Bangladesh: A Rising Economy

Bangladesh is going to cross the first phase of development. The second phase of development will be started. The second phase of development will end after implementing the vision 2021 which would transform Bangladesh into a middle income country. 73% of people lived below the poverty line in 1970. But in the recently published report of World Bank, it has been declared that Bangladesh has transformed into lower middle income country from the status of lower income country. According to the “Economic Review 2015” letting 2005-06 as base year, the real per capita GNI (Gross National Income) is $1314 from this statistics, World Bank announces Bangladesh including Tajikistan, Myanmar and Kenya as lower middle income country.

The growth rate of export in the current financial year has been increased rapidly. The destination of 76% of the total exports goes to USA and Europe. As markets of these two destinations are getting hale and hearty, the demand of Bangladeshi products is also soaring up. Besides new destinations of our apparel products are also creating huge possibilities. In this time the value of money is strengthening against dollars as the foreign currency reserve surpassing 25 billion which is also a milestone in the history of Bangladesh.

Now Bangladesh is following the seven fifth year plan which emphasizes on reducing income discrimination and regional disparity. Under this fifth year plan, the General Economic Division (GED) is working to formulate a concept paper which includes electricity, fuel and human development resources These are all factors working hard to achieve the status of middle income country.

To achieve the status of the middle income country, one country needs to allocate a huge amount of budget for the Annual Development Programme (ADP) as plans solely cannot lead the country to attain such status. According to the 'Economic Review 2015' of Bangladesh government in the 45th national budget, the finance ministry allocated 97,000 cores taka for the ADP which is 5.65% of GDP.

To strengthen the development path of a country foreign direct investment is a driving force. FDI accelerates the employment creating huge scopes for unemployed people. It also directs country in a smooth way as there's need a big infrastructural development. To attract FDI, sufficient gas and electricity, water supply is must, the communication system is also crucial. If one country meets these requirements, then foreign investors come to invest in one country. Finally the country turns into a developing country. The amount of FDI is going up.

Only before three decades, Bangladesh's development remained in stagnant. Half of the total people were in great hardship as there was meager employment opportunity. But after 1980s, Bangladeshi economy had been evolving very swiftly on account of apparel sector. About 1 crore people directly works in this sector and most of them are female. These worker's untiring effort to make the country developed cannot be vain.