Key Economic Indicators and Changes over time in Bangladesh

The ancient character that in 1000 B.C. was c completelyed the Vanga, or Banga, domain is considered to be 8 among the poorest and intimately thick populated countries at present. Bangladesh, an individual country with parliamentary democratic g everywherenment at the headword of the state, remains dependent on immaterial investors, grant aids and bestows from the realism assert, the Asiatic Development Bank, the U.S., Japan and more or less westerly countries, and suffers from corruption, overlook of reforms, weak infrastructure and insecure financial st pass judgmentgy.The scotch exploitation of the eastmost Bengal (contemporary Bangladesh) by the double-u Pakistan, contemporary Pakistan, has dour out to be the complete famine for the kickoff player and the surplus for the other(a) one. Yet, the advantageous climate, fertile soil, abundance of piss and cosmos crop argon passive playing the essential role and pitch the relaxation in stinting indicators income and traffic rates, productivity, import and export impairments, inflation, balance of trade, balance of payments, etc.Till the 10th century the eastern joined States Bengal was govern by Buddhists. Since that magazine the power had been handing over to Hindu, then Islamic converts in 1576 and British India from 1757 till 1947. However, the foreign dominance has shifted to home(prenominal) one and for 24 years the diachronic region of Bengal was a part of Pakistan. Though, the most of Pakistani population were the residents of atomic number 99 Pakistan (contemporary Bangladesh), the West Pakistan was holding the control over governance and economics.Grace to Sheik Mujibur Rahman and other Bengali caseists, the independent state of Bangladesh with the capital of the state Dhaka, and sheik Mujibur, as its head, was proclaimed on inch 26, 1971. However, 1 one million million Bengalis had to pay the price during the four-year civil war that followed the independence of Bengali nation. On February, 1974, Pakistan finally accepted their impropriety attempt and a slaughter of mirthful soldiers was compensated in an unexpected way.The sterling(prenominal) problem, which has alter the devastated rescue in 1980s, was the population growth. According to the points, provided by Heitzman, J., and Worden, R., the population of East Bengal in 1901 numbered 29 million people, of East Pakistan 44 million in 1951, of Bangladesh 71 million in 1974, 87 million in 1981 and 110 million in 1988 (1989). It was expected that Bangladesh will reach the target area of 140 million by 2000 and today it numbers 150 million people. Today, Bangladesh takes the first-class honours degree sharpen in population among Asiatic countries, the third one in national debt and the lowest gross domestic product growth 4.5 part (Vital Statistics, 2006).Though Bangladesh had such instinctive resources as earthy attack, timber, coal and agricultural land, they could not frustrate the demand of the growing population, along with natural disasters, such as cyclones, tropical monsoons, droughts, tornadoes, tidal bores and floods therefore, agriculture the key economic work out was rising from ashes over and over again.So, the freshly proclaimed regime had to seek answers to the interest issues1) environmental degradation and erosion of soil, deforestation, lack of lands for cultivation, shortages of water and its pollution, natural disasters2) national overpopulation, illiteracy, scientific regress and diseases.The independence has also brought some economic concerns, which wealthy person to be solved with the help of brand radical economic policies and planning. The government of Bangladesh had to manage over ccc industrial enterprises (90 percentage out of all enterprises such like), which West Pakistani owners leftfield after 1971. The grant aid and loan commitments to the take aiming economy at that time numbered $15 cardinal disbu rsed out of $22 billion planned. The UN Development Program, along with the World Bank, the Asian Development Bank and positive countries gave a hand to strengthen the new nation.In order to manage the economy, the government of Bangladesh had to develop new industrial capacities and rehabilitate the economy itself. The West Pakistani economic object lesson off out to be ineffectual and has led to economic stagnation. In 1975, the government resolved to organize universe corporations and gave a greater scope to private sector, which is muted working on. The state-owned enterprises that were targeted at sugar, cotton textiles, steel, fertilizer, chemicals, minerals, pharmaceuticals, food, forest, report card newsprint, cement, garments, tea processing, engineering and shipbuilding products pick up been privatized while banking sector, jute, oil and gas action remained under the governmental control. East Pakistani government endeavored to abet private sector and investments, denationalize public industries, ease up the import system and reinstate budgetary regulation. Yet, the reforms, expected from an enhance structural adjustment facility (ESAF), along with the International Monetary Fund (IMF), were affected by political confrontation in 1991-1993. That very year, Bangladesh received $3.3 billion in food and development assistance from the United States and was forgiven $293 million of national debt. The corruption take and political troubles cut the foreign investments in 2000-2001 and led to the economic regress.In 2003, after slackening reform, the Poverty Reduction and Growth celerity (PRGF) $490-million plan for 3 years was sanction by the IMF. Also, the World Bank has O.K. $536 million in interest-free loans. Other economic policies originated from the West Pakistani model and estimated the yearly Development Program, Poverty Reduction Strategies (PRSs) and the five-year plans for the economy.The first two waves of the Five-Year Plan fail ed to meet the objectives precisely the last one, which lasted from 1985 to 1990 reduced poverty, brought down the rate of population growth to 1.8 percent each year (present rate is 2.2 percent (Vital Statistics, 2006)), increased exports by 5.9 percent anddomestic savings by 10 percent, attained self- sufficiency in food production, stated gross domestic product of 5.4 percent (Heitzman, 1989). In its turn, the government of Bangladesh maintained institutions, responsible for implementation of economic policies and planning. The readying Commission, the National Economic Council, the Executive perpetration and the Project Evaluation Committee were and are still monitoring the reforms and progresses of economic policies and plans.According to the Bangladesh fact sheet, the key economic indicators between 2001 and 2006 are as follows GDP delivered a steadfast increase from $47.2 billion in 2001 to 63.0 billion in 2006, therefore, real GDP growth varied from 4.8 to 6.2 accordi ngly GDP per capita have increased from $335 to $407 goods exports varied from 14.5 percent of GDP to 16.1 percent. The Central Bank of Bangladesh in its progeny Major Economic Indicators provided the ample data on other economic indicators. Hereby, the Bangladeshi inflation rate increased from 1.5 % in 2001 to 6.94 % in 2007 balance of trade, 2007, amounts $-2,551 million, exports increased by $1519.05 to $9036.45 million (20.21 %) and import payments increased by $2172.8 to $12743.5 million (20.55%) in 2007.These promising facts show that foreign investments and loans, along with domestic policies, ameliorate infrastructure and financial system, made economic reforms, and strengthened Bangladeshi positions on the spheric market. Yet, the growing number of labor bosom earns its livings from agriculture, while un developed industrial sector, uneconomical power supplies and underdeveloped energy and gas resources hide the potential for economic growth, developed market, and the way out of poverty. The government of Bangladesh had turned its blind eye towards the economic perspectives of scientific progress, the interrelationship between transportation and communication, and the onus economic factor industrialization in the very beginning of the new nation, so today it remains underdeveloped and holds the place of one of the poorest countries in the world.ReferencesCentral Bank of Bangladesh. (2007, May). Major Economic Indicators Monthly Update.Department of unknown Affairs and Trade. (2006, July). Bangladesh The Economy FactHeitzman, J., Worden, R. (1989). Bangladesh A rustic Study. Washington GPO for theLibrary of Congress.Virtual Bangladesh. (2006, August). Economy Vital Statistics. Retrieved June 5, 2007, from conduct also Padma Bridge