Development strategies of Bangladesh

Abstract

Bangladesh economy is growing slowly. The development of Bangladesh is depending on several factors. This study aimed to discover the sectors which are playing important role in the development of Bangladesh. For this, secondary data were collected from different national and international organization.The data presented here shows that, after the true democracy, the development of Bangladesh was more consistent. Although, total population is increasing, the population growth rate is decreasing and Bangladesh would able to overcome the poverty trap. Literacy rate and number of students’ enrollment, life expectancy, living standard is increasing and infant mortality is decreasing. Economic growth and per capita income and overall social welfare is increasing gradually. Among different sectors, the two important sectors agriculture and industry is driving the development of Bangladesh. The country’s economy is now shifting from agro-based to industry based. Although agriculture economy is growing, it shares to GDP is decreasing. Decreasing the available land, increasing natural calamities associated with climate change, lack of credit supply to the farmers, lack of modern technologies are responsible for the declining of share of agriculture in GDP. Also the faster growth of industrial sector surpasses the growth of the agricultural sector. In the industry sector, manufactured and readymade garments playing the key role to widen these sector. Besides, there are some external sectors which are also playing the key role for development- remittance, trade and foreign direct investment. Due to the improper facilities and technological support other sectors like infrastructure, energy, foreign investment has not been fully developed yet therefore, constraining the proper development. The development strategy of Bangladesh is now open economy strategy. Trade and FDI is extended the door of open economy. For the full potential development of Bangladesh, however, amendments in different laws and sectors is necessary.