Bangladesh

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Bangladesh - In Short.

Overview of Bangladesh

The huge delta region formed at the confluence of the Ganges and Brahmaputra River systems – now referred to as Bangladesh – was a loosely incorporated outpost of various empires centered on the Gangetic plain for much of the first millennium A.D. Muslim conversions and settlement in the region began in the 10th century, primarily from Arab and Persian traders and preachers. Europeans established trading posts in the area in the 16th century. Eventually the area known as Bengal, primarily Hindu in the western section and mostly Muslim in the eastern half, became part of British India. Partition in 1947 resulted in an eastern wing of Pakistan in the Muslim-majority area, which became East Pakistan. Calls for greater autonomy and animosity between the eastern and western wings of Pakistan led to a Bengali independence movement. That movement, led by the Awami League (AL) and supported by India, won the independence war for Bangladesh in 1971. The post-independence AL government faced daunting challenges and in 1975 it was overthrown by the military, triggering a series of military coups that resulted in a military-backed government and subsequent creation of the Bangladesh Nationalist Party (BNP) in 1978. That government also ended in a coup in 1981, followed by military-backed rule until democratic elections occurred in 1991. The BNP and AL have alternated in power since 1991, with the exception of a military-backed, emergency caretaker regime that suspended parliamentary elections planned for January 2007 in an effort to reform the political system and root out corruption. That government returned the country to fully democratic rule in December 2008 with the election of the AL and Prime Minister Sheikh HASINA. In January 2014, the incumbent AL won the national election by an overwhelming majority after the BNP boycotted the election, which extended HASINA’s term as prime minister. In December 2018, HASINA secured a third consecutive term (fourth overall) with the AL coalition securing 96% of available seats, amid widespread claims of election irregularities. With the help of international development assistance, Bangladesh has reduced the poverty rate from over half of the population to less than a third, achieved Millennium Development Goals for maternal and child health, and made great progress in food security since independence. The economy has grown at an annual average of about 6% for the last two decades and the country reached World Bank lower-middle income status in 2014.
Value
Country Full Name
Bangladesh
Country Code
BGD
Region
South Asia
Income Group
Lower middle income
Currency Unit
GDP
3.23E+11
Population
164689383
Land Area
130170
Net National Income Per Capita
2031.667502
GDP per Capita (PPP)
5138.65321

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Bangladesh - Economic

Economy of Bangladesh

Bangladesh’s economy has grown roughly 6% per year since 2005 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services sector, almost half of Bangladeshis are employed in the agriculture sector, with rice as the single-most-important product.   Garments, the backbone of Bangladesh’s industrial sector, accounted for more than 80% of total exports in FY 2016-17. The industrial sector continues to grow, despite the need for improvements in factory safety conditions. Steady export growth in the garment sector, combined with $13 billion in remittances from overseas Bangladeshis, contributed to Bangladesh’s rising foreign exchange reserves in FY 2016-17. Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in 2018, represent a major step forward in resolving a key growth bottleneck.

Unemployment Rate

Inflation Rate

Bangladesh - GDP Composition

GDP Composiiton & Value Added of Bangladesh

Last Updated: Jan, 2021, Updated For 2020.

Bangladesh - GDP, Value Added

Demographics of Bangladesh

smallest population of the Gulf States, but urbanization rate exceeds 90%; largest settlement concentration is found on the far northern end of the island in and around Manamah and Al Muharraq
Geographic Location

Southern Asia, bordering the Bay of Bengal, between Burma and India

Races

Bengali at least 98%, other indigenous ethnic groups 1.1% (2011 est.)note: Bangladesh's government recognizes 27 indigenous ethnic groups under the 2010 Cultural Institution for Small Anthropological Groups Act; other sources estimate there are about 75 ethnic groups; critics of the 2011 census claim that it underestimates the size of Bangladesh's ethnic population

Languages

Bangla 98.8% (official, also known as Bengali), other 1.2% (2011 est.)major-language

Religion

Muslim 88.4%, other 11.6% (2018 est.)

Dependency & Expectancy of Bangladesh

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Bangladesh

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, ARF, BIMSTEC, C, CD, CICA (observer), CP, D-8, FAO, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINURSO, MINUSMA, MONUSCO, NAM, OIC, OPCW, PCA, SAARC, SACEP, UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Bangladesh

Export of Bangladesh

Import Destination

Export Destination