068 billion (31 December 2009)

Agriculture – products:
rice, jute, tea, wheat, sugarcane,potatoes, tobacco, pulses, oilseeds, spices, fruit; beef, milk.poultry

Industries:
jute, cotton, garments, paper, leather,
fertilizer, iron and steel, cement,% petroleum products, tobacco,
drugs and pharmaceuticals, ceramic, tea, salt, sugar, edible oil,
soap and detergent, fabricated metal products, electricity and natural gas

Industrial production growth rate:
7.4% (2011 est.) country comparison to the world: 37 Current account balance: -$941.9million(2012est.) country comparison to the world: 109 $243.6 million (2011 est.)

Exports:
$25.79 billion (2012 est.)
country comparison to the world: 70
$24.56 billion (2011 est.)

Exports – commodities: garments, knitwear, agricultural products, frozen food (fish and seafood), jute and jute goods, leather.

Exports – partners: US 19.4%, Germany 16.5%, UK 10%, France 7.3%, Italy 4.4%, Spain 4.2%, Netherlands 4.2% (2011).

Imports: $35.06 billion (2012 est.)
country comparison to the world: 63 .
$32.58 billion (2011 est.)

Imports – commodities: machinery and equipment, chemicals, iron and steel, textiles, foodstuffs, petroleum, products, cement

Imports – partners: China 18.2%, India 13.5%, Malaysia 4.9% (2011)

Reserves of foreign exchange and gold: $10.19 billion (31 December 2012 est), country comparison to the world: 72 $9.192 billion (31 December 2011 est.)

Debt – external: $36.21 billion (31 December 2012 est), country comparison to the world: 65 $33.84 billion (31 December 2011 est.)

Stock of direct foreign investment – at home: $7.849 billion (31 December 2012 est), country comparison to the world: 85 $6.85 billion (31 December 2011 est.)

Stock of direct foreign investment -abroad: $93.9million(31 December 2012 est), country comparison to the world: 83 $92.9million(31 December 2011 est.)

Excha Vnge rates: taka (BDT) per US dollar-
82.17 (2012 est.)
74.152(2011 est.)
69.649 (2010 est.)
69.04 (2009)
68.554 (2008)

Fiscalyear: 1 July – 30 June

Central bank discount rate: 5% (31 December 2010 est.)
country comparison to the world: 70
5% (31 December 2009 est.)