Questions and Answers
The agriculture sector accounts for around 50% of Bangladesh's GDP.
False
Bangladesh is classified as an upper-middle-income country by the World Bank.
False
The manufacturing sector is the largest sector in Bangladesh's economy.
False
Bangladesh's average annual GDP growth rate has been around 4-5% over the past decade.
Signup and view all the answers
The inflation rate in Bangladesh is around 10-12% (2020 est.).
Signup and view all the answers
Bangladesh has a high unemployment rate, around 15-20% (2020 est.).
Signup and view all the answers
Bangladesh has foreign exchange reserves of around $10-20 billion (2020 est.).
Signup and view all the answers
The IT sector is a declining industry in Bangladesh.
Signup and view all the answers
Study Notes
Economy of Bangladesh
Overview
- Bangladesh is a developing country with a growing economy
- Classified as a lower-middle-income country by the World Bank
- Economy is driven by agriculture, manufacturing, and remittances
Key Sectors
-
Agriculture: Dominant sector, accounting for around 20% of GDP
- Main crops: rice, jute, tea, and sugarcane
- Major challenges: flooding, soil degradation, and limited irrigation
-
Manufacturing: Growing sector, driven by garment industry
- Accounts for around 20% of GDP
- Major exports: textiles, garments, and leather products
-
Services: Largest sector, accounting for around 50% of GDP
- Dominated by trade, transportation, and communication
- Growing IT sector, with a focus on software development and outsourcing
Economic Indicators
- GDP Growth Rate: Average annual growth rate of 6-7% over the past decade
- GDP Per Capita: Around $1,900 (2020 est.)
- Inflation Rate: Around 5-6% (2020 est.)
- Unemployment Rate: Around 4-5% (2020 est.)
- Foreign Exchange Reserves: Around $30-40 billion (2020 est.)
Challenges and Opportunities
-
Challenges:
- Infrastructure constraints (e.g., energy, transportation, and ports)
- Corruption and bureaucratic red tape
- Limited access to finance and credit
- Vulnerability to natural disasters and climate change
-
Opportunities:
- Growing demand for Bangladeshi exports, particularly in the garment sector
- Increasing investment in infrastructure development
- Potential for growth in the IT and tourism sectors
- Large and young workforce, with a growing middle class
Economy of Bangladesh
- Bangladesh is a developing country with a growing economy, classified as a lower-middle-income country by the World Bank.
- The economy is driven by three main sectors: agriculture, manufacturing, and remittances.
Agriculture Sector
- Dominant sector, accounting for around 20% of GDP.
- Main crops: rice, jute, tea, and sugarcane.
- Major challenges: flooding, soil degradation, and limited irrigation.
Manufacturing Sector
- Growing sector, driven by the garment industry.
- Accounts for around 20% of GDP.
- Major exports: textiles, garments, and leather products.
Services Sector
- Largest sector, accounting for around 50% of GDP.
- Dominated by trade, transportation, and communication.
- Growing IT sector, with a focus on software development and outsourcing.
Economic Indicators
- Average annual GDP growth rate of 6-7% over the past decade.
- GDP per capita: around $1,900 (2020 est.).
- Inflation rate: around 5-6% (2020 est.).
- Unemployment rate: around 4-5% (2020 est.).
- Foreign exchange reserves: around $30-40 billion (2020 est.).
Challenges and Opportunities
- Challenges:
- Infrastructure constraints (e.g., energy, transportation, and ports).
- Corruption and bureaucratic red tape.
- Limited access to finance and credit.
- Vulnerability to natural disasters and climate change.
- Opportunities:
- Growing demand for Bangladeshi exports, particularly in the garment sector.
- Increasing investment in infrastructure development.
- Potential for growth in the IT and tourism sectors.
- Large and young workforce, with a growing middle class.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the overview and key sectors of Bangladesh's economy, including its classification, dominant sectors, and challenges. Topics include agriculture, manufacturing, and remittances.
