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Bangladesh is the eighth most populous country in the world. According to 2016 estimates, Bangladesh is home to about 160 million people. Although Bangladesh is a very populous country, Bangladesh is a very small country in terms of size. It is bordered by India and Myanmar on three sides. And the remaining part is the Bay of Bengal. About eleven people live in every square kilometre of the area in Bangladesh.
Despite having such a large population, Bangladesh's economy is not that strong. According to the calculation for 2022, the total GDP of Bangladesh is about 411 billion. The per capita income of the people of Bangladesh is about 2567 USD. Which is more than the per capita income of people of India and Pakistan. However, Bangladesh is very focused on the economic side at this time. Most of the country's income comes from exports of ready-made garments, remittances from expatriates and farmers' produce.
What is the status of garment exports in Bangladesh?
China is the largest exporter of manufactured garments in the world. Bangladesh is the second largest exporter of ready-made garments after China. The quality of clothes made in Bangladesh has now spread all over the world. Especially in Europe and America. Except for China, European and American countries are importing clothes made from Bangladesh. Especially England, Germany, France, Spain, USA and Italy.
Bangladesh earns about forty billion US dollars every year by exporting garments made to those countries. Which is one of the biggest export sectors of Bangladesh. But for so long Bangladesh government has not shown any interest in garment workers. But the present government of Bangladesh, Hon'ble Prime Minister Sheikh Hasina, wants to further support the garment industry companies. It may soon overtake China to become the world's largest exporter of ready-made garments.
The economy of Bangladesh is getting stronger day by day.
As I said above, the economy of Bangladesh stands on only a few pillars. Among these, the two biggest pillars are the export of ready-made garments and remittances from expatriates working in Middle Eastern countries. The government of Bangladesh may belatedly realize that if it does not have a strong economy, the future is bleak. That is why the government of Bangladesh has brought changes in everything from the communication system of the country. Garment workers are exerting pressure on employers for their due rights. Moreover, the government is working to spread the garment industry more widely.
There are about three million Bangladeshi expatriates in Saudi Arabia alone. There are approximately five million diasporas throughout the Arab and Middle East. Those who regularly send remittances to the country. That is why the Bangladesh government calls these expatriates remittance fighters. There was a time when foreign expatriates used to send money back home through handi. By doing this, the total wealth of the country would be greatly affected. But after the bold decision of the Bangladesh government, expatriates now send money to the bank
America's economy is getting stronger day by day.
However, amidst the rapid economic growth of Bangladesh, the bad news is that the GDP growth rate of Bangladesh has decreased a lot due to the corona epidemic. Moreover, there is the problem of politics. But it is hoped that Bangladesh will be able to overcome this economic crisis very soon.