Economy of Bangladesh | Bangladesh GDP | Exports of Bangladesh

The Economy of Bangladesh is characterized as a developing market economy. It is the 41st largest in the world in nominal terms or at current prices, and 30th largest by purchasing power parity, international dollars at current prices. It is classified among the Next Eleven emerging market middle income economies and a frontier market. In the first quarter of 2019, Bangladesh’s was the world’s seventh fastest-growing economy with a real GDP or GDP at constant prices annual growth rate of 8.3%. Dhaka and Chattogram are the principal financial centers of the country, being home to the Dhaka Stock Exchange and the Chattogram Stock Exchange. The financial sector of Bangladesh is the second largest in the Indian subcontinent. Bangladesh is one of the fastest growing economies in the world and South Asia. In the decade following 2004, Bangladesh averaged a GDP growth of 4.5%. This growth had been largely driven by its exports of readymade 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. 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 also has 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. Bangladesh is strategically important for the economies of Nepal and Bhutan, as Bangladeshi seaports provide maritime access for these landlocked regions and countries. China also views Bangladesh as a potential gateway for its landlocked southwest, including Tibet, Sichuan and Yunnan. Bangladesh is a member of the D-8 Organization for Economic Cooperation, the South Asian Association for Regional Cooperation, the International Monetary Fund, the World Bank, the World Trade Organization and the Asian Infrastructure Investment Bank. The economy faces challenges of infrastructure bottlenecks, bureaucratic corruption, and youth unemployment.

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