section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Bangladesh is the second largest economy in South Asia after India. The country has outpaced India and Pakistan in terms of per capita income. According to the World Bank, "when the newly independent country of Bangladesh was born on December 16, 1971, it was the second poorest country in the world—making the country's transformation over the next 50 years one of the great development stories. Since then, poverty has been cut in half at record speed. Enrollment in primary school is now nearly universal. Hundreds of thousands of women have entered the workforce. Steady progress has been made on maternal and child health. And the country is better buttressed against the destructive forces posed by climate change and natural disasters. Bangladesh's success comprises many moving parts—from investing in human capital to establishing macroeconomic stability. Building on this success, the country is now setting the stage for further economic growth and job creation by ramping up investments in energy, inland connectivity, urban projects, and transport infrastructure, as well as focusing on climate change adaptation and disaster preparedness on its path toward sustainable growth." Bangladesh has made one of the greatest leaps on the Human Development Index among Asian countries. According to UNDP, "Asia and the Pacific has observed the fastest Human Development Index (HDI) progress in the world—with Bangladesh being one of the best performers, moving from an HDI of 0.397 in 1990, the fourth lowest in the region, to a HDI of 0.661 in 2021. Only China had greater improvements in the region over this period".
  
  In 2022, Bangladesh had the second largest foreign-exchange reserves in South Asia. The reserves have boosted the government's spending capacity despite tax revenues forming only 7.7% of government revenue. A big chunk of investments have gone into the power sector. In 2009, Bangladesh was experiencing daily blackouts several times a day. In 2022, the country achieved 100% electrification. One of the major anti-poverty schemes of the Bangladeshi government is the Ashrayan Project which aims to eradicate homelessness by providing free housing. The poverty rate has gone down from 80% in 1971, to 44.2% in 1991, to 12.9% in 2021. The literacy rate was 74.66% in 2022. Bangladesh has a labor force of roughly 70 million, which is the world's seventh-largest; with an unemployment rate of 5.2% as of 2021. The government is setting up 100 special economic zones to attract foreign direct investment (FDI) and generate 10 million jobs. The Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA) have been established to help investors in setting up factories; and to complement the longstanding Bangladesh Export Processing Zone Authority (BEPZA).
  
  The Bangladeshi taka is the national currency. The service sector accounts for about 51.3% of total GDP and employs 39% of the workforce. The industrial sector accounts for 35.1% of GDP and employs 20.4% of the workforce. The agriculture sector makes up 13.6% of the economy but is the biggest employment sector, with 40.6% of the workforce. In agriculture, the country is a major producer of rice, fish, tea, fruits, vegetables, flowers, and jute. Lobsters and shrimps are some of Bangladesh's well-known exports.