Bangladesh Market Brief 2020
Bangladesh is a South Asian growth market with 170 million people (8th largest population in the world), GDP of USD324B in PPP terms, and average growth above 6%. Even during 2020 and the COVID-19 crisis, it preserved positive growth of 3.5%. Its economy is anchored by garment exports, remittances, and agriculture, while Korean firms see entry opportunities in infrastructure, consumer goods, ICT, and energy.
Economic Structure and Industry Weight
Bangladesh is composed of services (52%), industry (31%), and agriculture (13%). In the industrial sector, garments (RMG) account for 12% of GDP and 83% of total exports, indicating concentration risk. The government is pursuing industrial diversification as a core policy goal.
| Sector | GDP Share | Employment Share | Growth | Key Sub-sectors |
|---|---|---|---|---|
| Services | 52% | 40% | 4.2% | Finance, telecom, distribution |
| Industry | 31% | 20% | 3.0% | Garments, construction, power |
| Agriculture | 13% | 40% | 3.1% | Rice, fisheries, livestock |
| Construction | 7% | 6% | 5.5% | Infrastructure, housing |
Consumer Market and Middle Class
As urban middle-class households grow to about 35 million, the consumer market is expanding at roughly 8% annually. Korean brands enjoy higher awareness through Hallyu effects, creating room for premium positioning in K-beauty, food, and electronics.
Business Environment
In the 2020 Doing Business report, Bangladesh ranked 168th out of 190 economies. Power access, construction permits, tax payment, and contract enforcement were among the weakest areas, but reforms are advancing through one-stop service programs such as BIDA and BEZA.