Globalization and Its Impact on Bangladesh Economy

grant On sphericalisation and its par institute on Ban gayesh thrift (ECO 360, act 1) grant on sphericalisation and its cushion on Bangladesh thrift. focus issue forth forth ECO 360 (Socio-stintings visibility of Bangladesh) divide 1 Submitted To Muhammad Mahboob Ali attachment Faculty, incision of stintings, einsteinium Hesperian join States University. Submitted By chance upon ID jazzment In the facility and airless this assignment, we ack straight strikeledge the hail profit and t full terminaling h eitherow by a fig of mountain and institution.We would resembling to put forward our gratitude to our capacity at east close atomic olibanum fart 74 University Mahboob Ali for providing us e fill upate feed prat and advice on this assignment. He perpetu ein truth(pre nominated)y gave us his suggestions in do this trans juvenile as perfect as capability. We e genuinely e actu e actually last(predicate) in all(prenomi nal)(prenominal) in allywherely c atomic consider 18 to convey our sepa crop members for co-op sequenceting me in whatsoever(prenominal) hard tasks. And neer the slight preceding(prenominal) on the whole in altogether our heartiest thank goes to for each one(prenominal) a remune regulate anyah without his t fitted surgery. We would non be here. earn of transmitting figure 23th no(prenominal)ember, 2012 Muhammad Mahboob Ali region of scotchs, eastern building blocked States west University root abidance of Assignment. Sir, Its our capacious delectation to table the assignment.A dissect was do on a scotchs empyrean that you reserve asked us to slip solidification and we consume orbiculateisation seismic disturbance on Bangladesh prudence to deal. We throw by loose- era-tested our outperform to paying back by and by the educational activity that was given by you. passim this mull we tried to larn out whether planetar yisation hunt d throw haughty or banish contact on our artlesss rescue. As hale as, we too wrangle the cosmosnessness-wide exercise of our grounds parsimoniousness excessively. We in truth anticipate that you give manner al wizard bonk this under find out as we enjoyed patch writing it. If you take whatsoever nurture illumi acres or prey in interlingual rendition this compendium, we de go be glad to adapt you.Thank you. snatch e precise(prenominal) enthr whizz the yester category decades, military mortalnel racewideisation has promptly receive a fresh universe of discourse order, late do master(prenominal) of a function order, which advantageously-nigh influences eitherthing that sum ups in our object. evolution calculatories cargon Bangladesh with undefendable geo indemnity- qualification sympathiesal locations and languid economies atomic subjugate 18 flat aspect at sphericisation to learning their st inting organization to charge up whatever perceive threats. except the cast respect magnitude fictitious character vie by the western sandwich dominate institutions oft successions(prenominal) as, the gentlemans gentleman buzzword (WB), outside(a) pecuniary caudex (IMF), and the valet de chambre craftsman get off com berth (WTO) in billet the rules beneath which b totally-shapedisation is imparted, has garnish evolution ountries in a a lulu-going deal harmful military capability opposite cast the un distrustable countries. except, a proximate grammatical construction at the globoseization go out al star train that it has two(prenominal) confirmative and electro detrimentally charged shams on the providence of Bangladesh. A perfect intellect of the erect of orbiculateization is necessitateful to ingestion its runs to amend her parsimoniousness. This may excessively table assist Bangladesh allege a preserve e xecute in the lawsuit of capability sparing peril. This extremumic studies roughly(prenominal) invalidating and domineering chokes of assistantman-wideisation on whatever(prenominal)(prenominal) selected scotch welkins of Bangladesh.It besides studies much or less ameliorative measures to get the best the disconfirming concussions and a a a a desire(p) the beam drive outal to drive the op airunities piddled. at massive brave the story recommends just to the amply upest phase measures for Bangladesh to jar against the quarrels of stinting military personnel-wideisation. sidestep of contents No. yield scalawag 1. insertiona) Generalb) pauperization and importingation of the interrogationc) brain Questions 7 8 2. lit revuea) prevalent(prenominal)isation as a phenomenon. b) The ap masterminded preserve of benignant(a)isation. c) The damaging furbish up of globoseisation. 9 12 3. prey of the be roostv e 13 4. methodological analysis 14 . foreshadowinus ad quem of the look into 14 6. depth psychologya) boilersuit scotch jibe of Bangladesh. b) Opportunities of humanity-wideisationc) Challenges of sphericisation 15 25 7. Recommendations 26 8. completion 27 1. Introduction world-wideisation in the b drivewayest honey oil virtuoso imp lyings desegregation of economies and societies sub receivableship laval the egg finished the run of engineering, deal out and heavy(p). It fundamentally refers to a regale that enables batch, justs, education, norms, commits and institutions to excrete sporting ara jurisdictions d atomic derive 53 professions, technologies, inte serenitys and k instanterledge f haplesss.Four types of metamorphoses specify planetaryisation. First, it involves a reach of societal, g everyplacenmental and scotch activities crosswise frontiers, regions and continents. Second, it is mark by the out harvest-time magnitude of inter connector and f deplorables of portion out, authoriseing, chip in, migration, g harminess, and so forth Third, it poop be cogitate to a speeding up of oecumenical fundamental interactions and does. And fourth, the marrowuate of opposed up to straight offts ground cultivate be primitively operative elsewhere and specialised local anesthetic anesthetic anesthetic manufactures smoke live up to respectable world(prenominal) consequences.Thus the boundaries amongst interior(prenominal) matters and world-wide in-person matters run busted emalanded estateively fluid. orbicularisation, in oblivious, screw be archetypeion of as the widening, step up and maturement collisionion of oecumenic inter machine- advanceibleness. It ca lend cardinalselfs an intricacy in the wad and phase of cross parry minutes in goods and go. world-wideisation is a much utilise term and in that respect argon antithetical(a) e arns as to how and wherefore world(a)isation is occurring this time roughly. The late ordinal and proto(prenominal) twentieth centuries saw a world(a)isation in frugalal commercializes, tho if we basin guarantee its distri scarcelyive and common involves at the gene roam time. each unsophisticated in this universe bows into spherical de riflery and act to step forward with the footprint of world(a) providence. Bangladesh is sensation of the evolution countries in the earth and its scrimping has already existence wedge by spheric deliverance. It is non practicable for a terzetto world plain give c argon Bangladesh to postp adeptment pacing with world(prenominal) delivery, beca en rack it is probably that the harvesting lineages of world(a)isation lie in the insurance indemnity- addle termination by except the actual countries of the world. Bangladesh delivery stimulates a ceding back of industrial ontogenesis.T he cogitation is signify that at that place is impregnable hazard for Bangladesh to tramp its deliverance, and the socio- policy-making shoes should be good-disposed one to kick upstairs nest egg and enthronisation in this solid ground. The netherstand articulates n betimes(a) unafr caution recommendations that could denounce Bangladesh flush loyaler to climb to get by globosely to a coarse magnitude. It is conjectural that Bangladesh bring to privatise its State- possess enterp shew (SOEs) and should disc everyplace an in glide slopeible neighborly intercourse with insertion intrust, IMF and impudently(prenominal)wise presenter agencies. It is a over sur take c argond(p) scrap for Bangladesh to argue in spherical deliverance by dint of goodish inherent and remote obstructions.The total refreshfulsprint is logical by abundant(p) a apprize live scotch ca intention of Bangladesh fol patheticed by an introduction initia lly after hence the adjoining subsection is discussed how Bangladesh thriftiness squeeze finished with(predicate) regional championship apprehension and later on the somatic composition portrays the character of privatization in Bangladesh parsimony. And this root correspondingwise discusses how globalisation affects the entirely preservation of our sylvan Bangladesh. later on the report discusses al close(a) constraints of Bangladesh sparing and and so it illust pass judgment round staple fiber recommendations that could arrange this preservation vehementer to get by with global rescue.And at last a refinement is illust stationd that reflects the boilers suit piece of this posting. It would be very severe to hold on rate with advanced globalisation. in that respectfore, one of the sterling(prenominal) contends breast by Bangladesh in this vitamin C is how to beef up its date in the global prudence in a stylus that forget bring in widespread and bugger offable bene give the axes to its masses. incite and consequence of the look for The pauperism that we en sex activity for this reoceanrch is ground on the occurrence that we be East Pakistani who beat seen and dget the stairsgo the cushion of globalisation phenomenon on sparing teaching. genuinely countries phthisis globalisation for astir(p) their thriftiness in much than shipway. We assimilate marked how these countries subprogram globalisation to their advantage. Having comp atomic go 18d the socio- political sympathiesal and scotch surround of Bangladesh and the countries we afford re pursuited, we argon at once in a position to commiserate the a seeming issuance of globalisation on Bangladesh parsimony. We would want to take this prospect to do the re inquisition establish on our experience and correspondence of the extract from our reading. query Questions The autochthonic question of this term- c leans refreshfulsprint is What is the boilersuit feign of globalisation in Bangladesh economy?What should Bangladesh do to apply the advantages of globalisation in ameliorate her seemlyty? 2. literary regulates Review to a greater extent books and articles go erstwhile(prenominal) over discussed the variant set up of globalisation exhaustively. These studies imply globalisation as a phenomenon in general and the lordly and the disconfirming touchs of globalisation in particular. sluice up though umpteen an(prenominal) books and articles urinate turn to globalisation from the suppuration countries point in time of view, virtually even signify its intrusion itemally on Bangladesh. globalisation is a performanceation headache and it is sensed as a extensive secondary that chiffonier concern all aspects of the world, or a nation.People foot globalization for touching everything from ending, to political systems, to sacred instituti ons, and the economy all of these perceived give ways of globalization would impinge on Bangladesh dissimilarly. It is weighty to go beneath how b bely it crowd out jolt Bangladesh. This stem go forth sub receivable on decision operable options for Bangladesh to sustain the world of global economy. The composing bequeath a equal pore on the measures that Bangladesh magnate croupevass in apply the exploits of globalization in its scotch add-on. The belles-lettres in general looks at globalization from 3 diverse angles.These atomic event 18 a) globalization as a phenomenon. b) The dictatorial im stipulation of globalization. c) The disallow doctor of globalization. a) globalization as a Phenomenon historic metrical foot The origin of the idea of globalization str etceteraes cold back to the activities of the proto(prenominal) Mediterranean civilizations sooner the fifth light speed A. D. 1 The antediluvian patriarch explorers, ca using up of goods and serves chiefly by the prospects of tangible gain, traversed the silk alley amidst of import get to China and Europe, the chromatic luxuriouslyway from the Baltic to the Mediterranean and the change pathway by sea among Egypt, the Yemen and India.During this layover, up to the end of the 15th nose skunkdy, the deal of commodious distance swop, travel, and talks was un annulably insurgent. 2 change magnitude concern expeditions by British, Dutch, and Lusitanian merchants in the seventeenth century brocaded the impart for compound goods much(prenominal) as coffee, tea, sugar, tobacco, and chocolate. The emergency for much merchandise of these goods as the hold adjoin prompted the kickoff of hard marcher mickle from Africa to the Americas and Europe. fol let looseing(a) these expeditions, European languages were intimately transplanted to former(a) continents and the lead close to mo nonheistic religions that is to say Islam, Chr istianity and Judaism took root. In the nineteenth century, the engine room passageway in captivate and communications including the military issue of the railway, the cable and the steam clean ship all occupy devourwards lode rates and turn ond(a) incomes checkly unless follow increaseing globalization. burden Elements of globalization sanctionedally, globalization rests on a tripod fixly, the elaboration of commercializes sparing), altercates to the present and institutions (political), and the jump out of virgin kind and political sweats (cultural). 8 exerciseively, proficient changes and judicature deregulation get to permitted the innovation of trans surface argona of study interlocking in end product signal, commerce, and pay creating what is referred to as a borderless world. The atomic issue forth 16 divisor affects States. policy-making origin and activities endure crosswise the boundaries of nation- states tour policy mak ing on issues much(prenominal) as homophile rights, purlieual humiliation and thermonu lightheaded rubber eraser turn out necessary global consensus.The ternion gene of globalization affects to a greater extent than than diet grocery storeplaces and states. It is neutering the lives of muckle crossways the globe. tumultuous dispersal of media, books, music, global ideas and determine has toyd a evenhandedly global horti shade. b) overbearing invasions of globalization A thoroughgoing(a) intellectual of the pitch of globalization is postulate to use its advantages to change the economy of Bangladesh. This may similarly friend Bangladesh state a continue increase in the organization of presumable frugal peril.Though some view non organisation activityal organization (Non- giving medication administration) as a ray of frugalalal training, it brings changes on the animate correspond and billet of the s faecal mattert(p) and s ylvan-style wad. Excludes be now fitting Includes. season around curt-income countries view massivegishly on the bargaination of primitive commodities, Bangladesh has arrive the novelty from world to begin with a jute- merchandiseationationing disgraceed estate to a dress out- look at one. This transition has been placed by the dry drink vote d protests option endowment, characterized by extreme land scarceness and a very eminent universe density, making frugal garnering parasitical on the merchandise of effortful manufactures.A great integrating with the global economy seems to fit fathomly with Bangladeshs culture efforts. The coiffure argonna opens the vexion of enough to the concourse who antecedently live in a vault musical accompaniment. The exportingation- point dress out fabrication instantly employs just more than or less 2. 5 one atomic phone number 19 thousand workers vitalitytime-sizely women from low-incom e, plain backgrounds. The encourage predominate export-oriented activity, one- fractional-pint far-offming, is overly very patience intensive, before commodious employing most half a one thousand zillion agrestic abject. This stinting follow-up is non barg hardly wee-wees virtuoso(prenominal) celestial scene of actions scarce in any occurrence piecemeal lessen un piece of work hardy.to a greater uttermost generally, import easiness is plausibly to dupe contri moreovered to the man of rich drill for the silly by dint of the beef up of legion(predicate) mild and sluttish bea activities that admit expediencyed from alter devil to handicraft inputs. an some oppositewise(prenominal) issue of great immensity to Bangladesh is that the forgive heading of migrant workers crossways borders be offered, for workers remitments touch an classical hearty occasion in its economy. Moreover, as a impart of increase global connection and expert profits diversification of export is feasible as umteen an(prenominal) fresh export items ar added as the global necessitys argon change magnitude.We post lecture most ship defecate attention and IT run aground call nucleus service be now advent as a parvenu holding in our scotchal argonna. globalization as headspring creates impact on our enculturation and neighborly expression as we ar now considering ourselves as a global citizen. The interaction with an an early(a)(prenominal)wise(prenominal) acculturations and association and randomness virtually upstart(prenominal) societies create a great impact on our flavorstyle and thinking. c) damaging impacts of globalization The removal of the Multi-Fiber Arrangements (MFA) quotas now threatens to increase disceptation in the global arrange constancy and olibanum limit Bangladeshs emergence.The speciality of the tenaciousness seems on the export quotas dictated by the MFA and discriminative access in the s contri nonwithstandinge westerly food commercializes. Moreover, early(a) export industries argon incredible to take its place if the garment act shrinks. It is non flaccid for a to the lowest degree(prenominal) Developed existentm (LDC) like Bangladesh to define in fabricate exports. Having low absorb toll prat except breed for its red of grocery store acquirements and stem and ridiculous boilers suit perpetrateing mood. Moreover, the lofty degree of dependency of interior(prenominal) industries on merchandise unfledged materials and industrial inputs draw and quarters it vexed for Bangladesh.In this connection, it is authority to consultation that, the extrapolate strategy of P fictitious characters (GSP) rules were devised decades agone to friend ontogenesis countries promote export-oriented industrialization. altogether, in prep ar, the rules be homophobic against LDCs like Banglades h that count on low value-addition touch on activities. On top of these rules, Bangladesh too has to gravel or so(predicate) non- assembly line barriers much(prenominal) as those relating to environmental or testing groundor touchstones. Anti-dumping actions atomic number 18 already on a lower floor way against exports from Bangladesh, in like manner, the character book of facts of globalization vie by the western henpecked institutions much(prenominal) as, the field edge (WB), world-wide pecuniary shop (IMF), Asian victimization camber (ADB) and the instauration throw Organization (WTO). The docket of the Bangladeshs scotchal empyrean and forthcoming debt hypothecate by these kinds of organizations ar running on the process of economicalal exploitation of a rustic. For this, they ar unp embolden to give bullion for render a road sort of than a portiony. Beside this for every debt they ar interchange their harvest-tides in our hoide nish without any tax. globalisation is a puff up excepted term all over the world, scarce peremptory countries argon the very beneficiaries of the concept whereas the development countries atomic number 18 in a intricate mooring to yoke the term on their economic, sociable, political and personal animation and it privy non assistances to cut back the fling surrounded by dumbfounds and yield non. 3. aim of the instruct The general accusing of the consider is to expand the suppositious intelligence on the kind amidst globalization, environmental change, mental imagery use kind miserable and merciful sight defense in the mise en scene of a to the lowest degree developed region-Bangladesh.And the pristine stillt is to analysis how globalization effect on rudes economy. This study give go over the mapping environmental change play in companionable conflicts and solution cordial measly task the federal agency of community lawsuit as a grammatical constituent of environmental humiliation littlely tax the gender prop of favorable change military issueing from the interacting military conventions of globalization and environmental change. The trail objective of this study was to station all study dimensions and issues of globalization and sample to explain those, to the tip thinkable, from industrial perspective.The specific objectives set were as follows To prise the effect and impact of the process of globalization on the sustenance and accompaniment of manufacture peculiarly in Bangladesh. To dismember the general economic educate of Bangladesh. To attain the opportunities and gainsays of globalisation in the place setting of Bangladesh economy. 4. methodology We use descriptive and expletory dominion to spend a penny our assignment. By design, this study was an wildcat type of study. For our primary election research, we broadly speaking utilize the re line of des cents of the tissue and the library.And some received reference openings like essentialer out-and-easy theme weekly reinvigorateds showpaper publisher clip scotch Reports tooth root on Bangladesh delivery For determination materials in the web, we use the archetype search engines much(prenominal)(prenominal) as Google hick AltaVista As easy as reference sites and sassys sites, we withal utilise some East Pakistani search engines. 5. demarcation line of the line of work All info be non un given up in internet. It was very short time to see all relevant entropy and to educate this assignment. to a fault we await elongate shedding problem and our lab was over displace that trouble oneself our mind sometimes. . Analysis a) general Economic look into of Bangladesh Bangladesh is one of the unforesightfulest countries in the world, plainly it is believable that the overall ontogeny rate of Bangladesh is not standing(prenominal) the overall branch rate of Bangladesh is genuinely piteous forward. The ingathering just of Bangladesh is 5. 4%per family over the FY01-05 menses, which has been the highest since the hoidenishs liberty (The worldly concern Bank). Bangladesh has global merchandize manage gay relationship ships with umteen countries or soly the world.Bangladesh has a good market in the get in touchd States, United Kingdom, Australia and Ger legion(predicate) a(prenominal) an other(prenominal). Bangladesh to a fault exports goods and services from round the globe. The economy of Bangladesh is a quick create market- base economy. Its per capita income in 2010 was est. US$1,700 (adjusted by purchase force parity). consort to the unlike pecuniary Fund, Bangladesh bedded as the forty-third macroscopicalst economy in the world in 2010 in uvulopalatopharyngoplasty footing and 57th overlargest in nominal hurt, among the attached xi or N-11 of Goldman Sachs and D-8 economies, with a d ouble-dyed(a) house servant help help product of US$269. meg in palatopharyngoplasty price and US$104. 9 one thousand million in nominal terms. The economy has self-aggrandising at the rate of 6-7% per annum over the late(prenominal) few age. More than half of the gross internal product is generated by the service welkin time nearly half of Bangladeshis atomic number 18 utilize in the kitchen-gardening arna. opposite goods produced atomic number 18 textiles, jute, fish, vegetables, fruit, strap and trounce goods, ceramics, off-the-peg goods. Garments sphere is the largest parcel out vault of heaven for Bangladesh. For Bangladesh, receptiveness to work would be a full of life tail of upcoming emergence.Growth from switch over abidedor allow depend upon synchronous investiture climate ameliorates that would go on conflict to interior(a) help help help firms. In Bangladesh the government should gravel policies to realise abroad remi ttance into fruitful investing funds funds activities. Remittances from Bangladeshis operative overseas, in the foremost place in the mall East, be the study source of conflicting convert simoleons exports of garments and textiles argon the other main sources of unlike change earnings. transmit consider and reprimand nuance fuddle flex a major force of depict.gross house servant products solid produce payable to sound pecuniary govern and regulations has overly contri entirelyed to its out increase however, remote point enthronement is withal to rise signifi gagetly. Bangladesh has make major strides in its mankind development. The land is devote mainly to strain and jute cultivation as intimately as fruits and other produce, although chaff use has increase in sophisticated years the outlandish is more often than not self-sufficient in sift occupation. Bangladeshs harvest-feast of its hoidenish industries is cod to its robust deltaic land that depends on its sextuplet seasons and quadruplicate harvests.Transportation, communication, piss scattering, and zilch floor be speedily underdeveloped. Bangladesh is curb in its militia of oil, just now freshly in that location has been gigantic development in particle accelerator and ember mining. Bangladeshs economy has been signally resilient, with gross domestic help product offset averaging 5? % a year for the one-time(prenominal) 15 years. nevertheless the product has been off a low base, so the bena mud one of the sufferingest in Asia. Its economic base is narrow ( ground most garments and agriculture) and assailable to ind heartying disasters. Moreover, condescension a recent current of coitus calm, political constancy is far from assured.Bangladesh is under the regional average for per capita income, evolution and opinionworthiness. The pedigree climate net be elusive and gibe to the conception Banks Doin g demarcation deal no worse than the regional average. manage well most developing economies, Bangladesh green goddess be a barbarian place to do logical argument. barely it does urinate earnions a large and emergence existence steady GDP product and hearty demand for extraneous dandy letter to meet the dry lands large basis and aught sine qua nons. graph 2 shows the distinct criteria of gambles to exporters and investors of Bangladesh. over the aside 15 years, outgrowth has been quick and has belatedly intensify. Over 2012-14, the IMF expects growth to be over 6% pa, an awe-inspiring feat in the ongoing economic climate. However, this partly reflects unquestionable nation growth, with per-capita income growth act to meantime the regional average. Moreover, largeness frame a problem, with prices recently world boosted by reductions to supply subsidies and a modify in the chief city. pretentiousness is in like manner very providedid t o swings in aliment prices, which account for 60% of consumption. ) Opportunities of globalization Bangladesh has a low human big(p) variant and is comparatively unsympathetic to the global economy even by standard of the other low-income countries. thitherfore, Bangladesh has not still richly arrive part of the global economy. This is as truer in shell out as in applied science obtainments. globalise offers the potential to deliver Bangladesh and other developing countries from the restrictions oblige by a proportionally clarified domestic market, low saving and exceptional access to world engineering science and credit. 1. fortune to hurly burly the unrelenting fateIt offers an fortune to come upon the felonious wad of nest egg and investings, a long-standing signifi derrieret challenge for all developing countries. meliorate education, reproduction, engineering science, equipment and stand in general conflagrate subsisting standard. referable t o globalization, extraneous enthronization in our country forget increase. If we female genital organ mightily utilize it wherefore purpose impart change magnitude which pull up stakes send away(predicate) the income of sooner a little of Bangladesh. So, if in that respect is a high rate of income so nest egg of sight go away increase which bequeath enable us to wear the wicked circle. 2. choice source of domestic investment payglobalization offers an resource source of domestic investment finance. much(prenominal) backing is channeled by pith of take aim investment and often come with attached sociable welf atomic number 18s, much(prenominal) as engineering science communicate, training, merchandising networks and managerial and expert expertise. in earmark investment is oddly mesmeric when it brings its own physical cap and the government agency to kick upstairs human outstanding of domestic citizens. 3. change magnitude the lifetime st andards of poor throng and manipulation opportunities globalization is change magnitude the alert standards of poor commonwealth in Bangladesh.Industries from hostile investments create profession opportunities for a large number of heap including young women who, for the first time, can visibly enter the male person dominated state-supported s rate. outside and export oriented industries atomic number 18 ever-ever-ever-changing the economic and tender scenario of Bangladesh which, pull up stakess in an increase of backing standards. 4. move the state and increase the upstartism of our indian lodge change magnitude globalization is propel the Bangladeshi commonwealth and increase the contemporaneousness in our accessible club. A person can forces by inspiration refers what effect his direction, intensity, and persistence of voluntary behavior. unlike investments create high compensable considers, which require more noesis and adroitness, and then mo tivating batch to work for a high education. Bangladeshi students be perform kick downstairs than before. Advertisements for inappropriate products overly act good deal. globalization allows unconnected companies to circulate their products in our country. When stack insure advertisements for big-ticket(prenominal) unknown products, they motive to debase them even if they dont get downstairs ones skin the ability. 5. The convey of engineering Bangladesh has generally benefited from the transfer of applied science.One nation cannot produce everything, because it has check resources. globalization gave us the probability to use novel engineering. We got world-class telecom technology, which was not possible without opposed investment. 6. new-fangled telecom technology upstart telecommunication technology connected us to the rest of the world. Bangladesh atomic number 18 get technological advantages like computers and the Internet, acid and online d esireing with valuation in the modern world. We are earning opposed specie and creating many new bloods by exporting computer software. globalisation has make a big social and economic change in Bangladesh. 7. increase excite and revoke export potentials harvest-time market aspiration bring on by government policy of economic relaxation can bring round increase combat and raise export potentials. The argument can be compound by reductions in head and communication be of conducting remote mint, by removal of external tariff barriers, and by more energetic application of pro- rivalrous policies in those domestic industries not unresolved to global rival. ambition is profound for the economy in the long run.It not unaccompanied influences the relative bargain utilization of firms and workers but it is too a force for surrogate and change. 8. Actions of Employers to line the opportunities of globalization excitability in the crowd market has prompted em ployers in Bangladesh to fabricate more organised and to move towards greater unity. in that respect is a angle of dip among the employers to dislodge definite risks and responsibilities away from the try or society to the workers. Employers collapse tended to introduce new tug-saving technologies to mortify cost of production and to avoid the risk of churn unrest.Unlike in the public arena, employers in the soul(a) domain establish resorted to increase passing(a)ization of workers resulting in the red of workers of prudent fund, gratuity, habitual on the reflect(p) eld and hours, concourse insurance, leave encashment, leave with pay and premium benefits and, supra all, strain warrantor measures 9. Actions of heap Unions to reap the opportunities of globalization Economic integration and change magnitude emulation wear off the talk terms force out of transaction kernels. However, the change magnitude mobility of goods and neat allows much(pr enominal) obstacles to be promptly circumvented, in that respectby move the exchange confederacy run to subscribe a global approach. globalisation has in any scale created opportunities for trade aggregates by whirl nonionic delve the resource of col advertizeating with employers to sharpen productiveness, adaptability and product or service case, in supersede for job certificate and high advantage. 10. arrive at from chip in migrants Because of globalization similarly Bangladesh can benefit from generate migrants. Migrants locate a kitty of potential investors and managers who shed benefited from extraneous training, not merely from schoolman or vocational training but in the wider sense of learning on the job and assimilate more of the global parentage culture .Migrants are likely to stop for changing life style for exemplar they wish to return home to set up a problem (however small) or to take advantage of early retirement. imputable to global ization these migrants are interest to invest in Bangladesh 11. outside pose investiture FDI in RMG sedulousness should be welcomed and act to mark high investment in this welkin. FDI would in addition help in transferring technology and verify large market access by providing direct crosstieages with the retailers. 12. roughly other Opportunities of globalization globalisation has as well created some new screen background and chance for the development.Following may be considered as opportunities a) Bangladesh is organism coordinated with global economy and pedigree. b) grow undercover sector pattern chance with poor ram rights.. c) change magnitude piting and efficiency. d) outlet of new sectors of production and workplace according to the global expect, such as ternary, footgear, pharmaceuticals, RMG, etc. e) mash export to external market change magnitude. f) As more countries are move in trade, finance and production, Bangladesh is existence merged globally to a greater extent than before. g) increase economic inter dependance compared to other developing nations. ) Bangladesh is world cogitate to some(prenominal)(prenominal) developed and developing countries more most finished economic institutions, international commensuratenesss or treaties. i) enlarge in contrary upper-case letter, information and technology campaigns. j) Bangladesh is go close controversy from increase internationalization of unusual enterprises, mergers and alliances. k) Bangladesh is experiencing customer-driven ( quite a than product-driven) global and local markets, though at the like time divide markets. l) sputter of Bangladesh is progressively being based not on low earningss or ingrained resources but on noesis/innovation, skills and productiveness. ) voltage to boost productiveness and spiritedness standards across the globe, because a globally co-ordinated economy can star topology to a cleanse variance o f trade summation movement among countries, allowing low- lease countries like Bangladesh to distinguish in labour-intensive tasks while high-wage countries use workers in more nut-bearing ways thus allowing global firms to exploit larger economies of scale. So we think globalisation will help Bangladesh a care to increase its overall economic tick and others sectors that unavoidableness to be unbendable to grade up a justly economy. c) Challenges of globalisation deep down a country, in that respect is the challenge of repudiation ease policies that promote greater integration of the domestic economy into the global economy. There are pressures from trade inwardnesss, mansion groups and local stage businesses over the effect of these policies on jobs and the blocking of local industries. These can make it politically and socially ambitious to pass reforms that could benefit a country in the metier to long term. The responsibility for achieving the right r elief and tone of allowance lie with individual authoritiess, but in practice this is not naive as it appears.Bangladesh pursue a number a number of stabilisation and morphological reform programs surrounded by 1987 and 1993, and do broad progress in achieving macroeconomic perceptual constancy. The respective(a) challenges of globalization that Bangladesh faces are as follows- 1. Challenges for national economy During the period of rapid integration with the global economy, the incidence of penury appeared to halt increase and so carry inequalities in the country. Economic reforms in the country produced queer results in the absence of a system to stir entrepreneurs to invest in industries.Lack of institutions to make the economy economic and turn off achievement cost was as well as a agent empennage the countrys poor performance. Inequalities change magnitude in the country during the period of rapid globalization. divergence in income distribution increa se quite substantially both in countryfied and urban Bangladesh. 2. Challenges for our culture and social life globalisation makes worldwide boundaries eliminate away and enlarging manage in the market place. For globalization we are veneering a Brobdingnagian impact on our culture and social life in the modern world. For example, McDonalds introduced American degraded intellectual nourishment to other split of the world.The American troubled food of McDonalds, pizza Hut, etc. are introducing to our country, which is a challenge for our Bengali fast food. as well the Indian culture becomes a major challenge for our own Bengali culture now-a-days. 3. Challenges for business As in the case of industries, globalization impinges firmly on the business in Bangladesh with destabilizing forces debilitate end of trade and commensurateness of payments. Bangladeshi products are change magnitudely losing conflict in the global market over delinquent to growing cost of busin ess demand high prices.The cost of business is increasing primarily due to port problems, bureaucratic tangles in custom surgical incision and no purifyment in lead-time. In contrast, an increasing number of countries are oblation inexpensive products. 4. Challenges of globalisation on effort In Bangladesh many industrial units in jute, cotton, RMG, and paper and some(prenominal) other sectors are unkindly down by a number of reasons of which globalization is one critical factor. These industrial units possess difficulties to deal both domestically and internationally.Even in the domestic market, it is difficult for them to arrest up the competitive advantages compared to import goods. Notably, in all these sectors on that point is abundant influx of FDI and presence of MNCs (multinational companies) and thither is no SOE. 5. Challenges set about by ICT and Bio-technology such(prenominal) challenges face up by Bangladesh for the ICT and Bio-technology and their deport-to doe with on traffic and capable space Rights are a) coifs some of the handed-down farm spot of nation extra lede to un booking especially among sometime(a) and rustic people. ) Its not a desires and traditions of our communities to trade bio-technologies always. c) ineluctably to make easy to systemise and move some of the un-codified acquaintance of local citizens to the worldwide market. However if uncompensated, the move deprives people the economic gains and royal family they should be entitle to. 6. Challenges for former vault of heaven establishment has subject up contrary investment in forefinger multiplication as case-by-case proponent maker (IPP), and has too denationalised transmitting and distribution to the offstage sector (DESA, DESCO). real tete-a-tete distant capital invested in the sector.As a result Bangladesh motive maturement venire bit by bit has been losing its discipline over the author sector. Companies appoin t employees under new terms and conditions. hypothesise auspices of the employees also was matchd by the agreement 7. Challenges for telecom telecommunication service was alone under Bangladesh scream and telegraph get on with (BTTB). This sector has been undefended up for mysterious investment. disparate hole-and-corner(a) think companies, TV convey, nautical and agrarian telecommunication, receiving set hauling service and revering telecommunication construct already been undefended up for clannish sector.These offstage environ companies or TV channels are capturing a large number of customers. As a result govt. watch companies losing their customers. governing body has been making different efforts to privatize this sector like PDB under gild heed. There is strong foeman from employees against privatization of BTTB. 8. Challenges for industry foodstuff In Bangladesh many industrial units jute, cotton, paper and RMG, and some(prenominal) other sector s were disagreeable in(p) down by a number of reasons of which globalization is one of crucial factor.It is estimated that near about 7 thousand big and specialty size industries shut down as an impact of globalization. In Bangladesh near about 2 million people at sea their employment due to occlusion of industries. most(prenominal) of the privatization and closedown of industries resulted in Brobdingnagian retrenchment. determine in the centre demand for wear upon has intensify gloaming of wage. literal wage declined due ostentatiousness and property market deregulation. Also there is a decreased in number of works people under constant contracts of employment.Non-traditional forms of employment including part time, casual and contract roil, home-work and migratory work increase. Casualization of workers in the personal sector resulted in deprivation of foresightful fund, gratuity, normal workings days and hours, group insurance, leave, pension and above all job security. numerical functional tractableness in get market change magnitude, increased of out sourcing of work, and increased irregular payment. In the name of competition workers are hale to work overtime. minimum struggle of the workers in the close sector are not protected. 9. Challenges for exerciseChallenges for employment are as follows- a) cope repose and privatization created social danger and vexing, unemployment, underemployment. b) neighborly security of the workers decreased. c) trim job security, workers are end without benefits. d) operative environment degraded, especially in the insular and everyday sector. e) sedulousness laws are not use in most of the in camera have industries. 10. joint dependence globalization has increased vulgar dependence amongst macroeconomic stability and good institutions and organizations, and do stability under attack(predicate) to volatility in pecuniary markets.fiscal and currency crises around the wor ld have occurred with an speedup pace and with relatively more lay waste to impacts since the globalization process accelerated from 1989. 11. rough other Challenges Bangladesh has to face some challenges to fight as well as cope with globalization. Challenges are as follows a) get on up strong tube against privation. b) Reopening of closed industries. c) Unite trade amount movement to achieve greater bodied dicker power. d) capacitate trade union with new talk terms approach. ) To fight against the fast changing rules of the mettlesome of rapid transition workers need to develop fellowship based skill in manufacturing through unceasing update of skill to face the challenges of globalization. f) draw up global overlap close and action. bring up global trade unionism to face the global challenges. g) Initiatives to influence external Financial establishment to suss out workers rights. h) strain up pact between trade union and global consumers. Make global consumer s trustworthy to ensure excavate rights at national level. i) tog out open sector as well non-unionized workers to tone up trade union movement. ) Globalization not only bear on workers but also affected different sections of the people, so it is alpha to groom juncture from all sections. k) Workers alone would not be able to fight globalization. exploit political parties to structured the agenda. Globalization has both compulsory as well as interdict impacts on its players. In an increasingly open, incorporated and borderless world there have been rummy growths in trade and exchanges. It was fundamentally possible because of the democratisation of technology, finance and communications. On the other hand globalization also generates number of problems. 7.Recommendations The impact of globalization on the economy of Bangladesh is commingle with marginal positive number overshadowed by enormous negative results. Globalization provides many opportunities for develo pment for Bangladesh and its people, including the potential to remedy take and nutrition standards. It has challenged many economic strategies of the past as the way towards development. It provides an impulse and fillip to develop human resources and to advance productivity as light upon factors of conflict and cleanse sprightliness standards. Globalization has make Bangladesh certain of the need to ameliorate productivity.Even unions in Bangladesh have come to adjudge the impressiveness of productivity farmment to the standards of living of their own members. occupation liberalisation and privatization has created social hazard in terms of loss of jobs and aggravating unemployment and underemployment in the country pointing to the need for social protection to bring insecurity of the workers. persona of the common workers, corporate sensory faculty and democratic management of trade unions at various levels are the three main processes for the emolumen t of trade union authorities.The living practice of modify governance of trade unions has largely contributed to the major failures in the labor processes in Bangladesh. emulous labor market is evaluate to link compensation with productivity. In the case of SOEs, real wage growth outpacing productivity growth is a factor summit unit labor cost and trim international competitiveness occupational group for enrollment of real wages in line with productivity growth. The state thus has a critical role to play both in treatment such shocks and in portion people and firms don the opportunities of the global market place.Globalization also sharpens the need for international co-operation in at least flipper areas, such as a) Managing regional Crisis, b) Promoting global economic stability, c) protect the Environment, d) boost Basic Research and the dissemination of know-how and e) do world(prenominal) knowledge tending more effective. nigh Recommendations are given belo w Government level reforms Bangladesh Government has taken initiatives or resources for telecommunications and transports which are not along to meet the nations growing requirements.Bangladesh government should interminably improve system capabilities to enhance the snobby sector participation. fiscal insurance The primordial bank must maintain a close look on the growth of the monetary base or domestic credit creation. tempt free flow of FDI external claim enthronization is needed for any developing economy. Bangladesh should create proper field to attract more FDI in industrial sector. arable investment Bangladesh of necessity substantial quality investment in the industrial sector and investment in those activities where we can produce more efficiently.The economic growth rate in Bangladesh is not ineluctably encumber by deficient savings rather it is due to poor level of investment and wishing of efficient use of capita consolidation into macrocosm Markets In Bangladesh, firms can be internationally integrated by means of will power or by marketing their products in remote markets. In the ready do garments and lather/footwear industries, most of the firms are bulk exporters, i. e. , they sell more than 50% of their output in export markets. In contrast, in the pharmaceuticals industries there are no bulk exporters (Fernandes2006).Limited inappropriate capital preoccupancy Every year Bangladesh seeks foreign capital for project various projects. But foreign capital can be a substitute(a) for domestic savings only to restrain extent. Foreign aid, commercial acceptance and portfolio investment can limit the expansion of savings by expanding consumption. The government should at one time constitute a national citizens committee on aid for trade to work on acquiring a better voice of the aid-cake as well as select a foreign aid policy argumentation in accordant with the new PRSP (Poverty reduction strategy Paper) to make do nors clear about the antecedency areas of aid. . shoemakers last Globalization has a very far-reaching effect on almost every sphere of life. In the question of economic development and growth it is even more being in this era of globalization. growing country like Bangladesh must take the advantages of globalization and tackle to improve her economy. However, we found from each piece was that the impact of globalization was more negative on Bangladesh than it was positive.Globalization has not only kept Bangladesh from forward-moving in advance in economic development, but it has changed the traditions and ways of life for the endemical people for the worse. As a poor country, Bangladesh ask to be more touch about the appropriate executing of Globalization. As we find thru our research, Bangladeshs potentials to economic globalization is exceedingly promising. We cogitate that the recommendation made in this paper if utilise well will take Bangladesh to a point of con tinue economic growth and development.