Economy of Bangladesh

Bangladesh's heavy reliance on agriculture has long contributed to seasonal unemployment among rural agricultural workers and generally low living standards in many areas. To combat this imbalance, a policy of industrialization was adopted in the mid-20th century. The Pakistani government (1947-1971) gave preference to industries based on raw materials. native as jute, cotton, and hides. The principle of free enterprise in the private sector has been accepted under certain conditions, including national ownership of public services. The industrial policy also aims to develop the production of consumer goods as quickly as possible to avoid dependence on imports. The Pakistani government has created new types of self-governing corporations to deal with industrial development, electricity, water and wastewater management, and the development of the forestry and trucking industries. However, in 1972, the government of the newly independent Bangladesh implemented socialist policies, nationalizing these companies and establishing a number of new companies to manage the nationalized enterprises. chemical. The hasty changes, coupled with the inexperience of business officials, have caused widespread disruption and industrial production to a near standstill. In 1973, the government launched a five-year development plan (the first in a series of plans to guide the country's economy in the 21st century). The policy of nationalization was gradually revised and replaced by a 19-point program announced in 1979 that emphasized greater productivity and efficiency. The government has also returned many public enterprises to the private sector to encourage private investment.