Your first thought of Bangladesh might be of the Third World. In the 1970s the country – formerly known as East Pakistan – suffered the ravages of civil war and extreme weather conditions. The plight of her people moved musicians George Harrison and Ravi Shankar to organize a benefit concert to raise funds for relief – the first such charitable event, years before Live Aid. Today, while Bangladesh maintains its rank among nations with high poverty levels, it is slowly developing an economy that has shown impressive growth over the years.

One might think, given the assumed paucity of natural resources and industry in the country, that Bangladesh doesn’t offer much in the way of goods to export. Quite the contrary, though this neighbor to India doesn’t enjoy the same GNP level of the United States or nearby Asian nations, Bangladesh exported in 2009 more than $18 billion worth of supplies annually, a significant growth from $5 billion seven years prior. In proving its place among the Next Eleven, Bangladesh has made quite a mark in the textile export industry. Apparel exports, the nation’s top industry, surpassed that of India for the first time in 2009, accounting for one-eighth of the country’s overall export product. Hides used for clothing and other products are a popular product for trade, and are usually included in the totals for textile and apparel exports.

THE economy of Bangladesh exudes intrinsic resilience and dynamism.
Despite being buffeted by repeated natural disasters, and man-made calamities to boot, it chugs along at a respectable growth rate. These catastrophic events, such as floods, cyclones and political turmoil, seem hardly to make much impression on the economy. While the leading economies of the world contracted sharply (more than 3.0 per cent reduction in growth rate) during the devastating recession of 2008-09, the Finance Minister declared that the growth rate of Bangladesh will rise by 0.3 per cent.

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A major independent review on Bangladesh economy rated the government’s achievements in financial sector high, but raised concern about increasing inflation as it poses a big threat to economic stability.
Researchers at the country’s leading think-tank Centre for Policy Dialogue (CPD) carried out the survey, bringing into accounts the status of all the major areas of the economy in the past one year.
The review especially focused on the fiscal targets for 2009-10, evaluated the achievements and identified major future challenges with recommendations for both short-term and long-term remedies.

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“We are very hopeful that the country would be able to achieve the targeted GDP (gross domestic product) growth rate as some sectors including agriculture, industry and service have been performing well and showing positive trends,” said the country director of the Asian Development Bank (ADB) Hua Du.

“Despite the recent fuel price increases, the subsidy remains very high, about $ 520 million or 0.8 percent of GDP,” the report said, adding that losses of the Bangladesh Petroleum Corporation (BPC) would also remain high, estimated at $ 380 million in this fiscal.

“We are very hopeful that the country would be able to achieve the targeted GDP (gross domestic product) growth rate as some sectors including agriculture, industry and service have been performing well and showing positive trends,” said the country director of the Asian Development Bank (ADB) Hua Du.