Economic Status of Bangladesh and China

Name: Md. Jahiduzzaman

ID: 2020180
Course: Principles of Macroeconomics
Section: 05
Submitted To: DR. Shahriar Kabir
Date of Submission: 18th August, 2024
Research Method

The economic circumstances of Bangladesh and China were evaluated using data from the World
Bank’s World Development Indicators. This site offers a wide variety of substantive and reliable
data on various economic indicators. In this research, nominal GDP, real GDP, GDP deflator and
consumer price index for both nations will be looked at.

Bangladesh and China were searched specifically to obtain information about nominal GDP, real
GDP, GDP deflator and CPI. These are four such indicators this study explores. In order to better
understand the factors that cause variations in economic indicators over time by providing
context for the collected statistics these papers have been sourced from organizations including
The World Bank as well as International Monetary Fund (IMF) and other financial-economic
institutions.

Once selected and gathered the collected data was utilized to compare the economic conditions
of Bangladesh with those of China. For 31 years between 1991-2021, trends were checked to
identify patterns across time with major changes in their economy. In the study, an attempt was
made to provide a succinct and all-encompassing perspective of how each country’s economy is
doing in terms of growth, inflation as well as other economic indicators. Such an approach
ensures that the report is grounded on dependable and latest information which offers useful
reflections about economic situations in Bangladesh and China.

2 | Page
Table of Contents

Title of Contents Page Number

1. Introduction 4
2. Key Factors that contribute to Bangladesh’s Economic Change over 5-8
the 31 years
3. Key Factors that contribute to China’s Economic Change over the 31 9-12
years
4. Similarities and Differences of Bangladesh and China’s Economic 13-16
Development
 4.1 Similarities
 4.2 Differences
5. Analyzing World Development Indicators Data and Findings 16-19
6. Conclusion 20
7. References 21-22

3 | Page
1. Introduction

From 1991 to 2021, Bangladesh and China experienced changing economies that have affected
their contemporary economic environments. This assignment will examine the economic growth
of these two countries over the last three decades using World Development Indicators data such
as Current GDP, Constant GDP, GDP Deflator and Consumer Price Index (CPI).

This study examines these numbers for a thorough analysis of both nations’ economic growth
patterns, inflationary trends as well as overall economic stability. The comparative approach
looks not only at similarities and differences in their economic journeys but also at what factors
and strategies were behind their progress and development during this period.

The purpose of the assignment is to try to comprehend how Bangladesh and China dealt with
divergent economic challenges and opportunities between 1991-2021.

4 | Page
2. Key Factors that contribute to Bangladesh’s Economic Change
over the 31 years

Real GDP & Nominal GDP of Bangladesh

400,000,000,000.00

300,000,000,000.00

200,000,000,000.00

100,000,000,000.00

-
] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ]
9 91 993 995 997 999 001 003 005 007 009 011 013 015 017 019 021
R1 YR1 YR1 YR1 YR1 YR2 YR2 YR2 YR2 YR2 YR2 YR2 YR2 YR2 YR2 YR2
[Y [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
9 1 9 3 9 5 9 7 9 9 0 1 0 3 0 5 0 7 0 9 1 1 1 3 1 5 1 7 1 9 2 1
19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20

GDP (constant 2015 US$) GDP (current US$)

Figure 1: Couldn't add Data Labels due to space issues.

GDP Deflator & CPI of Bangladesh

250.00
200.00
150.00
100.00
50.00
-
] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ]
9 91 993 995 997 999 001 003 005 007 009 011 013 015 017 019 021
R1 R1 R1 R1 R1 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2
[Y [Y [Y [Y [Y [Y [Y [Y [Y [Y [Y [Y [Y [Y [Y [Y
91 993 995 997 999 001 003 005 007 009 011 013 015 017 019 021
19 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2

GDP deflator (base year varies by country) Consumer price index (2010 = 100)

Figure 2: Couldn't add Data Labels due to space issues.

5 | Page
  Several significant factors have contributed to Bangladesh's economic
growth during the last 31 years, allowing the country to go from low-income
to lower-middle-income status. Here's a deeper look at the most important
factors of this economic shift:

1. Agricultural Reforms and Food Security

 Green Revolution in Bangladesh: In the late 20th and early 21st centuries, Bangladesh
adopted Green Revolution technologies, including high-yielding variety (HYV) seeds,
chemical fertilizers, and expanded irrigation systems. The widespread adoption of these
technologies, particularly in rice farming, led to significant increases in agricultural
productivity.
 Food Security Achievements: Bangladesh has made significant strides in achieving food
security. The country transformed from being a food-deficit nation in the 1970s and
1980s to a largely self-sufficient producer of staple crops by the early 21st century. This
shift reduced the dependence on food imports and freed up resources for other economic
activities.

2. Industrialization and Export Growth

 Growth of the Ready-Made Garments (RMG) Industry: Since the 1980s, the RMG
sector has become a cornerstone of Bangladesh's economy. Favorable policies, such as
the Multi-Fiber Arrangement (MFA), duty-free access to European markets, and the
availability of a large, low-cost labor force, spurred the sector's growth. Today,
Bangladesh is the second-largest exporter of garments in the world, with the RMG sector
contributing over 80% of the country's export earnings.
 Export Diversification Efforts: While the RMG sector dominates, Bangladesh has also
worked to diversify its export base. Sectors such as pharmaceuticals, leather goods, jute
products, and IT services have seen growth, although not on the same scale as RMG. The
government has supported these sectors through initiatives like the creation of export
processing zones (EPZs) and special economic zones (SEZs).
3. Microfinance and Financial Inclusion

6 | Page
  Microfinance Revolution: The microfinance movement in
Bangladesh, led by institutions like Grameen Bank and BRAC, has been
transformative. Microfinance provided small loans to millions of poor
and rural women who previously had no access to formal financial
services. These loans enabled them to start small businesses, improve
their livelihoods, and contribute to economic growth.
 Expansion of Financial Services: Beyond microfinance, Bangladesh
has seen significant progress in financial inclusion through the
expansion of banking services, including mobile banking. Services like
bKash have revolutionized money transfers and payments, especially
in rural areas, making it easier for people to save and i
 4. Human Capital Development
 Investment in Education: Bangladesh has made considerable
investments in education, particularly at the primary and secondary
levels. The government introduced policies like free and compulsory
primary education, stipends for girls, and the establishment of new
schools and colleges. These efforts have significantly improved literacy
rates and expanded access to education.
 Healthcare Improvements: The government, along with NGOs, has
worked to improve healthcare services, leading to reductions in infant
and maternal mortality rates, increased life expectancy, and better
overall health outcomes. These improvements have resulted in a
healthier and more productive workforce.
5. Infrastructure Development
 Transportation Infrastructure: Bangladesh has invested heavily in
transportation infrastructure, including roads, highways, bridges, and
ports. The construction of the Padma Bridge, in particular, is a
landmark project that is expected to significantly boost connectivity
and economic activity across the country.
 Energy Sector Expansion: To meet the growing demand for
electricity, Bangladesh has expanded its power generation capacity,

7 | Page
 with investments in both conventional and renewable energy sources.
Improved electricity access has facilitated industrial growth and
improved the quality of life for millions.

 6. Policy Reforms and Economic Liberalization

 Trade Liberalization: Bangladesh has gradually opened up its

economy to international trade by reducing tariffs, simplifying trade
procedures, and entering into trade agreements. These reforms have
integrated Bangladesh into the global economy, making it an
important player in global value chains.
 Pro-Business Economic Policies: Successive governments have
implemented policies to create a business-friendly environment,
including tax incentives for investors, the establishment of EPZs, and
reforms to improve the ease of doing business. These measures have
attracted foreign direct investment (FDI) and spurred industrial growth.

 7. Demographic Dividend

 Young and Growing Workforce: Bangladesh has a demographic

advantage with a large proportion of its population in the working-age
group. This young workforce has been crucial in driving economic
growth, particularly in labor-intensive industries like RMG and
agriculture.
 Women’s Workforce Participation: The increased participation of
women in the workforce, especially in the garment sector, has been a
significant factor in Bangladesh’s economic success. Women’s
economic empowerment has led to greater household incomes and
improved social indicators, such as education and health.
 8. Remittances
 Labor Migration: A significant number of Bangladeshis work abroad,
primarily in the Middle East, Southeast Asia, and Europe. The

8 | Page
 remittances they send home are a vital source of foreign exchange and
have played a critical role in reducing poverty, improving living
standards, and financing investments in housing, education, and small
businesses.
 Impact on Domestic Economy: Remittances contribute to household
consumption and savings, which, in turn, stimulate demand for goods
and services in the local economy. This influx of funds has also
supported the development of rural areas and provided a safety net for
many families.
 9. Government Initiatives and Political Stability
 Poverty Reduction Programs: The government has implemented
various poverty reduction initiatives, such as the Social Safety Net
Programs (SSNPs), which include cash transfers, food for work, and
pension schemes for the elderly. These programs have helped lift
millions out of poverty and supported inclusive growth.
 Political Stability: While Bangladesh has faced political challenges,
recent years have seen periods of relative stability, which has created
a conducive environment for economic development. Stability has
encouraged both domestic and foreign investment, which has been
critical for sustained economic growth.

 10. Global Integration and Technological Adoption

 Integration into Global Markets: Bangladesh has become

increasingly integrated into global markets through participation in
international trade organizations like the World Trade Organization
(WTO) and through bilateral and regional trade agreements. This
integration has expanded market access for Bangladeshi products and
attracted foreign investment.
 Technological Advancements: Adoption of technology across
various sectors has been a key driver of productivity and efficiency

9 | Page
 gains. In agriculture, for example, the use of modern farming
techniques and machinery has increased yields. In the service sector,
the growth of the ICT industry, including software development and
outsourcing services, has created new economic opportunities.
 These factors, working in tandem, have contributed to Bangladesh's
significant economic transformation over the past three decades,
moving it from a low-income to a lower-middle-income country and
setting the stage for further progress in the years to come.

3. Factors that contribute to China’s Economic Change over the 31

years Key

10 | P a g e
China’s economic transformation over the past 31 years has been one of the most significant and
rapid in modern history. Several key factors have contributed to this remarkable change:

1. Economic Reforms and Opening-Up Policy

 Deng Xiaoping’s Reforms: The economic reforms initiated by Deng Xiaoping in the late
1970s, particularly the policy of "Reform and Opening-Up" (改革开放), laid the foundation
for China’s rapid economic growth. These reforms shifted the economy from a centrally
planned system to a more market-oriented one, allowing for private enterprise and
foreign investment.
 Special Economic Zones (SEZs): The establishment of SEZs, such as those in
Shenzhen, Zhuhai, and Xiamen, attracted foreign investment and technology, acting as
testing grounds for market-oriented policies. These zones became hubs for manufacturing
and export, fueling economic growth.

2. Export-Led Growth

 Manufacturing Boom: China became the "world’s factory" by capitalizing on its large,
low-cost labor force and favorable government policies to boost manufacturing. The

11 | P a g e
 country became a major exporter of a wide range of goods, from textiles to electronics,
driving GDP growth.
 Global Trade Integration: China’s accession to the World Trade Organization (WTO) in
2001 was a pivotal moment that further integrated the country into the global economy,
significantly boosting its exports and attracting foreign investment

12 | P a g e
3. Investment in Infrastructure

 Massive Infrastructure Projects: The Chinese government invested heavily in

infrastructure, including roads, railways, airports, and ports. Projects like the Three
Gorges Dam, extensive high-speed rail networks, and new urban developments facilitated
economic expansion and improved connectivity.
 Urbanization: Rapid urbanization transformed China’s economy. Millions of people
moved from rural areas to cities, driving demand for housing, services, and infrastructure,
and contributing to economic growth.

4. Human Capital Development

 ducation and Skill Development: China invested significantly in education and skill
development, leading to a more educated and skilled workforce. The government
prioritized STEM education (Science, Technology, Engineering, and Mathematics),
producing a large number of engineers, scientists, and technicians who supported the
country’s industrial and technological advancement.
 Healthcare Improvements: Improvements in healthcare services, life expectancy, and
overall public health contributed to a healthier, more productive workforce.

5. Technological Advancements and Innovation

 Technological Leapfrogging: China has made significant strides in technology, moving

from a focus on manufacturing low-cost goods to becoming a global leader in areas like
telecommunications (e.g., Huawei), e-commerce (e.g., Alibaba), and artificial
intelligence. The government supported these sectors through subsidies, state-owned
enterprises (SOEs), and strategic investments.
 R&D Investments: Significant investment in research and development (R&D) has
propelled China to the forefront of innovation, particularly in fields such as 5G,
renewable energy, and biotechnology.

13 | P a g e
6. State-Led Industrial Policy

 Five-Year Plans: The Chinese government implemented Five-Year Plans that provided
clear economic goals and strategies, focusing on industrial modernization
technological development, and economic restructuring. These plans
have been instrumental in guiding the country’s economic
transformation.
 Support for Key Industries: The government provided targeted
support for key industries, such as steel, automotive, electronics, and
aerospace, through subsidies, tax incentives, and favorable policies.
This support helped build globally competitive industries.

7. Financial Sector Reforms

 Banking System Modernization: China reformed its banking system to support

economic growth, including the restructuring of state-owned banks, the development of
capital markets, and the gradual liberalization of interest rates. These reforms improved
the allocation of capital and supported industrial expansion.
 Foreign Exchange Reserves: China accumulated vast foreign exchange reserves through
its trade surplus, which provided a cushion against economic shocks and enabled the
government to maintain a stable currency policy.

8. Demographic Factors

 Labor Force: China’s large and relatively young population provided a vast labor pool
for its manufacturing industries. The country’s demographic dividend—an expanding
working-age population—was a key driver of its economic boom.
 Urban Migration: The movement of people from rural areas to urban centers in search
of better opportunities led to rapid urbanization and fueled industrial growth. This
migration also supported the expansion of the service sector in cities.

14 | P a g e
9. Foreign Direct Investment (FDI)

 Attracting FDI: China became one of the world’s largest recipients of FDI by creating a
favorable investment climate, including tax incentives, relatively low labor costs, and a
massive domestic market. FDI brought not only capital but also technology and
management expertise, which were crucial for industrial development.
 Joint Ventures and Technology Transfer: Foreign companies, often required to enter
joint ventures with Chinese firms, facilitated the transfer of technology and know-how,
which accelerated the development of domestic industries.

0. Globalization and Trade Policies

 Belt and Road Initiative (BRI): Launched in 2013, the BRI aims to enhance trade and
investment links across Asia, Europe, and Africa. This initiative has expanded China’s
influence globally and opened new markets for Chinese goods and services.
 Trade Agreements: China has engaged in multiple trade agreements, both bilateral and
multilateral, to secure market access and strengthen its position in global trade networks.

11. Government and Political Stability

 Strong Central Government: The centralized governance model in China allowed for
decisive policy-making and long-term planning, which were crucial for maintaining
economic stability and implementing large-scale economic reforms.
 Political Stability: Over the past 31 years, China has maintained a relatively stable
political environment, which has been conducive to economic growth. The government’s
ability to implement policies without significant political disruption has been a key factor
in sustaining economic momentum.

12. Consumer Market Expansion

 Rising Middle Class: The rapid economic growth led to the emergence of a large middle
class with increasing disposable income. This demographic shift created a strong

15 | P a g e
 domestic consumer market, which has become an important driver of economic growth,
particularly in sectors like real estate, automobiles, and consumer electronics.
 Retail and E-Commerce Growth: The rise of e-commerce giants like Alibaba and
JD.com has transformed the retail landscape in China, making it one of the largest and
most dynamic consumer markets in the world.

These factors collectively contributed to China's unprecedented economic growth, transforming

it into the world’s second-largest economy and a global economic powerhouse.

4. Similarities and Differences of Bangladesh and China’s Economic

Development

Bangladesh and China’s Eeconomic policies from 1991 to 2021 show some
similarities and differences in terms of real GDP, nominal GDP, GDP deflator, and
CPI. While both countries have experienced massive economic revolutions, their
trajectories point to distinct choices and challenges encountered.

4.1 Similarities

1. Rapid Economic Growth:

o Both Bangladesh and China have experienced rapid
economic growth over the past few decades. China’s growth
was particularly explosive, with annual GDP growth rates
often exceeding 10% during its peak years. Bangladesh has
also seen consistent GDP growth, particularly since the early
2000s, often averaging around 6-7% annually.
16 | P a g e
 2. Export-Oriented Growth:
o Both countries have pursued export-oriented growth
strategies. China became the "world’s factory" by focusing
on manufacturing and exporting a wide range of goods,
especially electronics and machinery. Bangladesh has
similarly focused on exports, particularly in the Ready-Made
Garments (RMG) sector, which has become the backbone of
its economy.
3. Labor-Intensive Industries:
o Both economies initially relied heavily on labor-intensive
industries. In China, the manufacturing boom in sectors like
textiles, toys, and electronics provided jobs for millions of
workers migrating from rural areas to urban centers.
Bangladesh’s RMG sector operates similarly, providing
employment to millions, particularly women.
4. Poverty Reduction:
o Both countries have made significant strides in poverty
reduction. China lifted hundreds of millions out of poverty
through its rapid economic growth and government
initiatives. Bangladesh has also made progress, with poverty
rates declining due to economic growth, microfinance
initiatives, and targeted poverty reduction programs.
5. Rural-to-Urban Migration:

17 | P a g e
 o Both countries have seen significant rural-to-urban migration,
driven by the search for better employment opportunities.
This migration has supported industrialization and
urbanization, contributing to economic growth.

Differences

1.Scale and Pace of Economic Growth:

 China: China’s economic growth has been on a much larger scale

and at a faster pace compared to Bangladesh. China’s GDP growth
was often in double digits, and it quickly became the world’s
second-largest economy.
 Bangladesh: While Bangladesh’s growth has been impressive,
especially relative to its size, it has been slower and more modest
compared to China. Bangladesh remains a lower-middle-income
country, while China has moved into the ranks of upper-middle-
income nations.
2.Economic Diversification:
 China: China has diversified its economy significantly, moving
from low-cost manufacturing to advanced industries such as
electronics, high-speed rail, renewable energy, and technology
(e.g., AI, 5G). It has also developed a strong service sector.
 Bangladesh: Bangladesh’s economy is less diversified, with a
heavy reliance on the RMG sector for exports. While there have
18 | P a g e
 been efforts to diversify into other areas like pharmaceuticals,
leather goods, and ICT, these sectors are not yet as developed or
globally competitive as in China.

3.Role of Government and Policy:

 China: China’s economic development has been driven by strong

state intervention, with the government playing a central role in
planning and guiding the economy through Five-Year Plans, state-
owned enterprises (SOEs), and massive infrastructure projects.
 Bangladesh: While the government has played an important role,
particularly in sectors like agriculture and RMG, the private sector has
been more prominent in driving economic growth. Microfinance
institutions and NGOs have also played a significant role in
Bangladesh’s development.

4.Foreign Direct Investment (FDI):

 China: China has been one of the largest recipients of FDI, which has
been crucial in its development, especially in the manufacturing sector.
Foreign investment brought in capital, technology, and management
expertise, helping to modernize the economy.
 Bangladesh: Bangladesh has attracted less FDI compared to China.
While there have been improvements, particularly in the RMG sector,
challenges such as infrastructure deficits, bureaucratic hurdles, and
political instability have limited FDI inflows.
5.Technological Advancement:
 China: China has made significant advancements in technology,
becoming a global leader in sectors like telecommunications,

19 | P a g e
 renewable energy, and artificial intelligence. The government’s focus
on innovation and R&D has been a key factor.
 Bangladesh: Technological advancement in Bangladesh has been
more modest. While there has been growth in ICT and mobile banking
(e.g., bKash), the country has not yet reached the level of
technological sophistication seen in China.
6. Infrastructure Development:
 China: China has made massive investments in infrastructure, building
extensive high-speed rail networks, highways, ports, and urban
infrastructure. These investments have been a cornerstone of its
economic development.
 Bangladesh: Infrastructure development in Bangladesh has been
slower and more constrained by financial resources. However,
significant projects like the Padma Bridge indicate ongoing efforts to
improve infrastructure, though they are not on the same scale as
China’s.
7.Population Size and Demographics:
o China: China’s much larger population (over 1.4 billion) provided
a vast labor force that fueled its manufacturing boom. However,
China is now facing demographic challenges, including an aging
population and a declining workforce.
o Bangladesh: Bangladesh has a smaller population (around 170
million) but has benefited from a demographic dividend, with a
relatively young and growing workforce. The demographic
challenges are not as acute as in China.

8.Global Influence and Integration:

o China: China’s economic rise has significantly increased its

global influence, both economically and geopolitically. Initiatives

20 | P a g e
 like the Belt and Road Initiative (BRI) demonstrate China’s efforts
to shape global trade and investment patterns.
o Bangladesh: While Bangladesh’s global influence has grown,
particularly in the RMG sector, it does not have the same level of
global economic or geopolitical influence as China.

 Conclusion

 In summary, while both Bangladesh and China have experienced rapid

economic growth, the scale, speed, and nature of their development
differ significantly. China’s growth has been more diversified, state-
driven, and technologically advanced, with massive infrastructure
investments and a significant global presence. Bangladesh’s growth,
while impressive, has been more modest, focused on specific sectors
like RMG, with greater reliance on the private sector and less
diversification.

21 | P a g e
5.1 Consumer Price Index (CPI) and Cost of Living:

 Understanding Consumer Impact: CPI is recalculated using 2010 as the base year
(100) and gauges the alteration of goods and services costs over time, thus giving an
insight on how inflation affects the common person. By studying CPI data for
Bangladesh and China we will know how the cost of living has changed in these two
nations. This tells us whether customers are billed more for normal products and services,
which directly affects their purchasing power. If CPI grows significantly over time it
means that inflation erodes value of money thereby making it expensive for people to
hold their living standards.
332
5.2 Comparative Economic Performance:

 Cross-Country Analysis: The consumer price index (CPI), when calculated with
reference to a base period (typically 2010 = 100), measures changes in prices over time
by looking at how much it would cost today to purchase the same basket of goods that
was purchased last year. Analyzing CPI data for Bangladesh and China allows us to see
how the cost of living has changed in both countries. It suggests whether clients have
been paying increasingly higher amounts for ordinary goods plus services, which
definitely impacts upon their buying ability. If there were a substantial increase in CPI
over time this would suggest that inflation is eroding money’s worth, hence people must
pay more to maintain their standard of life.

5.3 Policy Implications and Economic Strategies:

 Evaluating Economic Policies: The data provides information on whether or not

economic policies have worked in both countries. For instance, low and steady CPI with
sustained GDP growth could mean effective inflation targeting and economic
management. On the other hand, high volatility of GDP deflator or CPI may indicate
inflation management problems or external shocks that have hit hard on the economy.

22 | P a g e
5.4 Impact of Global and Regional Events:

Economic Shocks and Recoveries: Ranging from 1991 to 2021 this dataset includes various
global as well as regional events like financial crises, natural disasters and pandemics. It is
possible to determine how resilient Bangladesh and China economies have been against external
shocks in terms of GDP and inflation measures by examining the effect of these events.

23 | P a g e
6. Conclusion

Bangladesh as well as China experienced major economic changes during 1991-2021

characterized by rapid growth and substantial improvements in economic indicators. Continuous
expansion of vital sectors such as ready-made garment industry and continuous inflows of
remittance are among the critical factors behind Bangladesh’s progressive GDP increase
illustrating her successful transition from lower-income country into lower middle-income
nation. Nonetheless, despite persistently rising inflation measured by CPI and GDP deflator,
there was growth taking place regardless over obstacles faced thus highlighting the importance
of our efficient inflation management for sustaining this success.

But China has proven to be an extremely dynamic economy, which is characterized by fast
industrialization and a shift towards a market-based economy. China’s real GDP growth rate on
the other hand has been rising year after year, indicating its sound underlying economic
fundamentals as well as efficient inflation management as measured by the CPI and the GDP
deflator. The two countries have demonstrated resilience and adaptability, but Bangladesh’s was
gradual while China rise was faster making it one of the fastest-growing economies in Asia.

On balance, from 1991 to 2021, according to figures, both Bangladesh and China made huge
strides in economic development with China being ahead in terms of growing pace and
economic reforms whereas Bangladesh has been demonstrating steady success over time. In
future, these two nations should concentrate on maintaining their growth momentum, controlling
inflation rates and ensuring that all people benefit equally from economic growth.

24 | P a g e
7. References

1. Rahman, M. M. (2023). Consumer Price Index (CPI), Inflation Rate and Wage Rate
Index (WRI) in Bangladesh. In Price & Wage Statistics Section, National Accounting
Wing, Bangladesh Bureau of Statistics (BBS) (pp. 2–42).
https://bbs.portal.gov.bd/sites/default/files/files/bbs.portal.gov.bd/page/
9ead9eb1_91ac_4998_a1a3_a5caf4ddc4c6/2024-01-14-04-57-
fb963fe5dfde007ea3cfacd5230f5de0.pdf
2. ICAB Publication. (n.d.). https://www.icab.org.bd/publication/news/4/1331/A-Study-of-
Inflation-in-Bangladesh-Economy-and-Strategies-Applicable-for-
Mitigation#:~:text=Bangladesh%20relies%20heavily%20on%20imports,USD)%20has
%20seen%20notable%20changes.
3. Bangladesh Economic Review 2023. (n.d.). In Chapter 2-GDP, Savings and Investment
(pp. 9–11). https://mof.portal.gov.bd/sites/default/files/files/mof.portal.gov.bd/page/
f2d8fabb_29c1_423a_9d37_cdb500260002/Chapter-2%20%28English-2023%29.pdf
4. Hussain, Z. (2022, October 7). The Bangladesh growth story. The Business Standard.
https://www.tbsnews.net/analysis/bangladesh-growth-story-509974
5. BOP. (n.d.). https://www.bb.org.bd/econdata/bop/exp_rcpt_merchandise.php
6. China Export Data | China Trade Data. (n.d.). https://www.tradeimex.in/china-export
7.China Exports By Category. (n.d.). TRADING ECONOMICS.
https://tradingeconomics.com/china/exports-by-category
8. https://en.m.wikipedia.org/wiki/Economy_of_China
9. https://en.m.wikipedia.org/wiki/Economy_of_Bangladesh

25 | P a g e