Bangladesh has a developing market economy with nearly half the population employed in the agriculture sector. Along with agriculture, the manufacturing and industrial industry provide dynamic job opportunities to the country's working-age population.
The country was severely affected by the global pandemic in 2020, which slowed down the country's overall growth leaving a greater part of the population unemployed and at elevated risks. Despite all the uncertainties, the Bangladesh economy is now gradually recovering. Still, the shadows of the pandemic linger over the entire economy. Dhaka and Chittagong are the two principal cities that are also known as the financial centers of Bangladesh.
Overview of Bangladesh
Population: 16.4 Crores
Gross Domestic Product (GDP): $353 billion (nominal, 2021)
The economy of Bangladesh is amongst the fastest growing economies in the world. With remarkable progress in poverty reduction and strong ready-made garment exports, the economy has shown some positive signs in the past decade. Though Covid-19 deeply affected the overall economy, including a rise in poverty and impact on the health that made things vulnerable, the right policies and timely action made things better in the first quarter of 2021.
The market size of Bangladesh is enough to accommodate all the working-age population with sustainable jobs. With industries like agriculture, manufacturing, fishing, and exports, Bangladesh holds excellent market potential for its working-age people. Though the market slowed down in 2020 because of the Covid-19 outbreak, it still bounced back in early 2021. Learn More.
A Brief Glimpse of Industries
- The ready-garment industry is a big part of Bangladesh's economy that provides enormous job Opportunities, especially to women. Other than the ready-made garments industry, the leather industry, especially footwear, is another sector where mainly women are employed.
- Another significant industry that plays a vital role in building a country's GDP is the shipbuilding industry. It is a growing industry with great potential and has been compared with developed countries such as South Korea and China.
- Along with shipbuilding, another industry that holds utmost importance is the shipbreaking industry. Employing over 2,00,000 Bangladeshis, the ship breaking industry of Bangladesh is the world's largest ship breaking industry.
- Bangladesh's travel and tourism industry generates enormous job opportunities that directly impact the Bangladesh economy and the country's total GDP.
- Bangladesh holds over 160 million people with a vast number of internet users; therefore, Bangladesh's information and technology sector employs thousands of skilled labor every year who work and generate a living for themselves.
- The average download speed in Bangladesh is 12.48 Mbps, and the average upload speed is 7.98 Mbps on all mobiles, laptops, and other devices.
- After being marred by the pandemic, Bangladesh's economy slowed down. Still, the government is taking adequate steps to provide employment opportunities and introduce policies that support flexible working terms.
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Cost of Living
The cost of living in a country can be determined by various parameters that drastically affect the final cost. Factors such as which city you are residing in, the type of industry dominant in that area, your living standards, taxation policy, state revenue, and much more. Below, we have curated a table that gives you an insight into the cost of living in Bangladesh.
A brief breakdown of the average cost of living in Bangladesh:
Cost of Renting
The average cost of renting in Bangladesh is much lower than that of other developed or underdeveloped nations such as China and India. Though it is heavily determined by the city you are living in and your living standards. Still, on average, the cost of renting in Bangladesh revolves around $125- $300, much lower than in other countries.
The cost of living in Bangladesh is highly determined by your location. If you choose to live in developed cities like Dhaka and Chittagong, then the average cost will be much higher than other growing cities where prices are much more reasonable. Talk to us to know more.
Top Sectors that are Expected to Hire in Bangladesh
Here is the list of top industries in Bangladesh expected to hire and engage the workforce in 2021.
Being the second-largest textile exporter globally, Bangladesh has strong roots in the textile industry. It accounts for about 80% of total export and employs over 3.5 million Bangladeshis, majorly women. The rise in demand in the textile industry has opened doors for enormous working opportunities for the working-age population in Bangladesh.
Agriculture is one of Bangladesh's largest employment sectors, about 60% of the population work on farms and practice agriculture. The majority of the population works in the agriculture industry, contributing to 30% of the total GDP.
The Shipbuilding industry is another booming sector in Bangladesh. With over 200 shipbuilding companies in the country, this industry holds great potential to become one of the largest industries in the country.
Another important industry that contributes to the country's GDP and opens enormous job Opportunities for the working-age people in the tourism industry. With vast attractions like wildlife, picnic spots, and beaches, the tourism industry supports the country's economic growth. Learn More.
Top Skills in Bangladesh
Bangladesh has a dynamic job market where there are plenty of job opportunities and people seeking the same. Below, we have listed some essential skills that one should acquire to build a living in Bangladesh.
- Data analysis
- Customer service
- IT skills
- Digital marketing
- Time management
- Work ethics
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Top Skills City-wise and Occupation-wise
Bangladesh enjoys a mixed economy where different cities offer a different set of skills. Below we have curated a list of various cities and skillsets found in that particular area.
The cost of hiring is an essential factor to be kept in mind while onboarding a candidate. An average hiring cost is determined by factors such as the cost of living in the city and overall expenditure in the town. The several vital points that drastically affect the hiring cost are -
- Onboarding costs
- The overall cost emerged from interviews to onboarding
- Opportunity costs
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Salary Structure of Various Roles
The following table reflects the average salary of various occupations in Bangladesh:
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Employment Laws in Bangladesh
Bangladesh has a considerable workforce with 60 million people in agriculture jobs and 30 million in non-agriculture jobs. Below are some employment laws that the government of Bangladesh has established for its workforce.
- No employer is allowed to hire any worker without a letter of appointment and photo identity.
- According to Employees' Rights and Labor Law in Bangladesh daily working hours of an employee should not exceed 8hours with a 1-hour interval in between for rest or meal.
- The wages should be paid before the expiration of the payable wage period.
- All salaries and wages will be made on the working days only.
- Casual leave will be eligible if obtained on the prior application unless it's an emergency.
- A maximum of ten days' leave is allowed in a year in case of casual leave.
- If any employee is found guilty of bribing or fraud, an immediate termination without any warnings can occur.
- Eight weeks before and eight weeks after the delivery, the law allows women for maternity leave.
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How Can Skuad Help You Hire in Bangladesh?
Hiring in Bangladesh is a multi-faceted task requiring an appropriate understanding of employment laws, cost of hiring, living, renting, economic overview, and much more that drastically affects the hiring decision. Skuad acts as your local HR and comes as a one-stop destination where our experts handle every minute of recruitment, from interviews to onboarding and managing taxations to compliance. It gives you the freedom to focus on more critical parts of the project rather than worrying about hiring. Book a demo with Skuad to know more.