ASSINGMENT

on

Economy of Bangladesh

COURSE: Bangladesh Studies

COURSE CODE: GED 1102

SUBMITTED TO
Farzana Tazin
Lecturer
Department of Management Studies
Faculty of Business Studies
Bangladesh University of Professional

SUBMITTED BY:
Raufur Rahman
2024161064
Section- B
Batch- 05
Department of Management Studies
Faculty of Business Studies
Bangladesh University of Professionals

Date : 4th may, 2020

1.Different Economic Systems.

Answer:
Economic systems are the means by which countries and governments distribute resources and
trade goods and services.Different Economic Systems are-
 Capitalistic economic system: is an economic system based on the private ownership of
the means of production and their operation for profit. Characteristics central to
capitalism include private property, capital accumulation, wage labor, voluntary
exchange, a price system and competitive markets. Examples- The United States, New
Zealand, Switzerland, Australia etc.
 Socialist economic system: is characterized by social ownership and operation of the
means of production that may take the form of autonomous cooperatives or direct public
ownership wherein production is carried out directly for use. Examples- Cuba, Angola
etc.
 Mixed economic system: An economic system in which both the private enterprise and a
degree of state monopoly (usually in public services, defense, infrastructure, and basic
industries) coexist.
2. Underdeveloped, developing, and Developed countries.

Answer:
 Underdeveloped Countries: An underdeveloped country is a country characterized by
chronic widespread poverty and less economic development than other nations. Emerging
markets, developing countries, and newly industrialized countries are terms that are often
used interchangeably for an underdeveloped country. These countries have very low per
capita income and many residents live in very poor conditions, including lacking access
to education and health care. Example- Niger, South Sudan, Chad, Mali etc.
 Developing Countries: The countries where economic development is taking place
through planned programs and where per capita income of the people and their standard
of living are gradually increasing are called developing countries. The basis of socio-
economic structure for development of these countries has been built up and their
economy is gradually advancing forward. Example- Bangladesh, Brazil, India etc
 Developed Countries: The countries where substantial development has taken place and
where per capita income of the people and their standard of living are very high are called
developed countries. Productivity in agriculture and industry is high in these countries as
a result of application of adequate capital and extensive technical knowledge. Example-
Canada, Singapore, Japan, France etc.

3. What are the basic economic problems of Bangladesh? Explain.

Answer:
The economy of Bangladesh is a developing market economy.[33] It's the 39th largest in the world
in nominal terms, and 29th largest by purchasing power parity; it is classified among the Next
Eleven emerging market middle income economies and a frontier market. In the first quarter of
2019, Bangladesh's was the world's seventh fastest growing economy with a rate of 7.3% real
GDP annually.
NATURAL DISASTERS AND CLIMATE CHANGE: Even the common man in Bangladesh
sees a change in climatic condition because of too much heat or cold, untimely arrival of natural
hazards etc. Bangladesh experiences frequent natural disasters, the most recent being the two
consecutive floods in the haor and other areas. These can lead to deaths, damage of the
infrastructure and economic assets, and leave a negative impact on the livelihood of people,
particularly of those living in poverty.
SKILL DEVELOPMENT AND QUALITY EDUCATION: It is estimated that around 13 million
of 15-29 aged young population simply loiter not being in studies, employment and training.
This suggests that a large number of young populations remains unutilized thus constraining
GDP growth and creating social problems. However, if they could be trained and provided with
education and employment, the scenario will be totally different. This will have long-term
consequences on per capita income, growth, poverty alleviation and healthcare. Further,
improving quality of education in recent times poses a big concern.

4. How to solve economic problems of Bangladesh?

Answer:
Export and remittance will continue to be the main contributing factors to growth of Bangladesh
economy in the foreseeable future. The contribution of public sector may have gone up in recent
years and at present because of implementation of number of mega projects. But this cannot be
expected to continue indefinitely. Consumer expenditures supporting economic growth as in
developed countries will also be unthinkable in the medium term. The export-led strategy spear-
headed by the private sector in conjunction with wage earners remittance will remain as the
backbone of the economy for a long time to come. As such all assistance in the form of
incentives should be given to the private sector to go ahead with the strategy with renewed vigor.