What is the reason for the rapid growth of the economy of Bangladesh?

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When Bangladesh became independent in 1971. At that time the economy of Bangladesh was fragile. According to 1972 estimates, the country’s total GDP was only 600 million. But in contrast to this small economy, the population was about seven crores. But times have changed. After the independence of Bangladesh, there was political instability in the country for a long time. In an army coup on 15 August 1975, Bangabandhu Sheikh Mujib Rahman was assassinated by the rebel forces.

This is how the political instability continues. In the meantime, Bangladesh had to fight against terrorists again.The freedom fighters of Chittagong Hill Tracts also became helpless.  However, the Prime Minister of Bangladesh Sheikh Hasina agreed to make a peace agreement with them. As a result, the tourist city of Chittagong Hill Tracts is safe for all.  The golden days of Bangladesh’s economy started in 2014. At that time the GDP growth rate was about 7%. At present, the total GDP of Bangladesh is about 409 billion US dollars.

All the information in the article has been collected from the internet. If there is any mistake. Then please forgive me.

What is the main power of the economy of Bangladesh?

The mainstay of Bangladesh’s economy is the export of readymade garments and the Bengali workers in the Middle East. Bangladesh is the second-largest exporter of readymade garments in the world after China. (Made in Bangladesh) ready-made garments are exported abroad.  In the fiscal year 2019-2020, about 38 billion dollars is earned by exporting readymade garments. Which will increase further in the 2021-2022 fiscal year. At present, about four million people in the country are involved in the garment industry in one way or another. Most of them are women.

The 3.5 million Bengali expatriates in the Middle East play the biggest role in the country’s economy. Bengalis work mainly in Saudi Arabia, Qatar, Kuwait, Oman, Lebanon and the United Arab Emirates. The government has taken various initiatives at different times for expatriates in the Middle East. As a result, expatriates started sending money to the country legally. As a result, the country’s remittances continue to grow rapidly.

It gets more intelligent during the Corona epidemic. In the fiscal year 2019-2020, the contribution of expatriates to the GDP of Bangladesh was 12%. Surprisingly, the people of Bangladesh do not call expatriates “workers”. Rather, they are regarded as “remittance fighters”.

What is the export sector of Bangladesh?

Compared to other countries in the world, Bangladesh’s export deficit is very low.  Bangladesh’s export sector is the garment industry. Bangladesh is the largest exporter of garments to the European Union and America.  Besides, they also export other things including the speed of jute made in Bangladesh.

However, Bangladesh’s position in the pharmaceutical industry is getting easier day by day. In the 2016-2017 financial year, Bangladesh exported about 300 million US dollars worth of medicines. Moreover, African countries including Kenya have expressed interest in importing medicines from Bangladesh. At present, the pharmaceutical industry is the second largest sector in the country.

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What is the future of the economy of Bangladesh?

The country’s economy is growing at that rate.  It can be said that the country’s economy will be stronger. At the time of the Corona epidemic, India’s GDP growth rate was -3%.  However, the GDP growth rate of Bangladesh was 5.2%. As a result, Bangladesh surpassed India in GDP per capita.

Bangladesh’s GDP growth rate is higher than all of South Asia including India and Pakistan. Not only that, the countries in the world are developing the fastest. Bangladesh is at the top of the list of such countries. Therefore, it can be said that the economy of Bangladesh will be stronger in the future.

Muhammad Fahimhttps://thenewscrux.com
Writing online is not my job. But I like to write, so I write. As far as I know, that's all I want to tell you.

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