Bangladeshs economic situation.

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Bangladesh is a poor country in terms of it's available resources compared to it's population. The per capita income is around $ 370.00, the total population is around 140 million, the average life expectancy rate is 58 years, the rate literacy is 62%, average growth (GDP) rate is 5%. After the independence of Bangladesh in the year 1971. Five years fiscal plan has been adopted for carrying out it's development activities. Its development plan is drawn to achieve the desired socio-economic goals. The main objectives of the development plan is to alleviate poverty. The poverty   strategy focussed on rural areas where the largest numbers of poor people reside. The govt. has drawn up national strategy for economic growth. Poverty reduction and social development. The other important sector is Human Development. Human beings are the ultimate resource for development to achieve this goal. Several strategies have been adopted such as removing illiteracy, increasing public expenditure on education, implementation of different health care and population program. Establishment of community clinics to provide one stop health care service, safe childbirth, to arrest spread of HIV/AIDS, tackle widespread malnourishment of children.
 Macroeconomic management is one of the economic fronts. A sound macroeconomic Management is a pre-condition for economic development. The adverse economic condition and other domestic and regional crises which affect the economic development of our country was largely prevented through the  policies of the govt, timely and proper initiative and support by both govt. and development partners, helped other natural disasters. It is expected that the economy will turn to it's normal growth the balance of payment position also improved with sufficient amount of foreign reserve. Private sector is the engine of growth and it's needs to develop on its own initiative. Govt. is trying to implement for privatization of SOES, the board of investment has been set up to attract FDI specially in the areas of export processing zone. A well functioning financial system is necessary for sustainable development. The series of action oriented financial reforms took place. Banking companies act, bankruptcy act have been introduced, Reform measures have been taken for development, reorganization, up gradation and modernization's of the nationalized Bank Reforms have also been undertaken for capital market and non bank financial institutions. Political influence in bank operation have been restricted, the board management now constituted with people having expertise/competency on the subject. As a result average loan recovery rate has improved drastically.
         
 The good governance and accountability and corruption free administrations are necessary for accelerated development. Which in turns ensure better service to the public, Local Govt. system has also been strengthened. Institutional capacity in Taxation Police development of Judicial administration have been undertaken for more efficiency and to bring greater transparency in their activities. Independent election commission has been set up. Election is being held under a neutral caretaker govt.  For sustainable development and to ensure quality life to it's citizen environment needs to be protected. Several strategies such as; expansion of forestry, conservation of wildlife, the ecosystem and bio- diversity; community participation in social a forestation, Control and restriction of uses of non biodegradable materials and leaded petroleum.
 To bring a peaceful solution to the hill problem and to end the insurgency in the Hill Tracts a peace accord has been signed after a long two decades. This has highly accorded and praised by the UNESCO and awarded a peace price. Following the peace accord the development process in the area has been accelerated. The other social and physical infrastructure have been under taken with domestic and donor assistance. The govt. attaches great importance to participation of local people in implementation of development projects in the Hill Tracts areas.

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             Govt. of Bangladesh is trying to formulate appropriate policies and institutions to ensure optimal mobilization of domestic and foreign resources through efficient utilization for sustainable economic development(bangladeshbank.org). Achievements have been made in food production, the rate of literacy increased up to 62%, community health facilities have been developed up to the remotest Corner of the country, rural employment and wage rate also have been increased, the traditional money lending has been curtailed, remittance for the expatriate work force from foreign countries has been increased, non-farm, small business, service sector employment have been widened, women ...

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