The People’s Republic of Bangladesh is a country in South Asia. Bangladesh is the seventh most populous country in the world and is among the most densely populated countries in the world with a population of 162 million and a high poverty rate. Despite continuous domestic and international efforts to improve economic and demographic prospects, Bangladesh remains a developing nation. Jute was once the economic engine of the country. However, polypropylene products began to substitute for jute products worldwide and the jute industry started to decline.
Although more than half of GDP is generated through the service sector, nearly two-thirds of Bangladeshis are employed in the agriculture sector. Bangladesh grows very significant quantities of rice, tea and mustard. Although two-thirds of Bangladeshis are farmers, more than three quarters of Bangladesh’s export earnings come from the garment industry, which began attracting foreign investors in the 1980s due to cheap labour and low conversion cost.