Economy of Bangladesh

Bangladesh is the only nation among the 48 least-developed countries that is almost self-sufficient when it comes to medicine production as local companies meet 98 percent of the domestic demand for pharmaceuticals.

[62] Punch-marked coins are the earliest form of currency found in Bangladesh (Bengal region of Ancient India), dating back to the Iron Age and the first millennium BCE.

[67] The Ganges Delta provided advantages of a mild, almost tropical climate, fertile soil, ample water, and an abundance of fish, wildlife, and fruit.

Overseas, Europeans depended on Bengali products such as cotton textiles, silks and opium; Bengal accounted for 40% of Dutch imports from Asia, for example.

[79] During the Mughal era, the most important centre of cotton production was Bengal, particularly around its capital city of Dhaka, leading to muslin being called "daka" in distant markets such as Central Asia.

[80] Bengali agriculturalists rapidly learned techniques of mulberry cultivation and sericulture, establishing Bengal as a major silk-producing region of the world.

[67] The administrative infrastructure of the late eighteenth and nineteenth centuries focused on East Bengal's function as a primarily agricultural producer—chiefly of rice, tea, teak, cotton, sugar cane and jute — for processors and traders in the British Empire.

In spite of restrictions, several of Bangladesh's leading companies in the future were founded during this period, including BEXIMCO and Advanced Chemical Industries.

[99] Economic policies aimed at encouraging private enterprise and investment, privatising public industries, reinstating budgetary discipline, and liberalising the import regime were accelerated.

A series of economic liberalization measures was introduced by finance minister Saifur Rahman, including opening up sectors like telecom to foreign investment.

In June 2003 the IMF approved 3-year, $490-million plan as part of the Poverty Reduction and Growth Facility (PRGF) for Bangladesh that aimed to support the government's economic reform programme up to 2006.

But government has played an important role in stimulating the economy through building infrastructure, liberalizing regulations, and promoting high yielding crops in agriculture.

[106] In the last decade, poverty dropped by around one third with significant improvements in the human development index, literacy, life expectancy and per capita food consumption.

The Bangladesh Bhutan India Nepal Motor Vehicles Agreement seeks to create hassle free road transport across international borders.

[126] This is a chart of trend of gross domestic product of Bangladesh at market prices estimated by the International Monetary Fund with figures in millions of Bangladeshi Taka.

[133] The performance of this sector has an overwhelming impact on major macroeconomic objectives like employment generation, poverty alleviation, human resources development, food security, and other economic and social forces.

Due to a number of factors, Bangladesh's labour-intensive agriculture has achieved steady increases in food grain production despite the often unfavorable weather conditions.

[99] By the late 1990s, about 1.5 million people, mostly women, were employed in the garments sector as well as Leather products specially Footwear (Shoe manufacturing unit).

The introduction of machine-made textiles from England in the late eighteenth century spelled doom for the costly and time-consuming hand loom process.

[153] The urban garment industry has created more than one million formal sector jobs for women, contributing to the high female labour participation in Bangladesh.

"[155] Even though the working conditions in garment factories are not ideal, they tend to financially be more reliable than other occupations and, "enhance women's economic capabilities to spend, save and invest their incomes.

[167] Referring to the growing amount of export deals secured by the shipbuilding companies as well as the low cost labour available in the country, experts suggest that Bangladesh could emerge as a major competitor in the global market of small to medium ocean-going vessels.

Khulna Shipyard Limited (KSY) with over five decades of reputation has been leading the Bangladesh Shipbuilding industry and had built a wide spectrum of ships for domestic and international clients.

The next finance sector reform programme was launched from 2000 to 2006 with focus on the development of financial institutions and adoption of risk-based regulations and supervision by Bangladesh Bank.

[171] Bangladesh exported $800 million[173] worth of software, games, outsourcing and services to European countries, the United States, Canada, Russia and India by 30 June 2017.

In an interview with United News Bangladesh he lauded the blistering growth rate, saying "The quality of our products and its competitiveness in terms of prices helped the sector achieve such... tremendous success."

Bangladesh may continue to benefit from these restrictions over the next two years, however a climate of falling global textile prices forces wage rates the centre of the nation's efforts to increase market share.

All goods produced in the zones are able to be exported duty-free, in addition to which Bangladesh benefits from the Generalised System of Preferences in US, European and Japanese markets and is also endowed with Most Favoured Nation status from the United States.

The Bangladesh government continues to court foreign investment, something it has done fairly successfully in private power generation and gas exploration and production, as well as in other sectors such as cellular telephony, textiles, and pharmaceuticals.

In June 1999, the AFL–CIO petitioned the U.S. Government to deny Bangladesh access to U.S. markets under the Generalized System of Preferences (GSP), citing the country's failure to meet promises made in 1992 to allow freedom of association in EPZs.

This African giraffe was imported into Bengal region and re-exported to China circa 1415.
The major maritime trade routes of the Bengal Sultanate
The Barkentine Linnet , a ship built in Chittagong , off the coast of Hong Kong circa 1890
Tannery owners with members of the Directorate of Industries, Government of East Bengal in 1949
In the 1950s and 1960s, Adamjee Jute Mills was the largest jute processing plant in the world.
Jamuna Bridge opened in 1998. Between 1988 and 1998, Bangladesh expanded its rural road network from 3000 km to 15,500 km.
Construction of Padma Bridge , which opened in 2022
GDP per capita development since 1950
The growing areas of major agricultural products.
Development of agricultural output of Bangladesh in 2019 US$ since 1961
As watercourses such as canals, both natural and manmade, and rivers contribute as the vital source of irrigation, their spread across the country is attributed as a key factor for the economic and geographic extent of agriculture in Bangladesh. Photographed is a process of irrigation underway in Comilla , enabled by a pump that is extracting water from the Gumti seen in the background.
KAFCO plant in Chittagong
A Bangladeshi textile fabric plant
The BNS Durgam is a naval vessel built in Bangladesh.
Chittagong port is the busiest port on the Bay of Bengal .
Male and female labour participation rates