Macroeconomic Analysis of Bangladesh's Ready-Made Garments Industry The Ready-Made Garments (RMG) industry contributes to the Bangladesh economy in a distinctive manner. The last 20 years witnessed unparalleled growth in this sector, which is also the largest exporting industry in Bangladesh. It has attained a high profile in terms of foreign exchange earnings, exports, industrialization and contribution to GDP within a short span of time. The industry plays a significant role in terms of employment
Bangladesh: Report on Economic Development from 1980-2014 Country Profile Bangladesh is located in South Asia and shares borders with India to the north, east and west. Burma lies to the southeast of Bangladesh. It occupies a fertile delta that was created by two of Asia’s largest river systems, Ganges and Brahmaputra. Bangladesh is one of the most populated and poorest countries in the world. According to the World Population Review, Bangladesh is ranked 8th most populated country with 152,518
The most troubled sector of recent times is Readymade Garments (RMG) sector of Bangladesh which is the backbone of our economy. This labor intensive industry has accommodated 4.5 million workers 80% of whom are women in the last fiscal year1. So there are about 5,000 garments factories scattered across the country. 78% of our foreign earnings come from this sector2. This sector keeps our economy moving but the industry has been facing numerous problems. Poor working conditions, bad industrial relations
The Bangladesh government has taken initiatives to build an ICT-driven nation comprising of knowledge-based society. In view of this, a country-wide ICT-infrastructure is being developed to ensure access to information by every citizen to facilitate empowerment of people and enhance democratic values and norms for sustainable economic development by using the infrastructure for human resources development, governance, e-commerce, banking, public utility services and all sorts of on-line ICT-enabled
i. Monopoly Market Structure Monopoly in most of the cases is characterized by single seller. The one in monopoly has no close substitutes. For example in case of Bangladesh Electricity supply is monopolized, which has no substitute. The public have to depend and buy the product (electricity) from single centralized seller (government). The one in monopoly is the price maker. The price of the commodity is decided by the monopolist. However the general perception is that the marginal revenue is equal
a sweat shop in Bangladesh (Canadian Press, 2013). The choice to have clothing made in sweat shops is one that many consumers do not agree with, which is why functionalism is a favorable perspective to look at this controversy. A functionalist’s perspective determines that society maintains order in the
natural resources that include iron ore, nickel, copper, zinc, gold, lead, silver, timber, fish, coal, petroleum, natural gas, and hydropower. Regionally, the Canadian economy varies greatly. In the Eastern provinces, marine industries—including fishing, telecommunications, and energy production—are the main components of the economy. In the French-speaking region of Quebec, the city of Montreal has become one of the nation's centers for high-technology firms. This includes a large number of computer
“Bhojonbilashi” (roughly translated as gourmand) is a popularly used expression coined to delineate the people of Bangladesh to illustrate their love of indulging themselves in eating and consumption. In Bangladesh, it is run-of-the-mill to have four meals on a daily basis starting with a homemade breakfast, a heavy lunch followed by evening snacks at 7 pm, usually from the outside street vendors, and ending the day with an extravagant dinner which includes rice, lentils, meat (or fish) and vegetables
Grameen Bank is fighting poverty in Bangladesh one small loan at a time. The Micro Credit system was developed by Mohammad Yunus who is the founder of Grameen Bank. In Bengali, which is the official language of Bangladesh, Grameen means rural. That is exactly what Grameen Bank is, a rural bank for the poor. Grameen gives small loans that average about eighty-six dollars to villagers in Bangladesh who want to create a new business or build on an existing one. Grameen mostly focuses on women in these
to transform into medium size firms along with preserving their employment generating potential to absorb the growing labour force. DEF 13, as already mentioned The BSCIC (Bangladesh Small and Cottage Industries Corporation) driven survey in 1978 drew the first SME data to understand how many SMEs were present in Bangladesh in that time. Unfortunately this survey’s dependability was questioned by many and was never updated in the following years. It was not until 2003, when a number of local and
interest of my study and that’s why I chose economics as the major subject in my undergrad study. As Bangladesh is a developing country, the economy is gradually expanding with many emerging sectors. But still agriculture is the base of the economy. I want to contribute largely in this sector that will have far-reaching effect on the sustainable development, growth and advancement in our economy. For making up my dream fruitful and pragmatic, I am in a crying need of acquiring more knowledge and
The early history of Bangladesh is riddled with the formation of various city-states, pan-Indian empires, and maritime kingdoms. The name Bangladesh was not used until 1971 after the Bangladesh Liberation War. Bangladesh was originally known as Bengal. It is unclear where the name Bengal came from but it is believed that it was derived from Vanga, the Dravidian tribe that settled in the area around 1000 BC. By the 16th century, the Mughal Empire came to power. The Mughal Empire was a Persian speaking
companies and syndicate for educational and political institutions to establish policies against the operation of sweatshops. Contrarily, Jeffrey D. Sachs, a professor at Columbia University, appeals mainly to ethos in an excerpt from the chapter “Bangladesh: On the Ladder of Development,” in his book The End of Poverty,
The History and Culture of Bangladesh Bangladesh came to existence in 1971 when Bengali East Pakistan seceded from its union with West Pakistan. It is located in southern Asia bordering the Bay of Bengal, between Burma and India. Bangladesh and West Bengal form a region which is called Bengal; and Bangladesh is sometimes referred to as East Bengal. It has a population of around 138,448,210 people. (CIA World fact book)The nation’s rapid growth has led to serious overcrowding. About one third
arguments towards how globalization really does contribute to sustainable prosperity for people all around the world. This can be supported by three main points. How the rise of Japan’s economy effected the lives of millions of people. How shipwrecking effects the lives of both the ship companies and the workers in Bangladesh, and how economic growth contributes to the sustainable prosperity of the population in a specific nation. Sustainable prosperity can be defined differently from different individuals
of having an influential women leader as a prime minister to lead the country and massive policy initiatives for bringing women empowerment in achieving millennium development goals, Bangladesh ranks lower in terms of women participation in leadership position and top management in the private sector of the economy. Gender diversity in business leadership is an emerging requirements to be fulfilled in order to become competitive globally. It is well regarded that woman are well able to play the role
On April 24, 2013, 141 lives were lost after a structure in Dhaka, Bangladesh housing several garment factories collapsed due to known infrastructural flaws (Manick and Yardley 1). This development left many wondering just how such an event could have occurred given the signs of potential catastrophe and how they should respond to the tragedy. Answers to these questions may be found within the theories of political theorists Karl Marx and John Stuart Mill. From On Liberty and The Subjection of Women
Bangladesh , a small country located in South East Asia, despite not being a major producer or consumer of narcotics has become a major trafficing route due to its geographical placement. Bangladesh is situated in the central point between the ‘golden triangle’ (Myanmar, Thailand and Laos) and the ‘golden crescent’ (Pakistan, Afghanistan and Iran) in terms of geographical location. Due to being surrounded on all sides by major drug producing countries and its porous land, sea and air border it
3.0 Textile Industry in Bangladesh and European Union “Made in Bangladesh” is not merely a phrase that denotes the origin of high-quality clothing, but for the last few years, it has also become a symbol of identity and pride to the remote Southeast Asian country of Bangladesh and its 160 million people. Considered as the single most powerful source of revenue in the economy of the developing nation of Bangladesh, the textile industry, thriving mostly in the Ready-Made Garments Sector has gained
international companies already operating there. The reason why I have chosen Bangladesh is that it is a huge market with a population estimated approximately 166.28 million as of 2014 and ranked 8th in the list of countries by population (CIA Factbook, 2014). Like other developing nations, the growth of telecom market in Bangladesh has exceeded all expectations and has made a significant impact on the country’s overall economy in terms of aggregate investment, FDI and production level (Islam, 2010).