Publication:
Will services be the new engine of economic growth in Bangladesh?
Will services be the new engine of economic growth in Bangladesh?
Date
2017-10
Authors
Mohammad Zahedul Alam
S M Sohel Rana
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Volume Title
Publisher
Research Projects
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Abstract
At present, development of a vibrant and competitive services sector is a
key characteristic of modern economies in the world. In the developing
world, services frequently account for two-thirds or three-quarters of all
economic activity. The transition from agriculture through manufacturing
to a service based economy has been the hallmark of economic
development for many countries at present. In line with this trend, many
emerging markets currently working hard to support and develop services
industries and to put in place the regulatory structures required for more
integrated international services markets. At present, the economy of
Bangladesh is dominated by the services industry which contributes a
significant portion to the Gross Domestic Product (GDP). This study
focuses on sectoral contribution of services sector to the economy in
comparison to other sectors and recognizes the services sector as a new
engine of economic growth and development of Bangladesh economy.
300 services beneficiaries and 60 officials from different services firms
have been exposed to collect the data regarding the services sector. It has
been found that the economy of Bangladesh is shifting towards the
services economy. Most of the investors are investing in services sector to
generate more profit. So, it is essential to examine the role of services
sector in Bangladesh Economy.
Description
Keywords
Bangladesh,
Economic growth,
Services,
Service economy,
Services marketing