Economy of Bangladesh
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|
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Rank
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51 (nominal) /35 (ppp)
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Currency
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Bangladesh Taka (BDT)
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Fiscal Year
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1 July – 30 June
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Trade organizations
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WTO, WCO, IOR-ARC, SAFTA, D8
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Statistics
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GDP
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$153.6 billion ((nominal) 43rd; 2012 est.)$347 billion ((PPP) 33rd; 2012 est.)
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GDP growth
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6.7% (2013 est.)
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GDP per capita
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$1,044 (nominal: 150th; 2013)
$2,210 (PPP” 145th; 2013 est.) |
GDP by sector
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agriculture: 17.3%, industry: 28.6%, services: 54.1% (2012 est.)
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Inflation(CPI)
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8.8% (2012)
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Population
below poverty line |
24 % (2013 est.)
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Gini coefficient
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32.1 (2007)
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Labour force
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87.9 million (2013)
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Labour force
by occupation |
agriculture: 45%, industry: 30%, services: 25% (2008)
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Unemployment
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5% (2012 est.)
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Main industries
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textiles and apparel, jute, tea, leather, telecommunications, pharmaceuticals, cement, ceramics, shipbuilding, fertilizer, food processing, paper newsprint, light engineering, sugar, fisheries, rubber, ship repairing, agriculture
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Ease of doing business rank
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117th
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The year 2021 marks the 50th anniversary of independence of Bangladesh. In recognition of the long-term development challenges, the Government under the leadership of Prime Minister Sheikh Hasina adopted the Vision 2021. The Vision 2021 and the associated Perspective Plan 2010-2021 have set solid development targets for Bangladesh by the end of 2021. Those targets, if achieved, will transform the socio-economic environment of Bangladesh from a low income economy to a middle income economy. The Bangladesh economy will be managed within the framework of a market economy with appropriate government interventions to correct market distortions, to ensure equality of opportunity, and to ensure equity and social justice for all. Those development priorities include ensuring broad-based growth and reducing poverty, ensuring effective governance and sound institutions by creating a caring society; addressing globalization and regional cooperation; providing energy security for development and welfare; building a sound infrastructure and managing the urban challenge; mitigating the impacts of climate change; and promoting innovation in a knowledge-based society. These thematic approaches will shape and form the foundation on which specific strategies are developed over the period of two five-year plans (Sixth and Seventh Five Year Plans).
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The Government’s Vision 2021 defines several economic and social outcomes for Bangladesh to achieve by 2021. To convert this Vision into long-term development targets, a Perspective Plan 2010-2021 was prepared. The targets of Vision 2021 and the associated Perspective Plan 2010-2021 were to be achieved through the implementation of two five-year plans, the Sixth Five Year Plan (2011-15) and the Seventh Five Year Plan (2016-2020).
The 7th Plan seeks to raise the GDP growth rate progressively from 6.5% in FY15 to 8% by FY20. The average growth rate is projected at 7.4% over the Seventh Plan period. It therefore encapsulates a strategy for inclusive growth which empowers people by creating employment opportunities, fostering the scope for greater labor force participation, particularly of women, supporting skill development in response to market demand, enabling access to credit for small and medium enterprises, and many other ways for people to be more productive. With about a quarter of the population of 160 million still living below the poverty line, faster growth is a necessary condition for attacking poverty. The 7th Plan seeks to reduce poverty rate to 18.6% and extreme poverty to around 8.9% by FY2020. Along with growth, the 7th Plan will emphasize human development, social protection and social inclusion as essential elements of a comprehensive poverty reduction strategy. It is estimated that some 12.9 million additional jobs will be available during the five years of the 7th FYP, including some 2 million jobs abroad for migrant workers, during the same period.
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Economy of Bangladesh
|
|
|
|
Rank
|
51 (nominal) /35 (ppp)
|
Currency
|
Bangladesh Taka (BDT)
|
Fiscal Year
|
1 July – 30 June
|
Trade organizations
|
WTO, WCO, IOR-ARC, SAFTA, D8
|
Statistics
|
|
GDP
|
$153.6 billion ((nominal) 43rd; 2012 est.)$347 billion ((PPP) 33rd; 2012 est.)
|
GDP growth
|
6.7% (2013 est.)
|
GDP per capita
|
$1,044 (nominal: 150th; 2013)
$2,210 (PPP” 145th; 2013 est.) |
GDP by sector
|
agriculture: 17.3%, industry: 28.6%, services: 54.1% (2012 est.)
|
Inflation(CPI)
|
8.8% (2012)
|
Population
below poverty line |
24 % (2013 est.)
|
Gini coefficient
|
32.1 (2007)
|
Labour force
|
87.9 million (2013)
|
Labour force
by occupation |
agriculture: 45%, industry: 30%, services: 25% (2008)
|
Unemployment
|
5% (2012 est.)
|
Main industries
|
textiles and apparel, jute, tea, leather, telecommunications, pharmaceuticals, cement, ceramics, shipbuilding, fertilizer, food processing, paper newsprint, light engineering, sugar, fisheries, rubber, ship repairing, agriculture
|
Ease of doing business rank
|
117th
|