10 Things You Must Know About BD Economics

Before discussing about BD Economics; we need to have some primary idea about BD due to her geographical location. Bangladesh lies in the northeastern region of South Asia. The beautiful Himalayas are located to the north, while the Bay of Bengal is located to the south.

West Bengal is bounded on the west by Tripura, Mizoram (India), and Myanmar, and on the east by the mountainous and wooded areas of Tripura, Mizoram (India), and Myanmar. These gorgeous physical limits encircle a low-lying plain of approximately 1,47,570 square kilometers, which is crisscrossed by numerous rivers and streams. Padma (Ganges), Brahmaputra (Jamuna), Meghna, and Karnafuli are all powerful rivers.

How do you describe Bangladesh?

Bangladesh has several tourist attractions, such as archaeological sites, historical mosques and monuments, the world's longest natural beach, scenic terrain, hill forests and fauna, undulating tea gardens, and tribes. The lush flora and animals, as well as the vibrant tribal life, are enthralling.

Each region of the country has a distinct terrain, tastes, and delicacies. It is home to the Royal Bengal Tiger, freshwater pink dolphins, and antique red earth temples. Some well-known tourist sites include Srimangal, which includes miles of tea gardens, Mainamati, Mahasthangarh, and Paharpur for archaeology, Rangamati, Kaptai, and Cox's Bazar for sightseeing, the Sundarbans for wildlife and the world's biggest mangrove forest, and Foy's Lake for scenic splendour.

Would you rather be wealthy in a poor nation or a wealthy one? 

Measuring a country's wealth is difficult. Measuring your wealth is heavily influenced by how rich and poor nations are categorized.

Another issue with GDP is that it does not account for wealth distribution. That is why a more accurate representation of people's living conditions begins with dividing a country's GDP by the number of people living there: per capita GDP and its growth rate tell us much more about the social wealth potentially available to each person, as well as whether this wealth is increasing or decreasing over time.

Using per capita GDP, however, still presents a problem: the same money might purchase very little in some nations and considerably more in others where basic necessities—food, clothes, housing, or healthcare—cost significantly less. To determine how affluent a country's residents are, consider how much they can afford. As a result, when comparing per capita GDP across nations, GDP should be adjusted for purchasing power parity, which allows us to account for inflation rates as well as the prices of products and services in each location.

When deciding whether it is better to be rich in a poor country or poor in a rich one, being in a wealthier country offers the highest possibility of enjoying a higher quality of life, regardless of where a person stands on the income distribution scale. However, prosperity for some without a reasonable measure of equality for everyone is, to put it mildly, problematic.

The coronavirus epidemic demonstrated this most vividly. Low-income employees, frequently foreigners, residing in some of the world's wealthiest countries found themselves suddenly jobless, homeless, and stuck without much of a safety net. Meanwhile, many less developed countries went out of their way to help individuals in need during the crisis.

Higher energy and food costs are especially difficult for low-income households since they are basic products with limited replacements, according to the IMF's World Economic Outlook July 2022 update: "When the cost of other products rises, such as gadgets, furnishings, or entertainment, families may simply cut or eliminate expenditure on them." This is far more difficult for food, heating, and transportation, which are frequently required to make a livelihood." As a result, according to IMF analysts, the current scenario threatens both economic and social stability.

This is why, in the long term, it is preferable not only to be wealthy but also equitable. Too much economic disparity stifles growth for everybody, increases the likelihood of political instability, raises healthcare expenses and death rates, and raises crime and corruption rates. Being wealthy in a poor country has its drawbacks. Let's discuss on some frequently asked questions on BD eonomics.

Is BD a rich country?

According to Global Finance, BD is at number 137 ranking. GDP-PPP of BDis $6,633. BD is not the poorest country but it is not among the richest ones.

What are the main economic sectors of BD?

The main economic sector of BD is the services sector. In FY2015, it contributed for 56.3% of GDP, followed by industry (28.1%) and agriculture (15.5%). Manufacturing, an industry sector subgroup, contributed for 17.6% of GDP.

Does BD have a good economy?

According to World Bank, BD has a long history of growth and development. Over the last decade, it has been one of the world's fastest-growing economies, thanks to a demographic dividend, robust ready-made garment (RMG) exports, remittances, and stable macroeconomic circumstances.

What is Bangladesh's biggest industry?

The agricultural industry is Bangladesh's top employer. It employs 37.6% of the entire labor force and generates 13.1% of GDP. Industry employs 21.4% of the workforce and accounts for 27.8% of GDP. Services generate 53.5% of GDP and employ 39.8% of the labor force. Agriculture and Garments Industry  plays a vital role in BD economics.

How Does BD Make Money?

This growth had been largely driven by its exports of ready made garments, remittances and the domestic agricultural sector. The country has pursued export-oriented industrialization, with its key export sectors include textiles, shipbuilding, fish and seafood, jute and leather goods.

Will Bangladesh become a developed country?

According to World Economic Forum, Since its inception in 1971, BD has escaped from abject poverty to be designated as a "model for poverty reduction" by The World Bank in 2020. It has the greatest cumulative GDP growth rate in the world from 2010 to 2020 and is presently on track to become a developed country by 2041.

What industry is growing fast in BD?

Garments & Textiles: This rapidly expanding area of the Bangladeshi economy provides a distinct competitive advantage that allows for lucrative development into new strategic markets.

What product is in high demand in Bangladesh Economics?

Processed petroleum oils, phone gadgets including smartphones, petroleum gas, palm oil, and soya beans will be among Bangladesh's most valuable consumer items in 2020.

Which country is the biggest trade partner of Bangladesh?

China is the biggest trade partner of Bangladesh. China plays an important role in BD economics

What are the 5 major imports for Bangladesh?

Bangladesh Economics: Major Imports Are:

• Machinery including computers: US$5.8 billion (11.5% of total imports)
• Cotton: $5.4 billion (10.8%)
• Mineral fuels including oil: $4.4 billion (8.7%)
• Electrical machinery, equipment: $3.2 billion (6.4%)
• Iron, steel: $2.9 billion (5.8%)
• Plastics, plastic articles: $2.2 billion (4.4%)

What are the top 3 exports of BD?

BD Economics: Bangladesh's Top 10 Exports

• Knit or crochet clothing, and accessories: US$25 billion (47.7% of total exports)
• Clothing, accessories (not knit or crochet): $19.3 billion (36.8%)
• Miscellaneous textiles, worn clothing: $1.5 billion (2.8%)
• Footwear: $1.3 billion (2.4%)
• Paper yarn, woven fabric: $798.4 million (1.5%)

Which country is the best to export from Bangladesh?

The United States is the best to export from BD. The United States was Bangladesh's most important export partner in 2019, accounting for 15% of total exports.

Sheikh Md. Mahtabur Rahman

CEO / Founder

Sheikh Md. Mahtabur Rahman was born in Rangpur, Bangladesh in 1994 and completed his MBBS from the University of Rajshahi. He then pursued online courses in Digital Marketing, Web Design & Development & Video Production. He is currently a doctor, article writer and YouTuber. He has been fascinated by genetics since he was young and has been studying many different aspects of human biology including cancer, diabetes, immunology, hypertension, ageing and Alzheimer's disease.