Economy

Bangladesh is a Next Eleven emerging market and one of the Frontier Five. It is dominated by a diversified private sector, alongside state-owned enterprises. According to a recent opinion poll, Bangladesh has the second most pro-capitalist population in the developing world. According to the World Bank, Bangladesh has a gross domestic product of US$173.8 billion in nominal terms and US$600 billion in PPP terms. Per-capita income stood at US$1,190 in 2014. GDP growth has at averaged at a modest rate of 6 percent in the last ten years, in spite of political instability, poor infrastructure and natural disasters. Bangladesh has made significant advances in human development- establishing universal primary education, raising health and nutrition levels and promoting family planning and population control. The country is identified as a major frontier market by global financial institutions.

International trade plays a vital role in the economy. The Bangladesh textile industry is one of the largest in the world, employing 13 million people and generating over $25 billion in foreign exchange. Other major exports include medicine, software, seafood, leather goods, ceramics, electronics and ships. There are reserves of natural gas and coal, with further exploration planned in the Bay of Bengal. The service sector accounts for 50% of GDP. Bangladesh is one of the fastest growing telecommunications markets in the world. The development of banking and financial services, including mobile banking and microfinance, has greatly contributed to economic growth.

Agriculture holds a crucial position in the economy and employs most of the country's workforce. The land is devoted largely to rice and jute cultivation, as well as fruits, tea and other produce; wheat production has increased in recent years. Bangladesh is self-sufficient in food production. The growth of its agricultural industries is due to its fertile soil and geography, which depend on six seasons and multiple harvests.

Bangladesh continues to face major infrastructure bottlenecks, and has mulled massive schemes for the development of highways, rail transport, deep-water seaports and energy security. The service sector has expanded rapidly during the last two decades and the country's industrial base remains very positive. Bangladesh's main endowments include its vast human resource base, rich agricultural land, abundant water, substantial reserves of natural gas and coal, two natural seaports and central strategic location at the crossroads of SAARC, the ASEAN+3 and the Indian Ocean.