Geography
Bangladesh, a country in South Asia, covers an area of approximately 144,000 square kilometres. This area can be divided into two distinct regions: a broad deltaic plain and a smaller hilly region. Bangladesh is bordered by India to the west, north, and east, and by Myanmar to the southeast. To the south, it has an irregular deltaic coastline of about 580 kilometres along the Bay of Bengal. The borders of present-day Bangladesh were established during the British partition of Bengal and India in 1947, when the region became East Pakistan, as part of Pakistan. Due to a desire for political, economic, and linguistic self-determination, popular agitation and civil disobedience grew against the Pakistani state. Bangladesh gained independence following the Bangladesh Liberation War of 1971.
Population
As of 2024, Bangladesh’s population is estimated to be approximately 174.7 million people, making it the 8th most populous country in the world. The population density stands at around 1,342 people per square kilometre. This marks a slight increase from previous years, reflecting a steady growth rate of about 0.99% annually.
Bangladesh continues to have a largely homogenous population, with approximately 98.5% of the population being of the Bengali ethno-linguistic group. The median age in the country is now 27 years, indicating a young population. The majority of the population, around 89%, adheres to Islam, while about 10% follow Hinduism.
The literacy rate has improved significantly over the years, with about 94% of adults being literate. This includes 93% literacy among males and 96% among females.
Economy
Bangladesh continues to be one of the fastest-growing economies in the world, progressing towards its graduation from a Least Developed Country (LDC) to a middle-income country by 2026.
Bangladesh’s economy expanded by 5.5% in the fiscal year 2023 and is projected to grow by 6.5% in 2024, as reported by the IMF. The GDP for 2023 was approximately USD 446.35 billion, showing significant growth from previous years. The GDP per capita stood at around USD 2,790, while the GDP (PPP) per capita was about USD 7,000. The IMF ranked Bangladesh 41st in the world by GDP.
| The Spectator Index | |
| Total GDP growth in ten years (%) | |
| Countries | GDP Growth |
| Bangladesh | 188 |
| Ethiopia | 180 |
| China | 177 |
| India | 177 |
| Indonesia | 90 |
| Malaysia | 78 |
Trade
The total amount of exports was USD 55,558.77 million as of 2022-23 (BB). The export scenario is dominated by RMG, with around 85% share (BGMEA). Major exporting regions for RMG products were Europe (Germany, Spain, Italy, France), the US, and Canada. Pharmaceuticals remain promising because of the existing capacity to meet the global demand in generic drugs and the TRIPS exemption, which the country will enjoy for a few more years. Bangladesh has exported to more than 127 countries.
Bangladesh had a total import of USD 68,234.40 million as of 2022-23 (BB). Major commodities imported were cotton, sugar, refined petroleum, palm oil, wheat, and machines. According to Bangladesh Bank, major import regions in 2022-2023 were China (25.3%), India (16.9%), Singapore (4.8%), USA (4.4%), Japan (3.9%), and Indonesia (3.6%)
Foreign Remittance
As of 2023-24, the total remittance inflow for Bangladesh was USD 23 billion. The major countries contributing to this remittance were Saudi Arabia (22%), USA (16%), UAE (12%), UK (10%), Malaysia (8%), Kuwait (6%), and Oman (5%). Remittance remains a significant source of earnings for Bangladesh and continues to hold a prominent position globally
Infrastructure
Bangladesh has shown improvements in electrification rate and is currently providing electricity to 100% of the population (Dhaka Tribune). In 2024, the country produced a record high amount of electricity at 15,000 MW. Daily load shedding has dropped to almost 0% from July 2021 to June 2023 (CPD). Despite high levels of improvement in access to water supply across the country, the quality of the water supplied remains substandard. The trend, however, according to the Global Competitiveness Report, shows improvement, with the score increasing from 2.9 out of 7 in 2017 to 3.1 in 2019.
Bangladesh has undertaken multiple infrastructure projects to improve the situation. Significant projects nearing completion include the Padma Bridge Rail Link, the Dhaka Elevated Expressway, the Bangabandhu Sheikh Mujibur Rahman Tunnel, and the third terminal of Hazrat Shahjalal International Airport (Press Xpress). Other ongoing projects include the Chattogram-Cox’s Bazar Rail line, Rampal Power Project, Matarbari Coal Power Plant, and Rooppur Nuclear Power Plant (South Asia Monitor). These projects are expected to enhance connectivity and economic growth significantly
Debt
The Bangladesh government is committed to keeping the fiscal deficit below 5% of GDP and has so far been successful (IMF). The total central government’s debt levels were at 41.4% of GDP in 2021 and 42.5% in 2022. As of 2023, the debt level remained sustainable at 35% of GDP. Bangladesh remains at low risk of debt distress with public and publicly guaranteed external debt at about 15% of GDP, and external debt at 12.15% of GDP. Foreign reserve levels were maintained at USD 33 billion. The current account deficit has generally been low, averaging 0.086% of GDP over the past five years. According to the IMF, over the medium term, the CAD will remain broadly stable at around 2% of GDP with lower remittances to GDP, imports of capital, and imports of liquefied natural gas counteracting strong export performance
| Country | Bangladesh |
| Capital | Dhaka |
| Population | 174,668,661 (Worldometer, 2024) |
| Language | Bengali. Business is mostly conducted in English |
| Currency | Taka (Sign: ৳, Code: BDT, Short Form: Tk.) |
| GDP | 465.08 billion USD (World Bank, 2024) |
| GNI Per Capita | USD 7,580 (World Bank, 2024) |
| Accounting Principles | International Financial Reporting Standards as adopted by the Institute of Chartered Accountants of Bangladesh. |
