Role of Marketing in the Economy of a Developing Country Like Bangladesh

The economy of Bangladesh is a rapidly developing market-based economy. Its per capita income in 2010 was est. US$1,700 (adjusted by purchasing power parity). According to the International Monetary Fund, Bangladesh ranked as the 44th largest economy in the world in 2011 in PPP terms and 57th largest in nominal terms, among the Next Eleven or N-11 of Goldman Sachs and D-8 economies, with a gross domestic product of US$269. 3 billion in PPP terms and US$104. 9 billion in nominal terms. The economy has grown at the rate of 6-7% per annum over the past few years.

Exports of textiles and garments are the principal source of foreign exchange earnings. Shipbuilding and pharmaceuticals have become a major force of growth, while the jute sector is re-emerging with increasing global demand for green fibers. Remittances from Bangladeshis working overseas, mainly in the Middle East, are another major source of foreign exchange earnings. Other important export sectors include ceramics, cement, fertilizer, construction materials, and fish, and seafood, cane and leather products.

Bangladesh has also made major strides in its human development index. The land is devoted mainly to rice and jute cultivation as well as fruits and other produce, although wheat production has increased in recent years; the country is largely self-sufficient in rice production. Bangladesh’s growth of its agricultural industries is due to its fertile deltaic land that depend on its six seasons and multiple harvests. Transportation, communication, water distribution, and energy infrastructure are rapidly developing. 7] Bangladesh is limited in its reserves of oil, but recently there has been huge development in gas and coal mining. The service sector has expanded rapidly during last two decades and the country’s industrial base remains very positive. [7] The country’s main endowments include its vast human resource base, rich agricultural land, relatively abundant water, and substantial reserves of natural gas, with the blessing of possessing the world’s only natural sea ports in Mongla and Chittagong, in addition to being the only central port linking two large burgeoning economic hub groups SAARC and ASEAN.