Factors influencing economic development of Bangladesh
Bangladesh is a country with a total area of 147,570 sq. km. and one of the densely populated country which got independence in 1971 against Pakistan. The country as we know it today came into being in 1971 after East Pakistan’s glorious and bloody nine months battle for independence. Three-fourth of the people live in the rural areas, though urbanization been expanding quickly in the last twenty years. Our’s is an agrarian based economy and still now agriculture is the main source of employment .Climate of Bangladesh is moderate which is very fruitful for our agriculture .But in the past contribution of the agriculture sector to GDP has declined from 50 percent in 1972-73 to around 15 percent in 2004-2005. Our economic development could not flourished because of political and many other constraints .In this 21st century our economic development is going on not rapidly but gradually. But unemployment, cheap rate of wages and high rate of inflation are the main reasons behind our slow economic growth. Necessary steps should be taken against these problems. Our GDP growth is comparatively too slower than that of many developed countries which is also another type of problem. About one-third of our labor force is unemployed; they can not take part in economic activities as well as GDP growth in Bangladesh. Industrial and export sector have achieved production growth in the last five years. Bangladesh is a country which exports labor force to abroad comparatively more than that of some other countries. Low rate of wages is an obstacle behind economic development in Bangladesh. Most of the people of our country live below poverty line. In search of livelihood they forced by themselves to do any work. Due to lack of enough employment they can not get job on basis of their educational qualification. So they work in any sector with low wages. Because of high inflation rate the process of price hike in Bangladesh seems unending. Because of high inflation rate the value of our savings is decreasing which reducing our investment ability. No nation can prosper without productive activities and productive activities are not possible without adequate investment.
Review of Literature: Development processes, rather than seeing them as a future goal or inevitable outcome of economic development. This is not only a question of social justice, but also an important contributory factory to social and economic development: in many ways, labor standards and social dialogue help to enable development
( Labor Standards Forum ,January-2010)
1)Increase in female labor supply accompanied by generation of demand for female labor in new forms of production resulted in a feminization of the labor force in Bangladesh. This has affected both gender segregation and market segmentation. Women’s primary responsibility for reproductive work, however, appears to constrain both quality of employment and returns to labor by restricting women’s full participation in market work. Moreover, unchanging gender division of labor in the household and reproductive economies carries negative implications for the well-being of women and of family members dependent upon women’s care-giving labor.(Simeen Mahmud)
2) In recent years of normal rice harvests, supply from domestic rice production in Bangladesh has essentially met domestic demand so that imports have been very small. Future supply-demand balances will be determined in part by the price-responsiveness of supply and demand, along with technical change, income growth and other factors. This paper provides estimates of the price-responsiveness of rice production (in particular, area planted to rice), and then simulates supply and demand balance for rice under alternative scenarios.(Paul A Dorosh: Quazi Shahabuddin