Adjusting to Changing Trends in BD Trade and Economy
3 Pages Posted: 11 Dec 2018
Date Written: November 18, 2018
The economy of Bangladesh is at present going through a transformational phase from that of a least developed country (LDC) towards a developing one. The country is expected to graduate from the LDC bracket by 2024. To achieve the desired status, it has already qualified in all three criteria - GNI (gross national income, which is $1272 and above), Human Asset Index (72.8 and above) and Economic Vulnerability Index (25 and below) of the UN Committee for Development Policy (CDP). Poverty rate has declined from 31.5 per cent in 2010 to 23.2 per cent in 2016. It can be observed that the contribution of agriculture sector to GDP (gross domestic product) in 1971 was the highest (51 per cent), followed by service sector (41.28 per cent). Industry's contribution was the lowest - only 7.68 per cent of the GDP. Service sector maintained a slow but steady growth since independence. The contribution of industrial sector is rising slowly, but that of agriculture is going down as a percentage of GDP. The latest GDP contribution of service, industry and agriculture sector in 2017 was found to be 53.48, 27.25 and 13.42 per cent respectively.
Keywords: Bangladesh Economy, Transformation of Bangladesh, LDC to Developing Economy
JEL Classification: E60
Suggested Citation: Suggested Citation