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The Growth Explains Its Reasons Itself: from the Retrospect of Bangladesh Economy

Farzana Akter
Lecturer
Department of Business Administration, East West University, BANGLADESH

A.S.M. Habibur Rahman
Teaching Assistant, Department of Business Administration, East West University, BANGLADESH

Abstract/ Executive Summary:

Bangladesh, a country with potential economic growth had a rich agro-based economy before & after its independence. Being one of the most heavily populated countries of the world, it had to face several development challenges. Accelerated growth was just a demand of time that was pushing the whole economy towards Industrial & Service Sector where growth could be achieved swiftly. This research was performed to portray the structural transition in the economy of Bangladesh after independence. GDP at a constant price was used to represent The Growth of the economy. Step by step, the decomposition method was used to split GDP to the bottom & to get the most influential sectors & sub-sectors and their recent trends. The findings from the decomposition method were supported by linear regression. A detail & authentic dataset (42 years) was used to clarify the transition to the economy.

Keywords: Growth, GDP, Transition, Bangladesh, Agriculture, Industry, Service JEL Classification Code: O14, O53

Location: Bangladesh

Start Date:

End Date:

Program Area: Socio-economic and Policy

Non-commodity: Status

Objectives:

The broad objective of this study is to understand the economy of Bangladesh properly. Then we can narrow down some specific objectives also: 1. To portray the GDP growth of Bangladesh. 2. To examine the contributing sectors & sub-sectors to the growth of GDP of Bangladesh. 3. To depict the sectoral transition in the economy of Bangladesh. 4. To elucidate the relationship between Total GDP Growth and sectors & sub-sectors growth.

Methodology:

In this paper, secondary data was used which was collected from various secondary sources such as Statistics Department of Bangladesh Bank, & the Bangladesh Bureau of Statistics (BBS). Among the variables, GDP at a constant price/ Real (Inflation adjusted) GDP was used which is more appropriate to this kind of analytical works. Then sector wise GDP & Sector wise Export were used to clarify the subject matter of the paper. The data range was from the year 1972 to 2014 for all the variables. Microsoft Excel was used to derive these statistical applications: - Bar Diagram, Line Chart, Area Chart, Regression Analysis & Correlation Analysis

Source of Information: Asian Business Review, Volume 5, Number 2/2015 (Issue 11) ISSN 2304-2613 (Print); ISSN 2305-8730 (Online)

Article Link (Online Journal):

Funding Source:

Budget:

Total Budget (Tk.) :

Achievement/Findings:

All the LDC’s are going through the change of structural pattern, a slow but obvious transition from agro-based economy to Industrial or Service based economy. Often some transition is taking place within the industry from low productive sector to high productive sector. Moreover, some industries were interrelated or dependent one over another. Such as Banking & Insurance, Hotel & Tourism Industry developed with the increasing demand & growth of RMG sector. Agriculture, Manufacturing& construction sector expanded with the help of extensive Banking & Insurance services. We have nine LDC’s in Asia region that are also in the pace of Bangladesh. Better or smaller, most of them are agriculture dependant in terms of value addition, export & employment. They are struggling to focus on the high productive industrial sectors, but like Bangladesh, these countries employment composition are agriculture based. For sustainable growth, every country should have even development in every sector. In case of Bangladesh, it is become a Service oriented economy that could be a matter of concern. If Bangladesh & other Asian LDC’s could bring improvement in Agriculture & Industrial Sector that will bring better economic future, otherwise a single occurrence could lead to the collapse of the whole economy. Policymaker should formulate policy so that all the sectors could flourish evenly.

Knowledge Management: Journal