Small Note on Budget Lecture
Dr Munshi
2022-06-12
Introduction
When Bangladesh gained independence in 1971, it faced daunting development challenges. High population growth, a low resource base, persistent food shortages, high reliance on foreign aid and imports, limited exportable production, persistent socio-political instability, notable income inequality, multidimensional poverty, and low levels of human development characterized Bangladesh’s economy. Natural disasters and economic disruptions caused by the liberation war only added to the misery of the economy. As a result, the country’s economic growth and development appeared to be fairly bleak.
BD_Data<-read.csv("BD_Data_Story.csv")
library(tidyverse)## Warning: package 'tidyverse' was built under R version 4.1.3## -- Attaching packages --------------------------------------- tidyverse 1.3.1 --## v ggplot2 3.3.5 v purrr 0.3.4
## v tibble 3.1.2 v dplyr 1.0.8
## v tidyr 1.1.4 v stringr 1.4.0
## v readr 2.1.0 v forcats 0.5.1## Warning: package 'tidyr' was built under R version 4.1.2## Warning: package 'readr' was built under R version 4.1.2## Warning: package 'dplyr' was built under R version 4.1.2## -- Conflicts ------------------------------------------ tidyverse_conflicts() --
## x dplyr::filter() masks stats::filter()
## x dplyr::lag() masks stats::lag()view(BD_Data)
BD_Data1<-tibble(BD_Data)If you want to learn R- Programming, you can visit my video,
I have used a data set for this note and anyone interested can work with me with this data set.
Like, we can create a variable visualization using R programming
library(tidyverse)p<-ggplot(BD_Data,mapping = aes(x=Year,y=Eco_Growth))+geom_line()p<-p+labs(title="Economic Growth Trend",caption = "Data Source= WDI")
p
What is the Current Economy Status
Bangladesh’s economy is a rapidly rising market-oriented economy that is the 44th largest in nominal terms and the 32nd largest in terms of purchasing power parity. The economy is among the Next Eleven or N-11 of Goldman Sachs and D-8 economies, with a gross domestic product of $751 billion in PPP terms and $273 billion in nominal terms in 2018. The IMF ranked the economy as the second fastest growing major economy, with a rate of 7.28 percent, and it is among the Next Eleven or N-11 of Goldman Sachs and D-8 economies, with a gross domestic product of $751 billion in PPP terms and $273 billion in nominal terms in 2018. Over the last few years, the economy has risen at a rate of 6-7 percent per year, and it is astonishing that the services sector accounts for about half of the GDP. Agricultural employment, however, continues to contribute for 40% of overall employment. The manufacturing industry’s proportional contribution is increasing, with credit going to the RMG sector in particular.
In the eyes of the rest of the world, Bangladesh is currently regarded as a shining example of success in various socioeconomic indicators despite significant hurdles.
Historical Sectors Contribution
Historical Growth Trend
Growth performance of Bangladesh economy can be summed up as follows:
The decade, immediately after independence, the economy experienced a GDP growth more or less below 4 percent and since the late 1980s, it has started moving upward.
In the 1990s, the economy grew at an average rate of 5 percent.
During the period 2001-11 the economy grew at an average rate of just less than 6 percent.
During the period 2005-11 the economy registered an average rate of 6.5 percent.
After then it started growing upward.
Current status and Pattern of Previous Budget
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Now talking about budget pattern, look at this picture,
Analyze this picture when you write your answer, okay.
Also Explain this and give reference information from the above picture.
Usually,
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.
Go to this https://tradingeconomics.com/bangladesh/government-budget for more information.
Find out Historical Revenue and Expenditure pattern of Budget after independence in Bangladesh
Thank you.