Economy of Bangladesh in the context of "Chittagong"

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⭐ Core Definition: Economy of Bangladesh

The economy of Bangladesh is considered to be a major developing mixed economy. As the second-largest economy in South Asia, Bangladesh's economy is the 34th largest in the world in nominal terms, and 25th largest by purchasing power parity. Bangladesh is seen by various financial institutions as one of the Next Eleven. It has been transitioning from being a frontier market into an emerging market. Bangladesh is a member of the South Asian Free Trade Area and the World Trade Organization. In fiscal year 2021–2022, Bangladesh registered a GDP growth rate of 7.2% after the global pandemic. Bangladesh is set to graduate from the group of least developed countries and will join the group of developing countries in November 2026.

Industrialisation in Bangladesh received a strong impetus after the partition of India due to labour reforms and new industries. Between 1947 and 1971, East Bengal generated between 70% and 50% of Pakistan's exports. Modern Bangladesh embarked on economic reforms in the late 1970s which promoted free markets and foreign direct investment. By the 1990s, the country had a booming ready-made garments industry. As of 16 March 2024, Bangladesh has the highest number of green garment factories in the world with Leadership in Energy and Environmental Design (LEED) certification from the United States Green Building Council (USGBC), where 80 are platinum-rated, 119 are gold-rated, 10 are silver, and four are without any rating. As of 6 March 2024, Bangladesh is home to 54 of the top 100 LEED Green Garment Factories globally, including 9 out of the top 10, and 18 out of the top 20. As of 27 April 2024, Bangladesh has a growing pharmaceutical industry with 12 percent average annual growth rate. Bangladesh is the only nation among the 48 least-developed countries that is almost self-sufficient when it comes to medicine production as local companies meet 98 percent of the domestic demand for pharmaceuticals. Remittances from the large Bangladeshi diaspora became a vital source of foreign exchange reserves. Agriculture in Bangladesh is supported by government subsidies and ensures self-sufficiency in food production. Bangladesh has pursued export-oriented industrialisation.

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👉 Economy of Bangladesh in the context of Chittagong

Chittagong (/ˈtʃɪtəɡɒŋ/ CHIT-ə-gong), officially Chattogram (Bengali: চট্টগ্রাম, romanized: Côṭṭôgrām, IPA: [ˈt͡ʃɔʈːoɡram] , traditionally Bengali: চাটগাঁও, romanized: Cāṭgão; Chittagonian: চিটাং/সিটাং, romanized: Sitang), is the second-largest city in Bangladesh. Home to the Port of Chittagong, it is the busiest port in Bangladesh and the Bay of Bengal. The city is also the business capital of Bangladesh. It is the administrative seat of an eponymous division and district. The city is located on the banks of the Karnaphuli River between the Chittagong Hill Tracts and the Bay of Bengal. In 2022, the Chittagong District had a population of approximately 9.2 million according to a census conducted by the government of Bangladesh. In 2022, the city area had a population of more than 5.6 million. The city is home to many large local businesses and plays an important role in the Bangladeshi economy.

One of the world's oldest ports with a functional natural harbor for centuries, Chittagong appeared on ancient Greek and Roman maps, including on Ptolemy's world map. It was located on the southern branch of the Silk Road. In the 9th century, merchants from the Abbasid Caliphate established a trading post in Chittagong. The port fell to the Muslim conquest of Bengal during the 14th century. It was the site of a royal mint under the Delhi Sultanate, Bengal Sultanate and Mughal Empire. Between the 15th and 17th centuries, Chittagong was also a centre of administrative, literary, commercial and maritime activities in Arakan, a narrow strip of land along the eastern coast of the Bay of Bengal which was under strong Bengali influence for 350 years. During the 16th century, the port became a Portuguese trading post and João de Barros described it as "the most famous and wealthy city of the Kingdom of Bengal". The Mughal Empire expelled the Portuguese and Arakanese in 1666.

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Economy of Bangladesh in the context of Rangpur Division

Rangpur Division (/rʌŋˈpʊər/; Bengali: রংপুর বিভাগ, romanized: Rongpur Bivag;pronounced [rɔŋpuɾ bibʱag] ) is a first-level administrative division of Bangladesh. It covers the northernmost part of the country with a population of about 18 million inhabitants within an area of 16,184.99 km (6,249.06 sq mi). Rangpur Division shares borders with the Rajshahi and Mymensingh divisions. It is also bordered by the Indian states of West Bengal, Assam and Meghalaya and separated from Bhutan and Nepal by the Siliguri Corridor, and from China by the Indian state of Sikkim. Rangpur City is the administrative headquarter and the largest city. Rangpur Division includes the Teesta and Jamuna rivers. Rangpur division with 16,185 sq km area or 10.9% of Bangladesh's total area which contributes significantly to economy of Bangladesh especially in rice, jute, agriculture, food security and transport, isolated from the mainland Bagladesh by Karatoya River, forms one of Bangladesh's chicken's neck vulnerability area.

The Rangpur division consists of eight districts. There are 58 upazilas or subdistricts under these eight districts. The major cities of Rangpur Division are Rangpur, Dinajpur, and Saidpur.

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Economy of Bangladesh in the context of Remittances to Bangladesh

Remittances to Bangladesh are money transfers (remittances) sent by the Bangladeshi diaspora to Bangladesh. According to the World Bank, Bangladesh is the 7th highest recipient of remittances in the world with almost $22.1 billion in 2021 and was the third highest recipient of remittances in South Asia. These transfers play a significant role in the Bangladeshi economy, contributing substantially to the country's foreign exchange reserves and national income. A survey on remittance usage conducted by the Bangladesh Bureau of Statistics in 2013 showed that 32.81% and 32.82% of the remittances are used for food and non-food expenditures. 18.84% of remittances were used for durable and other expenses including 17.39% utilised for the purchase of land. In regards to investment and savings, the Bangladesh Bureau of Statistics revealed that 33.45% of remittances goes to investment and 13.74% of remittances goes to savings. Presently, the World Bank stands as the foremost external financier for Bangladesh. The determination to sustain funding is rooted in Bangladesh's remarkable accomplishments and the essential measures needed to sustain its advancement towards the objective of attaining upper-middle-income status by 2031.

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LINKED FROM (PARENTS)
← Chittagong ← Chattogram ← Rangpur Division ← Remittances to Bangladesh
LINKS TO (CHILDREN)
Developing nation → Mixed economy → Bangladesh → List of countries by GDP (nominal) → List of countries by GDP (PPP) → Next Eleven → Frontier market → Emerging market → South Asian Free Trade Area → World Trade Organization → Developing country → Partition of India → Pakistan → Bangladesh textile industry → LEED → U.S. Green Building Council → Pharmaceutical industry in Bangladesh → Least developed countries → Bangladeshi diaspora → Export-oriented industrialisation →