Economic development refers a sustainable increase in living standards. It implies increased per capita income, better education and health as well as environmental protection. In this study, Economic development is defined as a process of achieving a positive growth all over the structural components of the development. This study grabs both the political and economic history of Bangladesh. It’s a bit advance step to understand the trend of economic development. This paper attempts to recommend for a better development. Last segment of the paper has been pregnant with a new term “Democratic Capitalism” for forecasting on future Bangladesh. And of course, this study gives a floor us for a good scope to work on economic development.
Economic development is defined in this study as a process of achieving a positive growth all over the structural components of the development. Though this is not enough for having a ultimate scenario of development, yet it has been for analyzing the trend.
The Growth of East Pakistans Economy was only 4 percent. During the Liberation war of 1971, about a fifth of that Economy was destroyed. and severe dislocations caused at that time left Bangladesh on a slower economic growth trajectory for the following two decades. Then the economy accelerated sharply from 1990. Chart 1 illustrates Bangladesh’s economic trajectory over the past five decades.
Had it continued to grow at the 1960s pace in the decades since, Bangladesh’s GDP would have been 10 per cent higher by 2009? On the other hand, if not for the post-1990 acceleration, the Bangladesh economy would have been 29 per cent lower in 2009 than the actual. The implications of an even a small but sustained increase in economic growth is self-evident. Therefore, it is natural to ask whether another sustained economic acceleration is possible.
Yes, the above mentioned terms are the structural components of the development. Of course, there are some important components of development without those, economic development can’t be understood. But structural components work as the basement of ultimate development. And always can give floor to forecast on the economic development over the period.
We analyze Bangladesh’s trend of economic development and explore policy priorities that could help to give some space to the further research.
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Economic development is defined in this study as a process of achieving a positive growth all over the structural components of the development. Though this is not enough for having a ultimate scenario of development, yet it has been for analyzing the trend.
The Growth of East Pakistans Economy was only 4 percent. During the Liberation war of 1971, about a fifth of that Economy was destroyed. and severe dislocations caused at that time left Bangladesh on a slower economic growth trajectory for the following two decades. Then the economy accelerated sharply from 1990. Chart 1 illustrates Bangladesh’s economic trajectory over the past five decades.
Had it continued to grow at the 1960s pace in the decades since, Bangladesh’s GDP would have been 10 per cent higher by 2009? On the other hand, if not for the post-1990 acceleration, the Bangladesh economy would have been 29 per cent lower in 2009 than the actual. The implications of an even a small but sustained increase in economic growth is self-evident. Therefore, it is natural to ask whether another sustained economic acceleration is possible.
Yes, the above mentioned terms are the structural components of the development. Of course, there are some important components of development without those, economic development can’t be understood. But structural components work as the basement of ultimate development. And always can give floor to forecast on the economic development over the period.
We analyze Bangladesh’s trend of economic development and explore policy priorities that could help to give some space to the further research.
DOWNLOAD FULL
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