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Existing literature on economic growth and structural change relies on trade data to make pronouncements about a country's competitiveness and long-term growth prospects through the acquisition of capabilities. However, insufficient data give us a limited view of what is happening within the domestic economy, and how the development of manufacturing through links in the production process leads to the export of intermediate or final products. Using input-output data, this paper devises an agglomeration indicator to measure economic diversification and to compare Bangladesh with other key economies. In the process, we shed light on the symbiotic relationship between manufacturing and services as the country develops. Despite Bangladesh's astounding growth over the past 15 years, diversification has been somewhat slower than expected for its level of development.
This book examines the theory and global evidence on structural transformation along with stylised facts and implications using, among others, a dynamic panel model, for South Asia. The characteristics of the structural transformation process in Bangladesh bring out the relevance of a comprehensive and inclusive South Asian ‘brand’ in view of the challenges of large population size, high burden of poverty, rising inequalities and its compulsion to achieve rapid and sustained inclusive development. The analysis highlights several distinct characteristics of Bangladesh’s structural transformation including changes in value added, trade, employment, productivity, formal-informal jobs, and opportunities for low-skilled workers. The book suggests that the manufacturing sector could not create the required number of jobs and generate rapid absolute and relative productivity gains in the Bangladesh economy. Although the services sector has largely led output and employment growth, services subsectors with strong labour absorptive capacity have low average productivity. Hence, growth-enhancing structural transformation led by these subsectors is likely to be less dynamic than required for rapid employment-creating growth in the economy. The book’s analysis on COVID-19 and cyclone Amphan shows that an integrated disaster and development paradigm is needed for Bangladesh. An inclusive and health and well-being focused structural transformation presents the pathway to advance the people-centred approach to development in Bangladesh through both vulnerability reduction and investments in sustainable development that would offset both known and unknown disaster threats. The key for Bangladesh is to skillfully manage the ‘developer’s dilemma’ of achieving both structural transformation in terms of large productivity gains and inclusive growth for reducing poverty and rising inequalities. This book is relevant to students, academicians and development practitioners and others interested in contemporary development.
Author : Asian Development Bank Publisher : Asian Development Bank Page : 200 pages File Size : 19,12 MB Release : 2023-04-01 Category : Business & Economics ISBN : 9292701126
Textiles and textile products dominate Bangladesh’s exports and participation in global value chains. However, such concentration poses risks to the economy. This report highlights that diversification into other sectors will be important to promote export-led growth. It explores how Bangladesh can build on its recent economic success by unlocking productivity gains from technology adoption, narrowing the digital divide, and expanding participation in global value chains. It identifies high-potential industries with deeper domestic linkages that offer opportunities to broaden the base of economic growth.
This book examines the theory and global evidence on structural transformation along with stylised facts and implications using, among others, a dynamic panel model, for South Asia. The characteristics of the structural transformation process in Bangladesh bring out the relevance of a comprehensive and inclusive South Asian ‘brand’ in view of the challenges of large population size, high burden of poverty, rising inequalities and its compulsion to achieve rapid and sustained inclusive development. The analysis highlights several distinct characteristics of Bangladesh’s structural transformation including changes in value added, trade, employment, productivity, formal-informal jobs, and opportunities for low-skilled workers. The book suggests that the manufacturing sector could not create the required number of jobs and generate rapid absolute and relative productivity gains in the Bangladesh economy. Although the services sector has largely led output and employment growth, services subsectors with strong labour absorptive capacity have low average productivity. Hence, growth-enhancing structural transformation led by these subsectors is likely to be less dynamic than required for rapid employment-creating growth in the economy. The book’s analysis on COVID-19 and cyclone Amphan shows that an integrated disaster and development paradigm is needed for Bangladesh. An inclusive and health and well-being focused structural transformation presents the pathway to advance the people-centred approach to development in Bangladesh through both vulnerability reduction and investments in sustainable development that would offset both known and unknown disaster threats. The key for Bangladesh is to skillfully manage the ‘developer’s dilemma’ of achieving both structural transformation in terms of large productivity gains and inclusive growth for reducing poverty and rising inequalities. This book is relevant to students, academicians and development practitioners and others interested in contemporary development.
Author : Asian Development Bank Publisher : Asian Development Bank Page : 138 pages File Size : 10,31 MB Release : 2022-02-01 Category : Business & Economics ISBN : 9292691554
This publication examines the economy and trade of Pakistan in the context of global value chains (GVCs), or cross-border production networks. The report combines innovative analytical tools with the latest available data to explore Pakistan's involvement in GVCs. It produces indicators on factors including Pakistan's rate of GVC participation, the lengths of its GVC production, its patterns of specialization, and the price competitiveness of its exports. It draws on the Multiregional Input–Output database of the Asian Development Bank, the only time series of intercountry input–output tables to date that includes Pakistan and preliminary data for 2020.
The Bangladesh economy has undergone significant structural changes over the last four decades. The share of agriculture in GDP has declined, while the significance of industry and service sectors has increased. These structural changes have been associated with persistent challenges such as lack of diversification, poor working conditions, low productivity, and high degree of informality, obstructing the progress towards inclusive economic growth. Though manufacturing is now an overwhelmingly salient component of Bangladesh's export composition, this is due primarily to the rapid expansion of the ready-made garments sector: the performance of other industries has been rather weak. In order to become a sustained, inclusive driver of economic growth and employment creation, the manufacturing sector needs to focus on expanding and diversifying its base. This study looks at the major challenges, both policy-induced and structural, for the required structural transformation in the Bangladesh economy, aiming to tackle inequality and promote inclusive growth.
This paper begins with examining Bangladesh's economic structural transformation during 1980-2010, which is compared and contrasted with the transformation of India and Pakistan. It then calculates and compares the three countries' macroeconomic volatility and uncertainty for the observation period (1980-2010), using unbiased volatility and uncertainty measures. It also reviews the evolution of Bangladesh's macroeconomic uncertainty for each decade (i.e., the 1980s, 1990s and the 2000s). It shows, for example, that Bangladesh's GDP volatility and uncertainty have been increasing over time. Reflecting on the fact that macroeconomic uncertainty has a negative impact on investment and growth, the paper derives various policy implications for Bangladesh, highlighting the importance of economic diversification, countercyclical monetary policy, smoothing external factors, and building up reserves and buffers.
The twenty-two chapters included in this book were written by as many scholars working independently of each other in different countries. They present, nevertheless, a well integrated picture of systematic advance in the field of input-output analysis on the broad front, stretching from formal mathematical modelling, through construction of large, specialized databases to detailed empirical inquiry and concrete examples of practical applications. While reflecting a great variety of individual interests and working styles, these contributions taken together provide evidence of what might appear to be co ordinated efforts. This coherence has not been brought about by the central guidance so typical of modern large-scale research. It simply reflects the internal discipline and cohesiveness of a particular methodological approach. In input-output analysis, empirical inquiry and theoretical model building have to be carried out hand-in-hand. If the aim of the investigation is to provide concrete, detailed explanation of observed reality, building an elaborate mathematical model makes little sense without an appropriate database. The language and the terminology used in the construction of that database must, however, be exactly the same as that employed in the formulation of the theoretical model. The same specifications and definitions must, of course, be adhered to - after the theoretical computations have been completed - in the interpretation of the numerical results.