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.
Bangladesh has gradually decreased its dependency on foreign grants and loans from 85% (In 1988) to 2% (In 2010) for its annual development budget. Its per capita income as of 2013 is US$1,044 compared to the world average of $8,985. In December 2005, the Central Bank of Bangladesh projected GDP growth around 6.5%.
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. According to the World Bank, “among Bangladesh’s most significant obstacles to growth are poor governance and weak public institutions.” 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.
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.
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.
|GDP – per capita (PPP):
$2,000 (2012 est.)
country comparison to the world: 191
$1,800 (2010 est.)
note: data are in 2012 US dollars
GDP – per capita (PPP): $2,000 (2012 est.)
GDP – composition by sector:
Labor force – by occupation:
Population below poverty line:
Household income or consumption by percentage share:
Distribution of family income – Gini index: 33.2 (2005)
Investment (gross fixed): 25.1 % of GDP (2012 est.)
Taxes and other revenues: 11.8% of GDP (2012 est.)
Budget surplus (+) or deficit (-): -4.8% of GDP (2012 est.)
Commercial bank prime lending rate: 13.3%
Stock of narrow money:
Public debt: 32% of GDP (2012 est.)
Inflation rate (consumer prices): 8.8% (2012 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.)
Market value of publicly traded shares:
Agriculture – products:
Industrial production growth rate:
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.)
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-
Fiscalyear: 1 July – 30 June
Central bank discount rate: 5% (31 December 2010 est.)