Bangladesh: From Bottomless to Rising Economy [Economy & Development Related Focus]

Bangladesh has made remarkable strides in transforming its economy from one plagued by poverty and underdevelopment
to a rising economy. In the early years following its independence in 1971, Bangladesh faced tremendous challenges. It was
burdened with a high population density, political instability, frequent natural disasters, and widespread poverty. Through
a combination of determined efforts, strategic policies, and a focus on human capital development, Bangladesh has managed
to overcome numerous obstacles and carve a path towards prosperity. An appreciation regarding this is mentioned below:

“Bangladesh is an example of economic progress and a country of great hope and opportunity”-The US president
Joe Biden

Bangladesh Economy from 1972 to 2024:The infamous quote 'Bangladesh is a bottomless basket' made by then US
Secretary of State Henry Kissinger in 1974 has already been proved wrong because Bangladesh has boldly caught the eyes
of international observers of the contemporary world such as IMF ,UNDP ,World Bank,World Economic Forum and praised
as a “Role Model of Development” in the world media for accomplishing outstanding success and remarkable phenomenal
progress in every socio-economic indicators Such as poverty reduction, per capita income etc some of which is shown
bellow:
Poverty Rate Per Capita Income
1972 88% 1971 129 USD
2024 18.7% 2024 2784 USD
Source: BBS/Economic Review-2024 Source: BBS/Economic Review-2024
Bangladesh’s economy has gone from a “basket case” to being a “model case” study for economic development across
the globe.
Sector In 1972 In FY 23-24
GDP $6.29b $46.312b
GDP Growth rates -13.97% 5.82%
Per capita GDP $91 $2675
Per Capita Income $129 $2784
Poverty rate 80% 18.7%
Exports Income $0.36b $4.8b
Imports Payment $0.86b $ 45.62b
Remittance Inflow $10m in FY-76* $17.07b
Inflation rate 9.87% in FY-87* 9.74%
Literacy rate 47% 77.9%
Ave. life expectancy 46.51 72.3 years
Source: BBS, WB, Finance Ministry/Economic Review-2024
The country also has a few big dreams ahead of it and is working diligently to achieve them as soon as possible.
Bangladesh is already set to graduate to a developing country in 2026 and become an upper-middle-income country by
2030. Afterwards, ‘The country is also on the path to becoming a trillion-dollar economy by 2040 and a high-income
country by 2041.’ [ Source: BBS, WB, Finance Ministry]
The key factors that are driving the Bangladesh Economy:
1. Garment Industry and Export-Oriented Growth: The garment industry has played a pivotal role in Bangladesh's
economic success. Leveraging its large labor force and low production costs, Bangladesh has become one of the
world's leading exporters of readymade garments. The sector has created employment opportunities, particularly
for women, contributing to poverty reduction and socio-economic empowerment.
2. Agricultural Reforms and Food Security: Agriculture plays a vital role in Bangladesh's economy, providing
employment to a significant portion of the population. In recent years, the country has implemented various
agricultural reforms, focusing on improving productivity, enhancing access to credit and technology, and
diversifying crops.
3. Human Capital Development: Recognizing the importance of human capital in driving economic growth,
Bangladesh has made substantial investments in education and skill development. The government has prioritized
education reforms, expanding access to primary and secondary education, and promoting vocational training
programs

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 4. Microfinance and Poverty Alleviation:
“Extreme poverty anywhere is a threat to human security everywhere”―Kofi Annan, Seventh secretary-
General of the United Nations.
Bangladesh has gained international recognition for its successful microfinance initiatives, pioneered by
organizations like Grameen Bank. Microfinance programs have provided access to financial services for the rural
poor, enabling them to start small businesses, improve their livelihoods, and break the evil cycle of poverty.
According to World Bank, “more than 33 million Bangladeshi people have been lifted out of poverty since
2000”
5. Transportation Infrastructure: The country has witnessed significant progress in the construction of highways,
bridges, and flyovers, which have enhanced intercity and rural connectivity. Notable projects include the Padma
Bridge, the largest infrastructure project in the country's history, which will connect the underdeveloped southwest
region to the capital city, Dhaka.
6. Power and Energy Infrastructure: The government has implemented initiatives to enhance power generation
capacity and improve access to electricity in rural areas. This includes the establishment of large-scale power plants,
such as the Rooppur Nuclear Power Plant, as well as the promotion of renewable energy sources like solar and
wind power.
7. Port and Logistic Infrastructure: Bangladesh's strategic location near major international trade routes has led to
the development of port and logistic infrastructure. The country has invested in expanding and modernizing its
seaports, such as the Chittagong and Mongla ports, Payra port and Matarbari port to accommodate larger vessels
and increase trade volume.
8. Healthcare and Public Health: Bangladesh has made remarkable progress in healthcare and public health,
focusing on reducing maternal and child mortality rates, combating infectious diseases, and improving access to
healthcare services. The government has implemented various initiatives, such as the community clinic program,
which provides essential healthcare services at the grassroots level.
9. Gender Equality and Women Empowerment: The country has made notable progress in increasing women's
participation in politics, education, and the workforce. Initiatives like microfinance programs and women's
entrepreneurship support have empowered women economically.
10. Poverty Reduction and Social Safety Nets: Bangladesh has implemented targeted social safety net programs to
alleviate poverty and provide assistance to vulnerable populations. These programs include cash transfer schemes,
food assistance programs, and employment generation initiatives.
11. Social Inclusion and Community Development: Bangladesh has emphasized social inclusion and community
development to address the needs of marginalized groups, including ethnic minorities, disabled individuals, and
socially disadvantaged communities.
The key challenges faced by the Bangladesh economy: While Bangladesh has made remarkable progress in recent years,
the country still faces several challenges that pose hurdles to its continued economic growth. These are following
Limited Diversification: One of the major challenges for the Bangladesh economy is its heavy reliance on a few sectors,
such as the garment industry and agriculture. This lack of diversification makes the economy vulnerable to external shocks
and limits its potential for sustained growth. To overcome this challenge, Bangladesh should focus on promoting and
supporting the development of other industries, such as information technology, pharmaceuticals, and manufacturing.
Infrastructure Development: Inadequate transportation networks, power shortages, and limited access to quality
healthcare and education facilities hinder economic growth. To address these challenges, the government should continue
investing in infrastructure development, particularly in rural areas, to improve connectivity, ensure reliable power supply,
and enhance access to essential services. Public-private partnerships can also be utilized to attract investment and expertise
in infrastructure projects.
Climate Change and Natural Disasters: Bangladesh is highly susceptible to climate change impacts, including rising sea
levels, floods, and cyclones. These natural disasters pose significant challenges to the economy, affecting agriculture,
infrastructure, and livelihoods. To mitigate these risks, Bangladesh should prioritize climate change adaptation and invest
in resilient infrastructure.
Income Inequality and Poverty: Despite impressive poverty reduction efforts, income inequality remains a significant
challenge in Bangladesh. A significant portion of the population still lives in poverty, with limited access to basic services
and opportunities for upward mobility. To tackle this challenge, the government should focus on inclusive growth policies
that prioritize equitable distribution of resources and opportunities. This can be achieved through targeted social safety net
programs, investments in education and skill development, job creation, and support for small and medium-sized
enterprises.
Governance and Corruption: Ensuring good governance and combating corruption is essential for sustaining economic
growth and attracting foreign investment. Bangladesh should strengthen its institutions, enhance transparency, and promote

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accountability in both public and private sectors. Strengthening legal frameworks, establishing effective anti-corruption
measures, and promoting a culture of integrity and ethical business practices are necessary to tackle this challenge.

Recommendations: Bangladesh has made significant strides in economic development, but there are still key areas for
improvement. Here are some recommendations to further enhance its economic growth:
1. Diversification of Industries: While the ready-made garment sector has been a major driver, diversifying into
sectors like pharmaceuticals, information technology, and renewable energy can reduce vulnerability.
2. Invest in Education and Skill Development: Enhancing the quality of education and vocational training can equip
the workforce with necessary skills, making it more competitive in global markets.
3. Infrastructure Development: Improving transportation, energy, and communication infrastructure will facilitate
trade and attract foreign investment.
4. Promote Entrepreneurship: Creating a supportive environment for startups through easier access to finance,
mentorship programs, and business incubators can stimulate innovation.
5. Strengthen Governance and Institutions: Enhancing transparency, reducing corruption, and strengthening legal
frameworks can improve the business environment.
6. Expand Digital Economy: Investing in digital infrastructure and promoting digital literacy can harness the
potential of the internet economy, particularly in e-commerce and fintech.
7. Sustainable Practices: Encouraging sustainable practices in industries, especially in agriculture and textiles, can
enhance resilience against climate change and appeal to global markets.
8. Boost Agriculture Productivity: Investing in research and technology for agricultural practices can improve
productivity and food security.
9. Trade Agreements and Export Promotion: Pursuing trade agreements and promoting exports can open new
markets for Bangladeshi goods.
10. Social Safety Nets: Expanding social safety nets can protect vulnerable populations and ensure inclusive growth.

By focusing on these areas, Bangladesh can build a more resilient and sustainable economy for the future.

Bangladesh's journey from a bottomless pit of poverty to a rising economy is a testament to the determination and resilience
of its people. The country's achievements in the garment industry, agricultural reforms, human capital development,
infrastructure development, and poverty alleviation have laid a strong foundation for sustained growth. By addressing the
challenges ahead and embracing a comprehensive and inclusive development strategy, Bangladesh has the potential to
continue its upward trajectory and become a model for other developing nations.
 Information Box
যে য োন টপি এ আিনোর এ টো information Box থো ো উপিৎ যেখোনন আিপন ওই টপি সংপিষ্ট য োর ও পিম ইনফরনমশন
যেনন/সংগ্রনে রোখনেন এেং িরীক্ষোয় ওই টপি েো োছো োপছ যেন োন টপিন পরনেট নর ইনফরনমশন গুনেো আিনোর যেখোর ফোাঁন ফোাঁন
েুনে পিনয় আসনে েনে।
*** েোংেোয় প্রনয়োেন েনে েোংেোয়/ইংনরপেনে প্রনয়োেন েনে েোস্ট এ ই েথয ট্রোন্সনেট নর পিনেন। প ওয়োর্ড ইউে রনে িোরনেও েনে।
 অর্থনীতিবাদদদর মদযে বাাংলাদদশ তনদে সাংশে প্রকাশকারীদদর মদযে শীদষথ থো ো বাাংলাদদদশ তবশ্ববোাংদকর প্রর্ম আবাতসক প্রতিতনতয
নরওদের ইেু স্ট ফালান্দ। েোর “বাাংলাদদশ: দে টেস্ট টকস ফর টেদেলপদমন্ট” গ্রনে পেনখপছনেন, “ বাাংলাদদদশর অর্থনীতির প্রবৃ তির
টেদে জনসাংখ্ো বৃ তির হার টবতশ েোই অর্থনীতির তদক টর্দক বাাংলাদদশ তেদক র্াকদি পারদব না”
 “১৯৭৩ সাদল মার্াতপছু আদের বাাংলাদদশ তবদশ্বর সবদেদে গতরব ১০ টদদশর একতে। েোংেোনিনশর মোথোপিছু আয় ৯০০ র্েোর েনে
সময় য মন েোগনে? যতদ বাাংলাদদশ ২ শিাাংশ হাদর মার্াতপছু আে বাড়াে, িাহদল লাগদব ১২৫ বছর, আর ৩ শিাাংশ হাদর আে
বাড়দল টলদগ যাদব ৯০ বছর।“ টকমতিজ ইউতনোতসথতের অর্থনীতি তবোদগর ইদমতরোস অযোপক অতস্টন রতবনসন/ইদকানতমক প্রসদপ্রক্টস
অব বাাংলাদদশ (১৯৭৩) গদবষণাগ্রন্থ। েোর যস গনেষণো ভুে প্রমোপনে েনয়নছ।
 এককাদলর 'িলাতবহীন ঝুতড়' ২০৩৫ সাদল হদি যাদে তবদশ্বর ২৫িম বৃ হৎ অর্থনীতি। বাাংলাদদদশর এই অর্থনতিক উন্নেদন তিতর
টপাশাক খ্াদির সেনিনয় বড় েূ তমকা আদছ।-পেপেপস।
 ২০৫০ সাদল তবদশ্বর ২৩িম বৃ হৎ অর্থনীতির টদশ হদব বাাংলাদদশ- যু ক্তরাজেতেতিক গনেষণো প্রতিষ্ঠান প্রাইস ওোোরহাউস কুপারস
(তপেতিউতস)

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  ২০৫০ সাল পযথন্ত তবদশ্ব মাত্র তিনতে টদদশর টমাে টদশজ উৎপাদদন (তজতেতপ) গড় প্রবৃ তি ৫ শিাাংদশর টবতশ হদব। এ তিনতে টদশ
হদলা বাাংলাদদশ, নাইদজতরো ও তেদেিনাম।- যু ক্তরাজেতেতিক গনেষণো প্রতিষ্ঠান প্রাইস ওোোরহাউস কুপারস (তপেতিউতস)
 ‘পেপর্পি প্রেৃ পিনে শীষড ১০ যিনশর মনযয অনযেম েোংেোনিশ।-যু ক্তরাজেতেতিক গনেষণো প্রতিষ্ঠান প্রাইস ওোোরহাউস কুপারস
(তপেতিউতস)
 তিতলেন েলাদরর অর্থনীতি হওোর পদর্ বাাংলাদদশ- তবতশ্বক বেবস্থাপনা প্রতিষ্ঠান টবাস্টন কনসাতটাং গ্রুপ (তবতসতজ)
*** অথডনীপেপেিনির নোম ও মন্তেয অথডনীপে সংপিষ্ট গনেষণো প্রপেষ্ঠোনঃ
েোংেোনিশ েযোং এর গভনডর আেসোন এইি মনসু র, সোনে গভনডর র্. আপেউর রেমোন, অমেডয যসন, পসপিপর্, িপেপস পরসোসড
ইন্সপটপটউট(পিআরআই), েোংেোনিশ ইন্সপটপটউট অে যর্নভেিনমন্ট স্টোপর্স(পেআইপর্এস), েোপেসংঘ, ইউএনপর্পি…… য পরনেট রো যেনে
িোনর। এই টোইনির েোংেোনিনশর অথডনীপে সংপিষ্ট যে য োন টপিন আিনোর টোপনডং িনয়ন্ট েো েযেেোরনেোগয েুরুনির েোস েনে িোনর…

 "Bangladesh: From bottomless basket to space odyssey"-The Asian Age.

 "Myth is not history but paradoxically history sometimes is created by myth. Bangladesh is an example of
this"- The Asian Age
***িপরেপেডে যপ্রক্ষোিনট আনগর প্রিপেে য োনটশনন গুনেো পরসোইন ে নর পরইউে রো যেনে িোনর।
“Bangabandhu for independence
And
Sheikh Hasina for Economic Emancipation” --- The Asian Age

 ‘Bangladesh is a Role Model of Development’- Ex-HPM Sheikh Hasina/ Ban Ki-moon, eighth
secretary-general of the United Nations
 Once poverty is gone, we'll need to build museums to display its horrors to future generations-Dr.
Muhammad Yunus
 “পর্পেটোে েোংেোনিশ এখন স্বপ্ন নয়, এপট এখন েোস্তেেো”—সোনে প্রযোনমন্ত্রী যশখ েোপসনো।
 “Digital Bangladesh is now a reality, Not a dream” –Ex-HPM Sheikh Hasina
 “উন্নয়ননর মেোসেন এপগনয় িনেপছ িু েডোর
এখন সময় েোংেোনিনশর মোথো উাঁিু নর িোাঁেোেোর।”— সোনে প্রযোনমন্ত্রী যশখ েোপসনো।

প্রোসপি নপিট েথয পিনয় েণডনোমূ ে গুপছনয় যেখোন গুরুত্ব পিনে েনে।
Engineer’s BCS Care

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