Miller Magazine Issue: 153 September 2022

91 COUNTRY PROFILE MILLER / SEPTEMBER 2022 Although the modern economy is largely de- pendent on industrialization, agriculture re- mains the lifeblood of the Bangladesh econo- my. 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 northeast- ern corner of the Indian subcontinent and bordered by India and Burma, with a 2021 population estimat- ed 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 Internation- al Monetary Fund (IMF), Bangladesh’s GDP reached $354.24 billion in the fiscal year 2020-21 with an an- nual growth rate of 6.94 percent. Although the modern economy is largely dependent on industrialization, agriculture remains the lifeblood Bangladesh Grain Outlook