The 'economy of Bangladesh' has to be discussed on the basis of ongoing data. Every year the data of the economy changes. The world economic system is also changing. Every year a new economic calculation is done. Discussions on Bangladesh's economy demand revisions, refinements and additions every year.
** What is meant by the economy of Bangladesh?
# # Bangladesh's economy is made up of all kinds of economic activities of the people of Bangladesh. The economy or economic system of a country is made up of various sectors involved in the daily economic activities of the people. These transactions involve important variables such as production, consumption, savings, capital formation, investment, inflation, unemployment, foreign trade, banking, etc. At the same time, socio-economic infrastructure, human resources, natural resources, management, governance are also involved in the economy. In a nutshell, a country's economy is the activities of various sectors and sub-sectors involved in agriculture, industry, services, trade and commerce. In this sense, all the activities involved in the production, consumption, investment and marketing of various sectors like agriculture, industry, services etc. in Bangladesh are called the economy of Bangladesh. The various sectors involved in the economy of Bangladesh can be divided into three main parts. Namely:
1. Agriculture:
* Crop production
* Animal husbandry, poultry rearing
* Fish farming, forestry
* Horticulture, nursery, fruit and flower farming etc.
2. Industrial sector:
* Hmudrayatan
* Medium
* Large scale Cottage industry
* Readymade garment industry
* Import-export etc.
3. Services:
* Education, Health, Human Resource Development
* Railways, Airways, Roads, Waterways, Transportation
* Posts, Posts, Wire, Television, Satellite, Mobile Phones, Internet
* Banks, Insurance, Various Financial Institutions
* Electricity, Gas Distribution etc. .
The economic sectors in Bangladesh are governed by both public and private ownership.
** Fundamentals of Bangladesh's economy:
## As a developing country, Bangladesh has some basic features of its economy. For example:
1. Agriculture based economy: The economy of Bangladesh has not yet been able to overcome the agricultural dependence. However, agricultural dependence has declined significantly in recent years. Agriculture is still one of the major sub-sectors of Bangladesh's economy. Most of the total population indirectly and indirectly depend on agriculture for their livelihood. Much of the national income still comes from the agricultural sector. Undoubtedly, Bangladesh is still an agrarian economy.
2. Underdeveloped Agriculture Sector: Although the economy of Bangladesh is dependent on agriculture, the agricultural sector is still underdeveloped. Average and marginal productivity in the agricultural sector is low due to faulty land tenure system, old methods of farming, scarcity of capital, natural calamities and inability to use advanced technology for unscrupulous farmers. The lower the productivity, the lower the farmer's income.
3. Backwardness in industry: The economy of Bangladesh is still backward in industry. No basic heavy industry has been developed in this country so far. Industry in this country is still lagging behind due to various reasons including lack of necessary infrastructure, lack of entrepreneurial class.
4. Population: Excess population is one of the main basic features of the economy of Bangladesh. It is the most populous country in the world. The population is still growing at a rate of more than 2 percent. Behind this growing population, all the benefits of development efforts fall on closed.
5. Lack of Natural and Energy Resources: Bangladesh is not rich in natural resources. Again, it is not possible to make full use of the resources obtained due to lack of necessary capital technical gan.
6. Trade Deficit and Savings Deficit: Adversity exists in the economy of Bangladesh as a trade surplus. That is, the cost of imports is higher than the export income which is known as trade deficit or trade gap. For this reason the desired investment is not organized.
7. Unemployment: Unemployment is a long lasting fundamental feature of the economy of Bangladesh. Thus, due to the pressure of overpopulation compared to the expansion of the economy, and the backwardness of agriculture and industry on it, there is full, half and disguised unemployment in this country.
8.Vicious cycle of poverty: Characteristically, like many other developing countries, Bangladesh is also involved in the vicious cycle of poverty. Low income means low savings, low savings means low capital, low capital means low investment and employment. Due to this again production and income is low. Bangladesh is trying to get out of this cycle but is not able to break it at the desired pace.
9. Incompetent labor force: Incompetent labor force is one of the main features of the economy of Bangladesh. Lack of general and technical education, lack of necessary training and infrastructure makes most of the population unskilled workers.
10. Natural Disasters: Bangladesh's economy is largely dependent on natural whims. Every year floods, droughts, tidal surges, cyclones and coastal storms cause severe damage to agricultural production, houses, educational institutions, power lines and road communication infrastructure in the country. In a word, every year the benefits of development of Bangladesh are destroyed due to natural disasters.
