An Overview Of The Current State Of The Bangladesh Job Market

 An Overview Of The Current State Of The Bangladesh Job Market

BY SHOHORAT MAHAPARA PURNATA



Photo Credit - Pexels Considering Bangladesh's history, the job market has grown significantly over the years and transformed rapidly compared to other countries like Bangladesh. As one of the fastest-growing economies in the world, Bangladesh has witnessed remarkable progress in various sectors, leading to increased employment opportunities for its workforce. In this blog post, I will take you through an overview of the job market in Bangladesh, highlighting key trends and challenges faced by job seekers and employers alike. Bangladesh has a GDP growth of 7%, driven by a diversified range of industries, including garments and textiles, pharmaceuticals, information technology, banking and finance, telecommunications, and manufacturing. These industries' expansion created labor demand, leading to increased employment. It is well-known that the transformation of Bangladesh's economy and the development in the living standard resulted from the increase in the job market. Significantly, the change in the literacy rate from 47.49% in 2001 to 78.09% in 2022 was due to the rise of the job market. Foreign Direct Investment(FDI) also played a crucial role in expanding the job market in Bangladesh. The government's efforts to improve the investment climate, coupled with various incentives and infrastructure development, have attracted foreign companies to set up operations in the country. It has created jobs, especially in manufacturing, telecommunications, and pharmaceuticals. Even with the rise in employment, there is still a massive gap between the supply of jobs and the demand for work. The size of the workforce currently outside jobs of people aged 15 years and above is 46.90 million. It is giving rise to several economic and societal issues that have an everlasting impact. This mismatch between skills supply and demand hinders the growth potential of the job market. The only way to deal with this crisis is to train workers according to market demand, and the government has taken significant steps. Another notable aspect of the job market in Bangladesh is the prevalence of the informal sector and underemployment. Many workers are engaged in low-paying jobs in the informal sector, often lacking job security and social protection. This poses challenges in terms of income stability and access to decent work. The job market is Bangladesh's reflection of economic development and diversification. However, issues like skill gaps, the informal sector, and underemployment must be addressed to ensure sustainable and inclusive growth. For that, a robust application of supply-side policy is required. Lastly, Bangladesh's journey towards becoming a developed country with a well-functioning job market that provides opportunities and fair employment conditions will be essential in harnessing the potential of its human resources.

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