Women’s Economy in Bangladesh

 

Introduction: Over the past 50 years, Bangladesh's development story has been filled with unexpected developments and remarkable human resilience in the face of frequent natural and man-made disasters. The nation offers a unique example of a neo-liberal development model where social progress has greatly outpaced economic growth. The country's economic transformation has been primarily driven by social changes, which were started by women's empowerment. The state has played a pivotal role in this process by implementing prudent macroeconomic policies, managing disasters, allocating funds for public health and education, forming alliances with non-governmental organizations and civil society, and advocating for social policies that prioritize women's empowerment and grassroots activism.

 

 Source of Income: In the workforce, women's participation has risen. According to the Bangladesh Bureau of Statistics (BBS) survey data published in March 2023, the female labor force participation rate is 42.68%, which is still significantly lower than men's 82.4%.  While women are becoming more prevalent in the formal labor force (such as in the RMG sector), there are still significant gender disparities in Bangladesh's labor market. Women are overrepresented in unpaid family businesses, low-productivity daily labor with low wages, and public food-for-work programs in rural areas where they work as day laborers and unpaid family workers.

 

Contribution to National Economy: In Bangladesh, 38% of the female working population is actively engaged compared to 20% in India and 22% in Pakistan. The RMG/Textile sector which contributes 80%+ to exports employs a 4 million workforce, 65% of which are female. There has been a direct correlation between the country’s inclusive and sustainable economic growth and female empowerment leading to growing investments in health and education at the household level. This is also exhibited by Bangladesh’s improvement in the UN Human Development Index. 

 

Empowerment of women: Increasing women's status and advancing gender equality can be achieved in large part through their participation in the formal economy. In formal employment, women can potentially benefit greatly from regular wages and salaries, relative job security, opportunities for advancement, and controlled working conditions. Women's access to social protection, pensions, social safety nets, credit, technology, market knowledge, and other productive assets can all be improved by formal employment. The advantages of women working in the formal sector have a knock-on effect on the SDGs (sustainable development goals), productivity growth, poverty reduction, and general gender equality. These are critical for Bangladesh because, despite increases in education, women's economic opportunities have not kept pace with their gains in education, with many educated women being either excluded or devalued.

 

Conclusion: In conclusion, Bangladesh's economic growth and social advancement have benefited greatly from the participation of women in the workforce. Women are now essential to many industries, especially textiles and agriculture, where they promote social change and economic progress. Notwithstanding these successes, there are still significant obstacles to overcome, such as pay disparities, gender discrimination, and restricted access to healthcare and education. Comprehensive laws advancing gender equality and guaranteeing the safety and opportunities of women are necessary to surmount these challenges. In addition to being morally required, women's empowerment is essential for long-term economic growth. Bangladesh can realize the full potential of its people by allowing women to participate fully in the workforce and by giving them the tools and assistance they need. Long-term prosperity, increased productivity, and innovation will all result from this integration.