View the information below regarding the economy of Bangladesh. The summary and statistics contains
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Bangladesh’s fiscal year runs July 1 to June 30 Annual GDP growth rate (2002 est.): 4.4%.
Inflation (2002): 2.4% Per capita GDP (2002): $361.
Natural resources: Natural gas, fertile soil, water.
Agriculture (25% of GDP): Products--rice, jute, tea, sugar, wheat. Land--cultivable area cropped at rate of 176% in 1997; largely subsistence farming dependent on monsoonal rainfall, but growing commercial farming and increasing use of irrigation.
Industry (26% of GDP): Types--garments and knitwear, jute goods, frozen fish and seafood, textiles, fertilizer, sugar, tea, leather, shipbreaking for scrap, pharmaceuticals, ceramic tableware, newsprint.
Trade (2002): Merchandise exports--$5.929 billion: garments and knitwear, frozen fish, jute and jute goods, leather and leather products, tea, urea fertilizer, ceramic tableware. Exports to U.S. (2002)--$2.134 billion. Merchandise imports (2002)--$7.697 billion: capital goods, food grains, petroleum, textiles, chemicals, vegetable oils. Imports from U.S. (2002)--$269 million.
Although one of the world's poorest and most densely populated countries, Bangladesh has made major strides to meet the food needs of its increasing population, through increased domestic production augmented by imports. The land is devoted mainly to rice and jute cultivation, although wheat production has increased in recent years; the country is largely self-sufficient in rice production. Nonetheless, an estimated 10% to 15% of the population faces serious nutritional risk. Bangladesh's predominantly agricultural economy depends heavily on an erratic monsoonal cycle, with periodic flooding and drought. Although improving, infrastructure to support transportation, communications, and power supply is poorly developed. Bangladesh is limited in its reserves of coal and oil, and its industrial base is weak. However, the country's main endowments include its vast human resource base, rich agricultural land, relatively abundant water, and substantial reserves of natural gas.
Since independence in 1971, Bangladesh has received more than $30 billion in grant aid and loan commitments from foreign donors, about $15 billion of which has been disbursed. Major donors include the World Bank, the Asian Development Bank, the UN Development Program, the United States, Japan, Saudi Arabia, and west European countries. Bangladesh historically has run a large trade deficit, financed largely through aid receipts and remittances from workers overseas. Foreign reserves dropped markedly in 2001 but appear to have now stabilized in the $1.2-$1.5 billion range (or about 2.0-2.2 monthly import cover).