Bangladeshi Economy in the Post Partition Era Essay

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Bangladeshi Economy



Bangladesh’s per capita Gross Domestic Product (GDP) for the year 2016 was 1029.60 US dollars, equal to 8% of the global average, a never-before-recorded high. Between 1960 and 2016, the average per capita GDP of the nation was 487.18 USD. Its record low figure for GDP was recorded in the year 1972 (317.70 USD). The above figures may be compared against US and Japanese trends (Trade Economics, 2018).



The United States’ per capita GDP for the year 2016 was 52194.90 US dollars, equal to 413% of the global average, an unprecedented high. Between 1960 and 2016, the average per capita GDP of the nation was 34922.23 USD. Its record low figure for GDP was recorded in the year 1960 (17036.90 USD) (Trade Economics, 2018).



Japan’s per capita GDP for the year 2016 was 47607.70 US dollars, equal to 377% of the global average, an unprecedented high. Between 1960 and 2016, the average per capita GDP of the nation was 31629.83 USD. Its record low figure for GDP was recorded in the year 1960 (8607.

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70 USD).



Bangladesh enjoys a score of 55.1 on economic freedom, with its economy ranking 128th (freest) as of 2018. The nation has experienced a 0.1 point growth in overall score, improving in the areas of governmental integrity and judicial efficacy, outpacing drops in the areas of trade freedom, labor freedom and property rights. Bangladesh ranks 29th in 43 Asia-Pacific nations, with its score, on the whole, being below the world and regional averages (2018 Index of Economic Freedom, 2018).



With respect to regulation efficacy, the nation has not been sufficiently swift to implement governmental efforts at creating a superior business environment. While the procedure for acquiring electricity is turning into an easier task, it continues to be problematic. Relevant labor laws aren’t consistently enforced. Furthermore, unions are intensely politicized, with management-labor relations continuing to be unfriendly. In the year 2017, the Bangladeshi government undertook rice subsidy hikes as well as maintained controls on the prices of food, fuel, agricultural produce and energy (2018 Index of Economic Freedom, 2018).

With regard to open markets, the Bangladeshi.....

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References

2018 Index of Economic Freedom (2018). Retrieved 27 April 2018 from https://www.heritage.org/index/country/bangladesh

Guhathakurta, M., & van Schendel, W. (Eds.). (2013). The Bangladesh reader: History, culture, politics. Duke University Press.

Trade Economics (2018). Bangladesh GDP per capita. Retrieved 27 April 2018 from https://tradingeconomics.com/bangladesh/gdp-per-capita

Zaman, S. (2006). Beds in a Bangladeshi hospital. Medische Antropologie, 18(1), 193-204.

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