Bangladesh's economy is backward ? (Part 1)

Almost all the features of the economic structure of underdeveloped countries can be observed in the case of Bangladesh. The country is plagued by financial instability and scarcity, traditional agricultural production systems, high population density, dependence on foreign aid, political instability, administrative corruption, etc. Although almost 36 years have passed since independence in 1971, no significant progress has been made in the economy of this country. Considering these aspects, the economy of Bangladesh has been called backward.

The dominance of the agricultural sector and one of the main features of the backward economy is the dominance of the agricultural sector. Bangladesh is an agricultural country. The economy of this country is dependent on agriculture. About 51.69% of the working population are agricultural workers. The contribution of aggregate agriculture to the national income in the fiscal years 2005-06 and 2006-07 was 21.64% and 21.11% respectively. Thus, the economy of Bangladesh is highly dependent on agriculture which is characteristic of backward economy.

Although the underdeveloped agricultural system and the economy of Bangladesh is dependent on agriculture, the agricultural system is very underdeveloped. In this country now. There has been no significant spread of modern farming in a scientific way. In agriculture, cultivation is practiced on small farms which are the lifeblood of the traditional and blind period. Paddy is the main crop in cultivation. The use of high yielding seeds, chemical fertilizers, pesticides, modern agricultural machinery is very slow. As a result, the growth rate in the agricultural sector is very low, which is characteristic of a backward economy.

Poverty is the main reason for the backwardness of Bangladesh's economy. According to Professor Narks, “The root cause of a country's economic underdevelopment is the vicious cycle of poverty. The vicious cycle of poverty is the gathering of economic forces that interact with each other to keep a country poor. ” Bangladesh is also bound in this vicious cycle.

The backwardness of industry and how advanced or backward a country is economically depends. On the progress or backwardness of the country's industry. Due to lack of capital, lack of skilled entrepreneurs and skilled workers, political instability, etc., Bangladesh's industrial sector is very underdeveloped. As a result, the contribution of the industrial sector to the national income is very low. The contribution of Bangladesh's industrial sector to the GDP in FY 2005-06 was 16.07% and the contribution of Bangladesh's industrial sector to GDP in FY 2007-08 was estimated to be about 16.89% which is characterized by underdeveloped or backward economies instead of developed or advanced economies.