Asia and Oceania

Bangladesh
Last reviewed: 22 July 2009

Country information

See entire profile

ECONOMY

Basic Economic Facts

GDP: US$ 78.95 billion
GDP per head: US$ 470 (World Bank 2007) US$ 599 (2008)
GDP Growth: 5.3% for 2003 (forecast for 2005 is 5 %) 6.21% (2008)
Consumer Price Inflation: 6.1% (2004) 8.75 (May 08-April 09)
Principal Exports: Garments account for 80% of Bangladesh’s exports to the UK. Seafood is also a significant Bangladesh export. Almost 10% of Bangladesh’s world-wide exports go to the UK.
Aid & development: The Department for International Development (DFID) has one of its largest programmes in Bangladesh. On current plans, the UK expects to spend £114 million in the year to 31 March 2008.

Bangladesh has made significant economic progress in the past 15 years. Annual economic growth has averaged 5% since 1990, with rates approaching 7% in recent years. Incomes have doubled in less than 30 years.

There has been major progress in poverty reduction. Poverty fell by more than 1% per year during the period 1990-2000, and then by almost 2% per year from 2000-2005. However, four out of every ten people, some 56 million, remain in poverty and survive on less than the equivalent to half a US dollar at current exchange rates. Of these, some 14 million are extreme poor, living on less than 20 Taka, or 30 US cents, per day.

Exchange rate: The Bangladesh Central Bank announced a move from an exchange rate pegged to the US dollar to a managed floating exchange rate on May 31 2003 (a pre condition for an IMF Poverty Reduction Growth Facility (PRGF) loan). Since the float, the taka has remained stable.

UK Trade & Investment Country Profile: Bangladesh

International Monetary Fund: IMF and Bangladesh