Bangladesh's economy is backward ? (Part 3)

Primary commodity producing countries and Bangladesh is an agricultural country. Whatever is produced in this country. Most of it is a primary product. Since the production system uses labor intensive production techniques, the primary product is considered as the national product. It is the production of primary commodities that keeps Bangladesh in the grip of underdevelopment. Therefore, it can be said that the economy of Bangladesh is backward.

Dependence on foreign aid and Bangladesh's development activities are largely dependent on foreign aid. 49% of the development budget depends on foreign aid. As a result of this over-reliance on foreign aid, Bangladesh has to accept various difficult conditions from donor countries. This is hampering the economic development of this country which is an indication of backward economy.

Underdeveloped economic infrastructure and underdeveloped economic infrastructure is one of the characteristics of backward economy. Bangladesh's economic infrastructure is very underdeveloped. The transport and communication system of this country has not improved yet. Roads and railways are much less than necessary. The amount of river water is also decreasing day by day in the dry season as the bottom of the river is filled. Our economic development efforts are largely hampered by the lack of adequate transportation and transportation systems. Inadequate power and energy are also hampering economic development. Therefore, it can be said that the economy of Bangladesh is backward.

Underdeveloped social infrastructure and economic infrastructure of Bangladesh as well as social infrastructure is also very underdeveloped. In Bangladesh, low rates of education, inadequate access to health care, lack of housing facilities, religious prejudices, caste system, etc. are severely hampering the economic development of the country. Therefore, it can be said that the economy of Bangladesh is backward.

Adverse foreign trade and imports are much more than the amount of income that comes to Bangladesh every year through exports. Due to import of raw materials and manufactured goods, lack of skilled entrepreneurs, production of low quality products, non-development of import alternative industries, etc., there is a trade deficit which is characteristic of a backward economy. In FY 2005-06, Bangladesh's foreign exchange deficit was 872.69 million.

Political and administrative weaknesses and a stable political and administrative structure have not yet developed in Bangladesh. Political instability, bureaucratic attitude, corruption, nepotism are hindering the pace of economic development of this country. Therefore, it can be said that political and administrative weakness pushed the economy of Bangladesh backwards.