Structure and future development of the service sector in Bangladesh

Abstract

Over the last four decades, Bangladesh has experienced significant structural changes in the economy. Contributions of industry and service sectors have expanded, while contribution of agricultural sector to GDP and employment has immensely decreased. Nowadays, agriculture fails to attract people due to the less profitability nature of agriculture. On the other side, jobs in service and industry are seems more lucrative and profitable to them. Generally, economic growth of the country is represented by flourishing industry and service sectors. Among the sub-sectors, expansion of ‘wholesale & retail trade’, ‘transport, storage and communication’, and ‘financial intermediations’ are mainly contributed the overall expansion of service sector in the economy. Household’s participation in service sector has also increased day by day, which indicate the expansion of employment of this sector. It is projected that this trend will also continue in future and households will be more interested to participate in service sector than industry sector.