Bangladesh is a developing country. Bangladesh is now the world's 41th largest economy as per UK-based think tank Centre for Economics and Business Research (CEBR). A great deal that has happened in the economy since independence in 1971 has supported the hope that the country will eventually overcome its dependence on foreign aid and approach relative self-sufficiency.
Since the independence in 1971 Bangladesh has remarkably improved in agriculture sectors, RMG sectors, leather sectors and remittance sectors etc. Bangladeshis earn most of their living from agriculture. About 41% of Bangladeshis are involved in agriculture. Since the independence the overall effort by the government of Bangladesh to improve the agriculture sectors has noticeably been seen and for that Bangladeshi has improved the sector appropriate technology, modern agriculture system and improved agro-seeds and agro-machine. For that reason, the agriculture sectors have contribute and are still contributing in the boast of our economy.
Bangladeshi women are involved in garment industry. Garment industry is bringing foreign currencies through exporting garment products. In Bangladesh there are lots of big textile groups. Textile is another economy source of Bangladesh. Nearly 4 million people are working in textile and most of them are women. Export earning about 8.3% comes from textile.
Remittance is also playing a vital role in boosting up our economy.
In GDP growth Bangladesh has gained improvement in the decade since 2004, Bangladesh averaged a GDP growth of 6.5% that has been largely driven by its exports of ready made garments, remittances and the domestic agricultural sectors. Now Bangladesh has 8.13% of GDP growth. It keeps rising day by day.
The country has pursued export oriented industrialization, with its key export sectors including textiles, shipbuilding, fish and sea food, jute and leather foods.
It has also developed self-sufficient industries in pharmaceuticals, steel and food processing. Bangladesh's telecommunication industry has witnessed rapid growth over the years, receiving high investment from foreign companies. Bangladesh also has substantial reserves of natural gas and is Asia's seventh largest gas producer. Offshore exploration activities are increasing in its maritime territory in the bay of Bengal. It has also large deposits of limestone.
The Government promotes the Digital Bangladesh scheme as part of its efforts to develop the country's growing information technology sector. In 2022 per-capital income is $2824 USD. Bangladeshi economy though simply keeps growing, the economy may face challenges of infrastructure bottlenecks, insufficient power and gas supplies, bureaucratic corruption, political instability, natural calamities and a lack of skilled workers.
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