Between 2009-10 and 2016-18, the growth rate of the agriculture sector declined while it increased in the services and industry sectors. According to the Bureau of Manpower Employment and Training (BMET), the total number of Bangladeshi labour migrants was around 11.5 million in 2017. Credits for crop production and poverty alleviation programmes accounted for about 59 per cent and 11 per cent respectively of total short-term loans. Between 2001-02 and 2017-18, the Bangladesh Krishi Bank's total disbursement to the agriculture sector increased more than five times from BDT 15.63 billion to BDT 82.15 billion; and its total disbursement to the crop production sub-sector increased by about 3.6 times from BDT 8.59 billion to BDT 30.62 billion. The fourth phase (2013--) witnessed growth rate of over 6.0 per cent, and reached over 7.0 per cent during the last two financial years. The Bangladesh economy is the 42nd largest in the world in nominal terms and 31st largest in terms of Purchasing Power Parity (PPP). Within the services sector, growth in trade, hotels and restaurants and transport, storage and communication remained unchanged; and real estate declined. Banks play a major role in facilitating remittances by migrant workers. MAJOR FACTORS CONTRIBUTING TO ECONOMIC GROWTH: Considerable increase in per capita income has been made possible by sustained economic growth. The article is an abridged version of the keynote paper presented by the writer at the Annual Banking Conference held in Dhaka (07-08 November 2018), Democracy in the United States is under siege, Treatment and prevention of stroke through awareness, Some thoughts on entrepreneurship development, Wolves: A Portuguese colony at the heart of England, Curbing extra-judicial activities through co-ordinated action, Regional cooperation essential to implementing the SDGs in Asia, Supportive environment a prerequisite for post-pandemic inclusive development. Around 3 million small and marginal farmers received about BDT 150 billion agricultural loans from different banks. The RMG sector accounts for around 82 per cent of total exports. During FY17, the SoCBs, PCBs, FCBs and SBs provided credit of BDT 210 billion, exceeding the target of BDT 175.50 billion. The FCBs and the PCBs exceeded their targets by about 44 per cent and 36 per cent respectively. <> [)�ε�[�Su)��*tK���t�9,�d��l�$P��o���W��Mٚ�*|���僓t$ W��eU�S6eM� �R�ZЋb��O�����k���H��8ǳy&���!����O���^n���Q�?ܻ�G*��X尦� ����hf�X���2=C�^o����du0�%�k�1̡=�\!���vz�e�[W�A��p��%O�y4�ϳ��-�|.r�r䜼��Uq҅�C�*]� 9]�y ���"V�r�Ӆ�(��n%ALf�*��v�o/�p9��. Today, it is around 22 per cent. CONCLUSION AND RECOMMENDATIONS: Banks have contributed considerably in the process of economic growth of Bangladesh. The GDP value of Bangladesh represents 0.25 percent of the world economy. Given the importance of the agriculture sector, the government has given highest priority to agriculture and its allied sectors for adequate credit with low cost. Bangladesh has come a long way in its economic growth. To ensure adequate funding for SMEs, the Bangladesh Bank in 2010 formulated the "SME Credit Policies and Programmes" aimed at helping SMEs in achieving sustainable inclusive growth. From a meagre US$ 5.70 billion in 1972, the gross domestic product (GDP) increased to US$ 285.82 billion in 2018. The overall share of the agriculture (including fisheries) sector to GDP declined to around 14 per cent, while that of the services and the industry sectors increased to around 52 per cent and 34 per cent respectively in FY 2016-17. SECTOR WISE GDP OF BANGLADESH CONTRIBUTION OF AGRICULTURE, INDUSTRIES AND SERVICE SECTORTOGDP IN BANGLADESH FROM LATE TO TILL NOWGross. endobj Also, the BB undertook special refinance schemes for the jute and dairy farming sectors (Bangladesh Bank Annual Report 2018). January 11, 2019 21:21:54 The total import payments (c & f), including imports of EPZ, increased more than two times from US$21,629 million during 2007-08 to US$43,663.0 million during 2016-17. Sector-wise contribution to GDP 7 … Factbook > Countries > Bangladesh > Economy. Financial intermediations registered positive growth, though at a low rate. The increase has been made possible as a result of a liberalised input market and expansion of irrigation, encouraging farmers to adopt the new seed-fertiliser technology. With increase in the number of migrant workers, there has been considerable increase in the amount of annual remittance. Between 2007 and 2017, the share of short-term loans was greater than that of long-term loans, and the gap has been widening during the past five years (Siddique et.al. The Bangladesh economy is the 42nd largest in the world in nominal terms and 31st largest in terms of Purchasing Power Parity (PPP).
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