Central & SE Asia / Australasia
Country profile: Bangladesh
|Location:||Southern Asia, bordering the Bay of Bengal, between Burma and India|
|Climate:||tropical; mild winter (October to March); hot, humid summer (March to June); humid, warm rainy monsoon (June to October)|
|Terrain:||mostly flat alluvial plain; hilly in southeast|
|Size:||144000 sq. km total (Land area: 133910 sq. km Water area: 10090 sq.km)|
|Population:||153,546,901 (July 2008 est.)|
|Languages:||Bangla (official, also known as Bengali), English|
|Legal system:||based on English common law; has not accepted compulsory ICJ jurisdiction|
In 2005, Bangladesh’s real gross domestic product (GDP) grew at 5.4 percent, down somewhat from the 2004 growth rate of 6.3 percent. Economic forecasts are at 5.8 percent for 2006. Economic performance has been steady since 1990, with annual GDP growth averaging 5 percent. However, Bangladesh remains one of the world’s poorest and most densely populated countries, and faces a number of obstacles to further growth and development.
Despite recent growth, Bangladesh faces numerous challenges. According to the International Monetary Fund (IMF), the country is hampered by weak institutions and inadequate infrastructure. Bangladesh remains dependent on foreign aid and worker remittances for a large percent of its economic activity. In 2004, the government of Bangladesh estimated that remittances from expatriates totaled $3.3 billion, or 6 percent of nominal GDP. The country also remains vulnerable to natural disasters such as cyclones, floods, and droughts. This is especially true in the agriculture sector, which employs about two-thirds of the labor force and accounts for 22 percent of GDP.
Bangladesh is a member of the South Asian Association for Regional Cooperation (SAARC), along with Bhutan, India , Maldives, Nepal, Pakistan and Sri Lanka. SAARC aims to promote regional economic cooperation as well as economic and social development in South Asia. In 2004, the seven SAARC members agreed to create a South Asian Free Trade Area (SAFTA), which came into force on 1 January 2006. SAFTA aims to reduce tariffs and other trade barriers between the seven member countries.
Energy production and consumption
|Production:||6,746 bbl/day (2005)||13 billion cu m (2005 est.)|
|Consumption:||86,000 bbl/day (2005 est.)||13 billion cu m (2005 est.)|
|Exports:||1,100 bbl/day (2004)|
|Imports:||81,010 bbl/day (2004)|
|Reserves:||28 million bbl (1 January 2006 est.)||135 billion cu m (1 January 2006 est.)|
Bangladesh - recent news
|20 Feb 20
||Bangladesh: Japan's Mitsui looking to explore two blocks onshore Bangladesh
Japan's Mitsui is looking to explore Bangladesh's onshore Blocks 8 and 11 under a joint venture with state-run Bapex in what would be the first-ever entry of any Japanese oil and gas exploration company into Bangladesh's hydrocarbon exploration sector.
|03 Feb 20
||Bangladesh: Gazprom and Petrobangla sign Memorandum of Understanding
Gazprom paid a working visit to the People's Republic of Bangladesh. As part of the visit, Gazprom signed with Petrobangla a five-year Memorandum of Understanding for strategic cooperation.
|23 Aug 18
||Bangladesh: Excelerate Energy commissions Bangladesh's first LNG import terminal
Excelerate Energy Bangladesh has completed the commissioning of its Moheshkhali Floating LNG (MLNG) terminal – Bangladesh's first liquefied natural gas (LNG) import facility – signifying the official commencement of operations for the project.
|13 Mar 18
||Bangladesh's Summit Power to develop $3 bln LNG-to-power project with Japanese firms
Bangladesh's Summit Power International said on Tuesday it signed a memorandum of understanding with Japan's Mitsubishi Corp and subsidiary Diamond Gas International to develop a $3 billion LNG-to-power project.
|31 Oct 17
||Bangladesh: Chevron drops decision to leave Bangladesh
Chevron will not sell three subsidiaries and leave Bangladesh as planned, the Company said on Sunday. Chevron had said in April it would sell to China’s Himalaya Energy Co. the wholly owned subsidiaries that operate three gas fields, which together account for 58 percent of Bangladesh’s gas production.
Bangladesh - more news
Other countries in this region
- Hong Kong,
- New Zealand,
- North Korea,
- Papua New Guinea,
- South Korea,
- Sri Lanka,
- Timor Leste,