Economic recession and its impact on Bangladesh's economy with a special references of RMG and remittance sectors

Abstract

In the late 1970s, the ready-made garment (RMG) industry of Bangladesh started and became a player in the national economy. It is the common phenomenon that due to recent global economic recession almost all the countries in the globe fell into difficulties is going to overcome the recession. Nevertheless to say this might be more difficult for the developing country like Bangladesh. But fortunately for Bangladesh the prominent foreign exchange earning sectors (RMG & Remittance) showed the positive figure even in these bad days of economic recession. It is argued that this favorable outcome is due to two factors. First, the exports of Bangladesh are almost entirely consumer goods whose demand does not fall as sharply as income; and second, Bangladesh has acquired a competitive edge in the world apparel market. In this paper, we exploited the ways, concept and techniques which helped us a lot to overcome the difficulties and able to stabilize our economic improvement.