Economy of Bangladesh

Bangladesh is an agricultural country, with some three-fifths of the population engaged in farming. Jute and tea are principal sources of foreign exchange. Major important agricultural products are wheat, pulses such as leguminous plants, such as peas, beans, and lentils, sweet potatoes, oilseeds of various kinds, sugarcane, tobacco, and fruits such as bananas, mangoes, and pineapples.

For higher GDP growth, investments in both public and private sectors will need to be accelerated. The prevailing political and economic stability has greatly encouraged investment in the private sector. The trend of foreign direct investment is very encouraging.

The government is committed to market economy and has been pursuing policies for supporting and encouraging private investment and eliminating unproductive expenditures in the public sector. A number of measures have been taken to strengthen the planning system and intensify reforms in the financial sector. The present government believes that wastage of resources is a far greater obstacle to development than inadequacy of resources.

It is common knowledge that many development efforts in the past years turned into exercises in futility because of inefficiency and corruption in high places. Terrorism was allowed to paralyse law and order. Administration was over centralized at the cost of local government institutions. The government has, therefore, decided to decentralize administration in the quickest possible time.