Movement of the Economy of Bangladesh with its Sector-Wise Contribution and Growth Rate

Abstract

Bangladesh is an overpopulated south Asian developing country. Agriculture, industry, and service are the 3 sectors of its economy, and these sectors are divided into 20 sub-sectors. The objective of this study is to show the movement of its economy along with its sector-wise contribution and growth rate. The study is conducted based on secondary data collected from the website of the Bangladesh Bureau of Statistics. On average, yearly, the contribution of the agricultural sector is 12.46%, the industrial sector is 32.80%, and the service sector is 50.63% in its national Gross Domestic Product (GDP), but the contribution of the industrial sector is increasing, while the contribution of agricultural and service sectors is decreasing. On the other hand, on average yearly, the growth rate of the agricultural sector is 3.32%, the industrial sector is 8.80%, and the service sector is 5.89%, while the national GDP growth rate is 6.44%. Among 20 sub-sectors, the manufacturing sub-sector showed the highest contribution, 22.47%, and growth rate, 11.59%, in 2021. The study claims the economy of Bangladesh is moving toward the industrial sector. The economy of Bangladesh has successfully recovered from the COVID-19 negative shock, but the economy is suffering from another negative shock, the Russia-Ukraine war. Further study is required to measure the Russia-Ukraine war's effect on Bangladesh's economy.