Bangladesh is a developing nation. Goldman Sachs named it one of the “Next Eleven”. Bangladesh gradually decreased its dependency on foreign grant and loan from 85% (In 1988) to 2% (In 2010) for its annual development budget. Its per capita income in 2010 was US$641 compared to the world average of $8,985. In December 2005, the Central Bank of Bangladesh projected GDP growth around 6.5%.
Bangladesh has seen a dramatic increase in foreign direct investment. In order to enhance economic growth, the government set up several export processing zones to attract foreign investment. The Bangladesh Export Processing Zone Authority manages these.
Bangladesh government is planning for construction of the largest deep-sea port in South Asia at Sonadia Island. The 500 billion Taka project will be completed in multiple phases and enable Bangladesh to service the whole region as a maritime transport and logistics hub. India, China, Bhutan, Nepal and other neighbouring countries will be able to take full advantage of the strategic location and Bangladesh’s LDC status for exporting their goods, which are manufactured in Bangladesh.
Today Bangladesh is the second biggest producer of textiles’ and soon will overtake the current leader China. It is not just the textile industry, which is flourishing; the shipbuilding and shipwrecking industry in the Chittagong area is becoming more and more important. Through the need of a better infrastructure urban development and building industry are extremely on the rise.