Contribution to the GDP: Contribution of industry to the GDP was SinceBangladesh averaged a GDP growth of 6. According to classical and neo-classical economic theory, economic growth depends on the supply of capital as well as the supply of labor and technology.
In90 percent of Bangladesh's total earnings from garment exports came from its exports to the United States and Europe. Bangladesh was expected to suffer the most from the ending of the MFA, as it was expected to face more competition, particularly from China.
However, this was not the case. It turns out that even in the face of other economic giants, Bangladesh's labor is "cheaper than anywhere else in the world.
However, this act was temporarily suspended for Bangladesh by President Obama after the Rana Plaza collapse in Of the millions of wage earning children in Bangladesh inalmost all of them worked in the ready-made garment industry. This number may have been as high as 15 million children.
Its impact on Retail sector in bangladesh economy would have been significant as the export-oriented ready-made garment industry represents most of the country's exports. One study estimated that there wereworkers in the industry.
Estimates from the World Bank put the number of female workers in the industry in the s at 50,; that number was brought up to 2. Bangladesh's flagship export-oriented ready-made garment industry, however, with female labor accounting for 90 percent of the work force, was "built to a large extent, on the supply of cheap and flexible female labor in the country.
This has given women the chance to be financially independent and have a voice in the family because now they contribute financially.
Most women come from low income families. Low wage of women workers and their compliance have enabled the industry to compete with the world market.
Women are paid far less than men mainly due to their lack of education. But, pressure from buyers to abide by labor codes has enabled factories to maintain satisfactory working conditions. The first protests broke out inand since then, there have been periodic protests by the workers.
Many textile factories in Bangladesh often compromise worker health and safety because of the tough pressure from the ordering companies to make tight deadlines.
Management will often push workers in order to ensure that an order is fulfilled.
This poses a problem as workers have almost no avenues with which to file a complaint. Almost none of the factories have any sort of human resources department and local officials often turn a blind eye to violations. Without any structure like a formalized union, many lack the ability to speak of injustices either from lack of knowledge or fear of losing economic security.
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