Although the modern economy is largely dependent on industrialization, agriculture remains the lifeblood of the Bangladesh economy. Rice is the main staple in the Bangladeshi diet. In its latest report released on 25th July, the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) post in Dhaka forecasts Bangladesh’s 2022/2023 season rice production at 35.65 million tons.
Bangladesh is a country situated in the northeastern corner of the Indian subcontinent and bordered by India and Burma, with a 2021 population estimated to be 165 million. Bangladesh is the eighth most populous country in the world. It has an impressive track record of growth and development. It has been among the fastest growing economies in the world over the past decade, supported by a demographic dividend, strong ready-made garment (RMG) exports, remittances, and stable macroeconomic conditions. The country made a strong economic recovery from the COVID-19 pandemic. According to the International Monetary Fund (IMF), Bangladesh’s GDP reached $354.24 billion in the fiscal year 2020-21 with an annual growth rate of 6.94 percent.