One of the most promising economies in the world today, Bangladesh has a host of positive statistics and numbers including: In 2014, gross income per capita reached $1,190, Bangladesh ranks number 140 out of 177 countries for development and it is moving higher, The rate of population growth is currently at 1.39% a year.
Today, approximately 75% of the people in Bangladesh live in rural parts of the country, and most of them depend on agriculture for their livelihood. The agricultural sector is the largest by far, contributing approximately 19.09% of the country’s GDP, and providing jobs to around 48.1% of the labor force.
The coastal area of Bangladesh has a significant place in its economy. Around 3.6 million hectares of coastal land make up almost 25% of the geographical area and 25% of the population live in this region. The agricultural sector in the coastal area of Bangladesh is also incredibly important.
As mentioned, Bangladesh places an overwhelming amount of reliance upon the agricultural sector. The contribution that agriculture makes to the overall employment levels and GDP of the country indicate its significance in regards to national economy. However, recent information has revealed that the contribution is declining. In the nineties, it was about a third of the country’s total economic output, and it was at 40% in the seventies.
Throughout the last decade, the amount of coastal land has also decreased from 25% to 23%. What’s more, the number of people employed in the agriculture sector fell from the 1970s’ number of 78% to about 60% by the end of the twentieth century.
Reporting on the Bangladesh coastal zone is a topic that interests many. CBS’s 60 Minutes did a segment on the ship salvaging industry that occupies part of the country’s coast. Companies and countries across the world bring old ships here to tear them apart piece by piece. It is toxic nightmare, but it does employ thousands of workers. The water around the beaches is devastated because a country this poor cannot afford to worry about such things. Every part of the ship is recycled in some fashion or another.
Bangladesh is becoming Food Self-sufficient
The share of agricultural products contributing to GDP has fallen. Greater agricultural productivity, however, means Bangladesh is taking steps to become food self-sufficient. Economists note that both crop cultivation and other methods to obtain food, such as paddy cultivation in the coastal zone, are seeing increases.
Improved performance in the agricultural sector is a necessary part of bridging Bangladeshi economic imbalances.
– By: EW News Desk Team