Presently, Bangladesh is witnessing a sustained growth rate in the region with increasing foreign investments in the country and a shift from agricultural based economy to industry based economy. The macro economic polices being undertaken and the political stability has been a driving force in this recent phenomenon. Though the current growth rate is only rated at 5.6% it is expected to be better with time. This report will thus try to underscore the current Bangladesh economic growth through taking a close look at the economic growth indicators and finally highlight the reason of this development growth of Bangladesh.
Geography
Bangladesh is found in the South Asia part and it bounders India in almost all its borders apart from a small part of the border that is borders with Burma. The boundary of Bangladesh was established way back in 1947. Bangladesh declared its independence form Pakistan in 1971 following a liberation war. Despite its liberation account, development of Bangladesh has been filled with a lot of political chaos having been seen fourteen various presidents and about four military takeovers. Bangladesh is a highly densely populated country with high level of poverty. According to the World Bank records, it notes that in the recent past the Bangladesh has made noteworthy advancement in human growth and development in sectors of gender parity, literacy, in education, and decrease of population growth rate. (Baxter, 1997
Government
Bangladesh government system is a parliamentary democratic system where Islam is the national religion. There is a general election which is held after every five years which involves all the citizens who are above 18 years, to elect members of the parliament. The parliament consists of 345 members representing different constituencies. The country has a Prime Minister who is the leader of the government, he constitutes the cabinet in which he heads and manages the daily affairs of the state. The president elects the prime mister who has to be a member of parliament and commands a big following and confidence of the majority of the parliamentary members. The president is elected by the members of parliament and he is largely ceremonial. (Baxter, 1997)
The uppermost judicial organ is the Supreme Court, the president appoints the judges. It has been observed that the judicial system and law enforcement establishments are not strong. However, division of powers between the judicial and executive was at last separated in 2007, November to try and reform the judiciary and make it stronger and also impartial. Bangladesh. (Development Policy Review, 2007)
Economic
In spite of constant local and international attempts to develop Bangladesh economic and also demographic developments, the country has remained as developing country. Its national per capita earnings in the 2006 was US$2300 contrasted to the global average which is supposed o be $10,200. (Bangladesh Bureau of Statistics, 2007)
Jute product was at one time the economic backbone of the Bangladesh Its market share on the global market export market reaching its peak in the 1970s earning about 70% of the country total net exports. Nonetheless, polypropylene goods started to replace the jute products global making the jute market to begin declining. Bangladesh agriculture sector produces a vast amount of rice and tea which it exports. Though, the countrys population is mostly farmers comprising about two thirds, the garment industry accounts for more of the countrys foreign earnings than the agriculture sector. The garment industry started attracting a lot of foreign investments in the 1980s owing to the inexpensive labour and low production costs in the country.
Source : articlesnatch
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