Tanvir Shahriar Rimon

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3R Factors of Bangladesh Economy !

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Bangladesh economy is being considered as one of the fastest growing economy in the world. The rise of this emerging economy began over the last decade. And now It’s at 39th position on the queue of the Largest economy in the world. PWC predicts Bangladesh will amongst the top 25 strongest economy by ten years down the line.  

In last few years Bangladesh’s GDP growth average is around 6.5 percent & last year it hit the bullseye and reached 8.2 percent which was unprecedented. Now the size of the GDP is about $300 billion.

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In Bangladesh, services are the biggest sector of the economy and contributing around 52 percent of total GDP. Within services the most important segments are: wholesale retail trade, transport, communication and real estate.

Industry accounts for almost 34 percent of GDP (Garments, manufacturing and construction being the most important in that segment). The remaining 14 percent is contributed by agriculture, forestry and fishing.

3R factors of Bangladesh Economy: As Bangladesh is riding high on economic growth & we can’t deny the 3R Factors that are contributing significant numbers in our emerging economy.

RMG: Ready Made Garments (RMG) sector contributes 13 percent to the GDP of the country. And holds the stake of around 80% of total export. In 2018-19 Bangladesh earned 34b usd from exporting RMG. Most importantly around 4.1 Million peoples are working in that industry.

Remittance: According to World Bank data, Bangladesh received $15.5 billion remittances in 2018 & 16.38 Billion in 2019.  Though it doesn’t play role in the GDP game but counts in national Income.  Around 10million remittance fighters are working abroad. Amongst 6 millions are in gulf countries.

Real Estate: This unsung contributor, contributes hefty 7.8 percent of national GDP . 260 linkage industries are involved with Real Estate like tiles, steel rerolling mills, cement factories, paint factories, ready-mix concrete factories, brick and block factories and also many SME’s The indirect contribution of Real Estate sector is not less than 18% of GDP. Moreover the developers managed to hand over successfully more than two hundred thousand homes to the dwellers. 

Creating employment in that particular sector is also the key. Around 4 millions workers (3.5 million blue collar & .5 millions white collar including engineers, architects, accountants, sales & marketing professionals) are getting their bread & butter from this sector.

(Number Source : Bangladesh Bureau of Statistics )

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