Globalization Impact on Bangladesh Economy

Under National Agro-Food Policy, agriculture sector has been identified as a National Key Result Area. Under this initiative, the agriculture sector is targeted to increase the Gross National Income by RM28.9 Billion (USD9.1 billion) to reach RM49.1 billion (USD15.4 billion) by 2020. The agricultural sector is also targeted to create more than 109,000 job opportunities by 2020, primarily in the rural areas.

Coffee, sugarcane, sisal, and fruit are the dominant commercial crops, while beans, rice, corn, and sorghum are the main food crops. Coffee is the dominant export. Sugarcane, cotton, sisal, coconuts, and vetiver are raised on plantations

Why are Some Nations Rich and Others Poor? Introduction Over the years, a nation’s economy will change drastically and, due to a large variety of factors, there are now countries who are significantly wealthier than others. These factors range from lack of education, to lack of natural resources and all of them notably effect the economy of a country.

IMF Announces Sale of 10 Metric Tons of Gold to the Bangladesh Bank. (2010). Retrieved from

Economic mainstay: Sugar production until the 1940s. Manufacturing and tourism have become the main economic activity and source of income. Manufacturing composes about 46% of the GDP of the island.

Not only the food supply and amounts of money have grown tremendously because of new irrigation, but also the agricultural wealth of the country. Because the sanitation in India was growing, the standard of living grew as

Chief exports: corn, diamonds, fruits, gold, metals, minerals, sugar, wool, machinery and transportation equipment, chemicals, manufactured goods, and petroleum

a. Agriculture (irrigation) and breeding of animals = surplus food (goats, peig, cattle, sheep). Wheat, barley, rice, and maize.(Sci&Tech- polish stone tools. Ex: stone sickles)

Primary sector is raw materials for example coal, metals and fruit. This is everything is extracted and shipped of to factories.

About 60% of the land is cropland. The agriculture industry employs 7.4% of the labor force and contributes about 8.7% to the Gross Domestic Product (GDP). Sugarcane makes up over half the acreage. Bananas are also grown, but only on a limited scale. Sea island cotton is also grown. All of the farmers are required by regulations to plant at least 12% of their arable land with some food crop. Barbados' natural resources include

The economy as a whole has a general unemployment rate of 4.3% out of a labor force of 5.233 million. In 2013 the majority of the workers were in the state sector at 72.3%, and the rest in the non state sector at 27.7%. This is a change from 2011 when the majority of the workers were in services at 63.2%. The other two sections split between agriculture at 19.7%, and industry at 17.1%. The industrial market consist of sugar, petroleum, tobacco, construction steel, cement, agricultural machinery, pharmaceuticals, and nickel. The natural resources are cobalt, nickel, iron ore, copper, manganese, salt, timber, silica, petroleum, and arable land. The agricultural market consists of sugar, tobacco, citrus, coffee, rice,

China’s main food baskets producing 11.6 percent of the country’s pork, 7.32 percent of rice, 4.2

Growth in the agricultural sector has been driven by increased production of major food crops such as maize, sorghum and cassava, but the sector’s performance remains below potential. In turn, the services and industrial sectors have shown strong growth. The nascent banking sector and expanding telecommunications sector are key drivers behind services growth, while construction, electricity generation, manufacturing and mining are salient sub-sectors in industrial activity. Looking ahead, the banking and telecommunication sectors will continue to support services growth, while increased electricity generation capacity will benefit the expansion of the manufacturing

In today’s world, with a few notable exceptions, nearly everyone in every region of the world has access to the same products, information and services. A long-distance relationship is no longer so distant, since each party involved in the relationship can communicate through Skype, Facebook or through any of the vast amount of social media available. A person in Easter Island, one of the most remote inhabited islands in the world, can go to the other side of the world and travel to Canada. An economic crisis in Argentina could affect the economic landscape in Brazil. A person in Chile or Peru can buy an Abercrombie and Fitch t-shirt because this transnational corporation decided to expand its market to developing countries, or as you might prefer, to emerging economies in South America. Although many of these examples might be trivial, these are the consequences of globalization.

Bangladesh is a south Asian country and has an approximate population reaching 164 million. The manufacturing industry is what Bangladesh is known for. That industry also accounted for almost 12% of GDP in 2009 and 2010 with employing over four million people (The Bangladesh Accord Foundation, 2014). The labor force is made up of young, urbanizing, mainly women. Bangladesh accounts for approximately 78% total exports (The Bangladesh Accord Foundation, 2014), which is second to China.