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  #1  
Old July 21, 2006, 05:28 AM
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Default Bangladesh Economy Shifting From Ag

DHAKA, Bangladesh (AP) - The economy of Bangladesh is moving away from farming toward industry and providing services like banking and telecommunications, while growing steadily at a faster pace than other developing countries, according to a U.N. report released Thursday.
"The biggest challenge will be to create more jobs outside agriculture," Debapriyo Bhattacharya of the Center for Policy Dialogue, an independent think tank, told reporters while analyzing the Least Developed Countries Report 2006.

The report was prepared by the United Nations Conference on Trade and Development, or UNCTAD, and deals with developing the productive capacities of the world's 50 poorest nations, mostly in Asia and Africa.
Bangladesh's per capita gross domestic product in 2004 was US$408 (euro355), compared to the US$349 (euro303) average for least developed countries.
A traditionally agricultural society, Bangladesh's production base is now tilting toward manufacturing and service sectors, Bhattacharya said.
About 54 percent of the populous nation's labor force is now working in non-agriculture sectors -- compared to 71 percent two decades ago. Services like banking and telecommunications -- particularly mobile telephone networks -- saw the highest growth and investments, Bhattacharya said.
Between 2000-2004, Bangladesh's gross domestic product grew at an average annual rate of 5.1 -- slightly higher than the 5 percent average for other poor countries, the U.N. report said.
"Bangladesh's growth rates have been higher than that of developing countries," Bhattacharya said.
Bangladeshi exports also increased, accounting for nearly 10 percent of the total merchandise exports from poor countries, the report said.
"Bangladesh is the only non-oil exporting country that saw a rise in its merchandise exports between 2003-04," Bhattacharya said.
Bangladesh, a natural disaster-prone nation of 144 million people, also enjoyed improvements in social sectors like public health, primary school attendance and life expectancy -- with lower birth and death rates, the report said.
But the country's future challenges include increasing GDP growth rates to at least 7.5 percent, diversifying export products and markets, creating more jobs in non-agriculture sectors and improving labor productivity, Bhattacharya said.
© 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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  #2  
Old July 21, 2006, 08:57 AM
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Quote:
Between 2000-2004, Bangladesh's gross domestic product grew at an average annual rate of 5.1
It would have more significant, if our corruption was atleast half during this period. I think our future depends on how fast we can reduce corruption and gain political stability. Otherwise, we may need another couple of decades to be a developed country.
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Old July 21, 2006, 10:10 AM
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The per capita GDP does not provide you with the tru picture. Yes our per capita GDP has increased and it will continue to rise but this is because the total income of the population is higher. Higher growth in per capita GDP is not doing anything towards poverty alleviation in the country because this growth is due to the increase in wealth of the wealthy people. The income gap between the rich and the poor is only increasing and another thing is that corruption has slowed down the developement work which was essential for the proper even growth of the country. The corrupt government officials are spending those black money in the market which also increase our GDP but in reality we are having uneven growth. This is a phenomenon seen in all countries which are in the transition process from being poor to getting well off and one good example would be Brazil. However having a bigger portion of middle class people is very important which would mean there is fairly even growth. If our country cannot check corruption and fail to implement proper developement projects then we will also turn out to be a failure like Brazil. Political stability is of utmost important for Bangladesh at this crucial transition.
FDI numbers seem a bit exagerrated because I think they took into account the 3 billion dollar TATA investment which has not yet seen daylight. In addition according to a newsreport MNC"s have repatriated more foreign exchange than they have injected in the economy.
Also our current account is dependent on foreign remittances which is not a good sign and we need to ensure a wider export basket so that our trade balance becomes stronger and should be the major player in our current account balance. However since we have such huge human resources available we can increase our earning from remittances if the government helps out this human export sector and try and widen our target countries instead of having all in the middle east as we have now.
Ghure firey shob eki jaigay point kore, that we need good governance and have to check corruption to ensure Bangladesh grows in a positive way and I am sure we can be a very strong economic player in this region if these things are made sure of. In fact in one of my courses in Uni i had a question which was sth like " what is the most important factor retarding proper growth of developing countries" and I had pointed corruption and explained it in terms of Bangladesh. Our country would have grown in double digits if we did not have such huge system loss due to corruption.
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Old July 21, 2006, 10:31 AM
Habz Habz is offline
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How much of it is down to foreign assistance and remittances sent back by expats living abroad?

These factors tend to fluctuate, impacting on the economy.
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