The Industrial Revolution and the Economic Growth of
Bangladesh
Bangladesh is the home of different resources like
natural and agricultural resources, coal and gas, limestone, hard rock and
silicon sand. These resources have a significant role in different industries
like ready-made garments, textiles, cotton, jute, newsprint paper, tea, chemical
fertilizers, cement, sugar and light engineering.
Nevertheless,
the agriculture based industries in Bangladesh have been underutilized
just because of lack of investment and developed technological support. Many
local companies are stepping ahead to expand the marine resources because the
marine resources are also exploited in these days. Bangladesh is expecting a
significant change in its agriculture and marine sectors in coming years.
The
strong partner countries of Bangladesh for both imports and exports are
the USA, Japan, India, China, Malaysia, Indonesia, Hong Kong, South Korea,
Taiwan, UAE, Saudi Arabia and many other European countries like Germany,
France, Sweden, Italy etc.
In
spite of exporting so many goods to other countries but the economic condition
of Bangladesh is still much depends on imports. As a result, the country
survives with trade deficit. Bangladesh imports both consumer items and
industrial raw materials like crude petroleum, raw cotton, oil, wheat,
seeds, petroleum products, edible oil, yarn, fertilizers, capital goods, staple
fibers, iron and steel and electronic appliances etc.
The
Ready-made garments, tea, leather products, seafood, furnace oil,
paper, ceramic products, urea fertilizer, raw jute and jute products are the
main exporting products of Bangladesh. The ready made garment is being the
market leader in exporting sector since the early 80's. Tea and leather
products are after ready made garments consecutively.
The proof that the economy of Bangladesh has
been resilient to frequent calamities is that it has maintained an economic
growth rate around 5% in the last 10 years. During the period of 2002- 2003,
domestic savings rate was around 18.23% and in 2004, the GDP was $275.7
billion. The same year also witnessed a growth rate of 4.9%, with annual per
capita $2000, industrial growth rate at a uniform pace with 6.5%, inflation
rate was 6% and investments rate 23.5% of GDP. Throughout the past five years
(2007-2012), the GDP grew at a slow and steady rate of 5.5%.
The textiles,
chemicals, food and food related industries, service, glass, ceramics, energy
and steel based products are the main potential sectors of investment in
Bangladesh. These sectors are growing day by day. Investors from
different foreign countries have shown their interests in investing in
these sectors in recent times.
The
corporate environment of Bangladesh holds and represent by Pran-RFL
Group, ACI, Beximco Group, Navana Group, Boshundhara Group along with many
others have investment in most of the mentioned sectors and contributing
much to the economic growth of the country.
The economy of Bangladesh is emerging as the next
Asian tiger because
the economic growth of Bangladesh is expanding day by day. In few coming years,
Bangladesh would be a model for other developing and under developing
countries.
Bangladesh will make a strong mark. Some patriotic
businessmen and entrepreneurs are working very hard to enhance the economic
condition and doing some great work to make that happen.
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| Bangladesh |
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