Date: February 15, 2013 Dr.
Mahbub Sarfaraj Department of Management Kabi Nazrul Govt. college Dhaka Subject: Submission of Term Paper . Dear sir, It is a great pleasure and privilege the term titled “Impact Of Globalization In Economic Growth ”. I have really enjoyed to prepare this report. I thing this report enrich my knowledge on impact of globalization in economic growth . There may be some mistake I think this mistake in the report will be kindly excused. With Thanks and best regards Sincerely Yours, Marium Akter Roll Number : 961 42 78Registration Number :165 23 59 Department of Management Kabi Nazrul Govt. Collage Student’s Declaration I hereby declare that the report of term paper namely “Impact of Globalization in Economic Growth” by me a comprehensive study of the Impact of Globalization of Economic Growth .
I also declare that this paper is my original worked and prepared for academic purpose which is part of B. B. A. Marium Akter Roll Number : 961 42 78 Registration Number :165 23 59 Department of Management Kabi Nazrul Govt. Collage Supervisor’s DeclarationI hereby declare that the concerned report entitled “The impact of globalization in the economic growth” original work by Marium Akter ; a student of BBA (Hons. ), Department of Management , Kabi Nazrul Govt.
College , has completed term paper under my supervision and submitted for the partial fulfillment of the requirement of B. B. A at Kabi Nazrul Govt. College. ………………………. Dr. Mahbub Sarfaraj Lecturer Department of Management Kabi Nazrul Govt. college Executive Summary After studying the theoretical concepts of topic, understanding its practical implication and application is the next step in the learning process.
n the process writing this paper , I came to know about different aspects of export as well as the Saudi Arabian market that I have explored with the light of my little knowledge . I have chosen Unemployment Problem in Bangladesh to complete my project on. Bangladesh is trying to develop unemployment sector is one of the most promising one in this process. It will face competition there but it has come distinctive qualities which will face help it to establish itself as a prime sector. However, after all this human being ,I believe everyone is not beyond limitation .
There might have problems regarding lacks and limitation in some aspect and also some minor mistake such as syntax error or typing mistake or lack of limitation please pardon for that mistake . Md. Rasel Roll Number : 961 42 77 Registration Number :165 23 58 Department of Management Kabi Nazrul Govt. Collage Table of Content Letter of transmittal01 Student’s Declaration02 Supervisor’s Declaration03 Executive Summary04 Introduction05 Objective10 The Nature11 Impact 12 Causes 14 Extent17 Type 19 Structural Unemployment 19 Frictional Unemployment 19 Cyclical Unemployment 19Seasonal Unemployment 20 Possible solution to unemployment 20 Conclusion 21 Bibliography22 “Unemployment Problem in Bangladesh” Introduction Unemployment is a great problem in Bangladesh. Every year hundreds of thousands students are coming out from college and University.
Though it is one of the major responsibility of the Government to provide job to those young generation but the Government is failed to meet the job demand among the large population. Only a tiny fraction of total jobless in managed by different government official and private organization but a majority remain unemployment.Historically for a long time British administration was the main cause of this problem.
After ending Mughol regime when the British came in sub continent (India, Pakistan, Bangladesh)They started to do business ,They exploited the sub-continent. They did not establish any industry which is helpful to remove unemployment problem. Though some Industry was made but all them were placed in Indian Territory.
So Bangladesh region was neglected from the British period. After ending British rule in 1947 Pakistan adopted the same rule they establish all kinds of Industry in west Pakistan not in East Pakistan .As a result of Pakistani monopoly rule we saw the freedom fighting war in 1971. After nine month continuous war it is divided and named East Pakistan as a Bangladesh. After 1971 Bangladesh has been facing political crisis badly. As a result no government can not take long term massive step to remove the unemployment problem. Within 41 years Bangladesh has experience about eight new government and two assassination Incident at the top level country leader. So now political crisis is one of the major causes of unemployment problems.
Among other two major parties BNP and Aowamileague are busy to gain only political power.None of these parties are trying to do anything to solve the country’s major problems Unemployment problems. Many Asian developing countries are the bright example in the world who is successful to remove the unemployment problem successfully.
Korea, Malaysia, Singapore are the news of them, They are growing rapidly because there is no political crisis, Government assured the foreign Investor about political clam environment. So many American, European and Japanese company are investing those regions spontaneously. AS a result they are developing very fast. Bangladesh Government and political leader should leer from those Asian countries.Recent attitude and activities of political parties are very hateful to the common people. By election if a party goes to power then another party cannot accept that, they do not go to parliament they do not express constructive opinion in the parliament which is helpful for common people . But they should not do it. May be there is some discrimination of the election result but there are overall acceptation for the common people.
To think about greater welfare of the country they should keep patient, they should support the government to take long term step to remove unemployment problems.If we watch towards Japan, Korea, Malaysia what we will see? Due to industrialization they have changed a lot. Without industrialization no nation can expect strong economic basement and solution of unemployment problems.
Political settlement the first and forecast thing for Bangladesh is, to build up industry to remove the unemployment problem. If they can assure the political clam and stable situation, then foreigner will to come invest manufacturing sector to build new industry. In this respect transportation, Road and Highway, Electricity should be reconstructed strongly otherwise everything will be failed.
Specially Automobile and Electronics industry are the major items to intensify a country’s overall financial condition. Most of money is spent in this two sector. Lot of population can be employed in these industry. Because by surrounding a automobile or electronics industry hundreds supporting some industry will be build up. As result a lot of people will be employed.
In this respect the Government should adopt a strong and strict policy about used car establishing automobile industry they should ban import of all used car. Used car is import is destroying the environment and employment opportunity.To intensify the overall industrialization our Ambassadors who are employed in different countries specially Japan, Korea,Malaysia and Singapora can help the government to adopt strong effective ,active successful police. Because are well known with those countries environment. Government and people they have practical and expert felling about the development policy in different sector of the respective country. We have already wasted a lot of time. We don’t want to live as the poorest and neglected nation in the world. We want our economic growth ,our honor.
We have a lot of workforce lot of money in the bank.But due to proper utilization and proper planning we are staying in back. In this regard political leader, Intellectual industrialist, planner Ambassador, Teacher, Student and migrated generation in abroad should contribute achieve the economic progress.
If we can take proper steps to obtain our economic growth, then we can remove our unemployment problem. God says if you want to love me try to love people first. If you believe in God you have to love people. Ask yourself according your ability an responsibility how much has you done to help country? 80% the people are living in rural.After a long struggle a village parents educate his children helped them to grownup. They help them to gain college and University degree. Rest duty is yours that is Government. Yes it is Government duty to provide job for our young generation.
It is fundamental duty of a government to solve the problem of Unemployment. Objective The rice of unemployment, as has been reported to be case in Bangladesh under a recent study that was prepared by the planning commission for finding out the progress made by the country under the millennium Development goals (MDGs) programme of the United Nation, is a worrisome development.The rate of unemployment in Bangladesh, according to the study, has now risen to some 11 per cent from what was percent 8.
0 percent in 2002 and 204 percent in 1990. This is only official data. The unofficial but reliable estimates of unemployment are higher. Employment creation needs to be a very important objective in every economy for the simple reasons that unemployment persons pose a burden at every economy for the simple level in society. First of all, they are burdens for their families. Unemployment young ones eligible to work and not finding work are a source of agony for their families.Family resources are drained on the maintenance of unemployed young persons.
In the overall economic sense, unemployment people are liabilities for te economy because they do not produce only consume. People who do jobs usually produce something or discharge a service and obtain an income in return for their economic activities. Thus, both unemployment and its milder form, underemployment, meaning less than optimum engagement in work, are highly undesirable for the economy and society. Employment means incomes and it is an no way possible to alleviate poverty without creating income-earning opportunities or jobs for those remain unemployment.It is, therefore, extremely important to put the greatest emphasis on maximizing employment opportunities through meaningful operationalisation of the strategy for poverty alleviation and sustainable development. For this, the government must pursue practical policies to give a stimulus to much greater investment in the economy so that more jobs can be created on a regular basis.
The domestic economy may not expand, in the short run, sufficient and proportionality to provide jobs to the rising number of unemployed people.It, thus, serves the country’s purpose if efforts are made at same time to send people abroad with jobs. In the latter case, the benefits can be multiple. The pressure of the unemployment ones for jobs eases, foreign currencies are remitted in support of the foreign currency reserve and the country is also spared the parasitic existence of people without jobs. Considering all this factors, the government should pursue more energetic policies to help create synergy so that more investment takes places within the economy, on one side and more people can also be sent abroad with gainful jobs, on the other.Providing training at publicly –run training centre to impact effective training to young persons for jobs which have good demand abroad can be quite useful here, because the returns in remittances from skilled labour are substantially higher than unskilled one. For speeding up employment locally, action like making available training, advisory service, capital support and assistance to the country’s huge unemployment youth at grassroots level should merit a serious attention, in addition to other supportive public policies in areas of infrastructure faculties, investment-friendly regulatory reforms etc.Training and assistance, are, of course, Vital for expending the scope for self-employment opportunities, particularly in the dairies and livestock, poultry breeding, growing of novel agriculture products for export, etc.
The policy objective should be pro-active here particularly for encouraging the labour intebsive sectors to maximize employment. The Nature Unemployment means the state of being without any work both for the educated and uneducated for earning one’s livelihood. Unemployment problem has become a great concern all over the world. But nowhere in the world, this problem is so acute as in Bangladesh.Thousand of people in our country are without any job. Cause of unemployment: Bangladesh, like other developing countries, suffer form large-scale disguised unemployment in the sense that, even with unchanged techniques of agricultural a large part of the population engaged in agricultural could be removed without reducing agricultural output. Beyond agriculture, disguised unemployment also exists in large industries, offices and organization, particularly in the public sector.
Unemployment among the educated youths is one of the major problems in Bangladesh.The unemployment rate for the population having secondary certificate level education and above is significantly higher than those with a lower level education, The unemployment rate for educated women is higher compared to that for the male population. In Bangladesh salaried/wage employment in the formal sector is not big enough to take care of the huge number of unemployment. Employment promotion, especially , creation of opportunities, continues as the most important function of the Bureau of Manpower Employment and Training, The Fifth Five-year plan for 1997-2002 had set a target of creating additional employment of 6. 5 million persons . of this, a total of 1,60,000 persons expected to be engaged in emphasis had been given on training and credit support to women micro entrepreneurs in cottage industries and other traditional and non-traditional sectors including skill development for service industries and non-farm activities.
The private sector and NGO’S are also playing a vital role to this end effect of unemployment problem. The efforts of rural-urban migration in Bangladesh are analyzed to identify a relationship between migration and unemployment, Poverty, unemployment and natural hazards appear to be the main reasons for the rural exodus.The preference for moving to a large city is found to be determined by the urban bias in planning both national and international authorities, and by the public amenities and resources available in the urban areas. An analysis of the levels and trends in urbanization reveals the notable role of rural-urban migration in the rapid growth of the urban population.
Most migrants are young, unmarried males of working age. A case study of migrants in Dhaka city illustrates the reasons for and consequences of migration. It is concluded that rural-urban migration is mainly a survival strategy of rural poor. ImpactAccording to a study of the international Labour Organization (ILO), the rate of growth of unemployment in Bangladesh was 1. 9 per cent in the decade of the nineties. But the growth in unemployment currently is 3. 7 percent. The ILO Figures also show Bangladesh in the twelfth position among the top twenty countries in the world where unemployment is rising .
The number of the unemployed in Bangladesh now is estimated at 30 million. The way the rate of unemployment is increasing, it is feared that at this rate unemployment would soar to some 60 million by 2015. According to another estimate, every year some 2. million young persons are becoming eligible for jobs whereas only about 0.
7 million of them are getting unemployment. The number of the ‘disguised unemployment’ and economic term meaning underemployment people or employed to a degree less than their potential, in some 32 per cent. The huge number of the unemployed and the underemployed in workforce gives an idea of the number of the parasitic ones in the population. Employed persons not only consume from the economy but they also contribute to the economy through production activities and discharge of various services.The unemployed people in contrast only live of the economy or their families and society. They are an absolute burden on the state. Not only being liabilities in the economic sense, politically and socially they are considered to be a source of tension and turmoil. The linkage between unemployment and crimes is obvious.
Therefore, all governments in Bangladesh will need to address the unemployment issue very seriously indeed before it turns worse. The recent floods and the devastating sidor storm plus the restructuring activities leading to retrenchment of workers form state operated enterprises, have added to the unemployment problems.Government will have to start up urgently different work programmers like road building and repairs, reconstruction oh infrastructures, etc. especially in the rural areas and continue them for sometime, to migrate the worst woes of the jobless ones at the grass road level. But for the medium and longer terms, the present interim government which is doing pathbreaking works in vital areas, should also adopt a plan of action of tackle unemployment. It can start such a plan and leave gradual implementation of it to successor government.
Insufficient investment have been frustrating the creation of employment opportunities of Bangladesh. Government here needs to identify each of the factors that can contribute to a better investment climate. The same would include improvement of law and order, much lowering of the interest rate of borrowing, addition to and up gradation of infrastructures to be supportive of enterprising.
Fiscal policies that create level playing fields for local entrepreneurs in relation to foreign competitors, fiscal incentives such as tax reduction and tax exemption, etc.Government will need to act imaginatively and effectively in relation to each of the above factors and more to improve the investment climate that in turn would accelerate economic activities and make the desired impact on the unemployment situation. However, there is also need to be clear about the policies to be pursued to create employment. New enterprise will absorb the unemployment. But capital intensive enterprise will employ a smaller number than labour intensive ones which will understandably employ a greater number. Thus, enterprise with labour intensive character should be identified and encouraged.Government can make a big contribution towards reducing unemployment by also building and operating a large number of training institution to train the jobless ones in different vacation for them to be fit enough to take up employment in the country, to go abroad of doing job or to engage in self-employment. Government ample spending for skill development is all more necessary because private sector more prefer not to invest in this area out of consideration of law profits.
The high costs of skill training under the private sector is also likely to exclude most seekers of such training on the ground of their inability to pay for the training.Thus, Government’s role of skill trainer is very important. But government can expect to recover the investment it will make in this area by receiving payments from people who would get jobs after such training. Causes Bangladesh, like other developing countries, suffers from large-scale disguised unemployment in the sense that, even with unchanged techniques of agriculture a large part of the population engaged in agriculture could be removed without reducing agricultural output. Beyond agricultural, disguised unemployment is also existing in large industries, offices and organizations, particularly in the public sector.Unemployment among the educated youths is one of major problems in Bangladesh. The unemployment rate for the population having secondary school certificate level education and above is significantly higher then those with a lower level of education.
The unemployment rate for educated woman is higher compared to that for male population. . In Bangladesh salaried/wage employment in the formal sector is not big enough to take care of the huge number of unemployment. Employment promotion, especially , creation of opportunities, continues as the most important function of the Bureau of ManpowerEmployment and Training, The Fifth Five-year plan for 1997-2002 had set a target of creating additional employment of 6.
35 million persons . of this, a total of 1,60,000 persons expected to be engaged in emphasis had been given on training and credit support to women micro entrepreneurs in cottage industries and other traditional and non-traditional sectors including skill development for service industries and non-farm activities. The private sector and NGO’S are also playing a vital role to this end unemployment problems. Effect of Unemployment problems:The efforts of rural-urban migration in Bangladesh are analyzed to identify a relationship between migration and unemployment, Poverty, unemployment and natural hazards appear to be the main reasons for the rural exodus.
The preference for moving to a large city is found to be determined by the urban bias in planning both national and international authorities, and by the public amenities and resources available in the urban areas. An analysis of the levels and trends in urbanization reveals the notable role of rural-urban migration in the rapid growth of the urban population.Most migrants are young, unmarried males of working age. A case study of migrants in Dhaka city illustrates the reasons for and consequences of migration.
It is concluded that rural-urban migration is mainly a survival strategy of rural poor. According to a study of the international Labour Organization (ILO), the rate of growth of unemployment in Bangladesh was 1. 9 per cent in the decade of the nineties.
But the growth in unemployment currently is 3. 7 percent. The ILO Figures also show Bangladesh in the twelfth position among the top twenty countries in the world where unemployment is rising .The number of the unemployed in Bangladesh now is estimated at 30 million. The way the rate of unemployment is increasing, it is feared that at this rate unemployment would soar to some 60 million by 2015. According to another estimate, every year some 2.
7 million young persons are becoming eligible for jobs whereas only about 0. 7 million of them are getting unemployment. The number of the ‘disguised unemployment’ and economic term meaning underemployment people or employed to a degree less than their potential, in some 32 per cent.The total civilian labour force of the country in 1996-1997 was estimate at 42.
97 million, of which 34. 7 million were male and 8. 27 million were female.
These figures, However excluded the female labour force engaged in activities like poultry, livestock, paddy husking, preservation of food etc conducted in rural households and considered as domestic work rather than economic. Since 2000, the U. S manufacturing sector has lost nearly 25 percent of our total manufacturing workforce. Many of those jobs have gone to communist china, where toys for the U.S market are made is sweatshops by workers paid as little as 36 cents per hour and many white-collar jobs have gone to India where telephone operators cab be hired for $1 an hour. Leading economists are becoming willing to admit that their devotion to free trade was misplaced. Paul Samuelson, Nobel prize –winning economist and a dominating figure in U. S economics decades, faced reality before he died and admitted, “there is nothing in the theory that says trade is always a win-win for every group’’.
Dr. Jerome coesi’s latest book, America for sale, is a superb explanation to help the public understand our current economic woes.He shows that free trade is turning America into a two-tiered country like many foreign countries, with few of the very rich and a lot of very poor, while the middle class loses big time. Extent According to a study of the international Labour Organization (ILO), the rate of growth of unemployment in Bangladesh was 1. 9 per cent in the decade of the nineties. But the growth in unemployment currently is 3. 7 percent.
The ILO Figures also show Bangladesh in the twelfth position among the top twenty countries in the world where unemployment is rising. The number of the unemployed in Bangladesh now is estimated at 30 million.The way the rate of unemployment is increasing, it is feared that at this rate unemployment would soar to some 60 million by 2015. According to another estimate, every year some 2. 7 million young persons are becoming eligible for jobs whereas only about 0. 7 million of them are getting unemployment. The number of the ‘disguised unemployment’ and economic term meaning underemployment people or employed to a degree less than their potential, in some 32 per cent. The total civilian labour force of the country in 1996-1997 was estimate at 42.
97 million, of which 34. 7 million were male and 8. 7 million were female. These figures, However excluded the female labour force engaged in activities like poultry, livestock, paddy husking, preservation of food etc conducted in rural households and considered as domestic work rather than economic.
Index Mundi, a web based statistical data provider, the following chat has been published. This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
Bangladesh-Unemployment Rate (%) |Year |Unemployment Rate | |2000 |35. 2 | 2001 |35. 2 | |2002 |35 | |2003 |40 | |2004 |40 | |2005 |40 | |2006 |2.
5 | |2007 |2. 5 | |2008 |2. 5 | |2009 |2. 5 | |2010 |5.
1 | |2011 |4. | |2012 |4. 8 | Types Economics break unemployment down into three distinct varieties- structural, Frictional and Seasonal. Below we will examine each type of unemployment to see how they differ. Structural Unemployment The glossary of Economics defines Structural Unemployment as: “Structural unemployment is an unemployment that comes form there being an absence of demand for workers that are available”. There are two major reasons that cause of absence of demand for workers in a particular industry: 1.Change in Technology.
2. Change in Tastes. Frictional unemployment: The Glossary of Economics defines Frictional Unemployment as: “Frictional unemployment is unemployment that comes from people moving between jobs, careers and location”. Source of Frictional unemployment include the following: 1. People entering the workforce from school.
2. People re-entering the workforce after raising school. 3. People changing un-employers due to quitting or being fired. 4. People changing careers due to changing interest. 5.
People moving to a new city and being unemployed when they arrive.Seasonal Unemployment : Seasonal unemployment is unemployment due to change in the season-such as a lack of demand of department store santa clauses in January. Seasonal unemployment is a form of structural unemployment, as the structure of the economy changes from month to month.
Possible solution to unemployment In order to eliminate this problem. We have to mobilize all our energies to this grade purpose without west in time. The most essential measure industrialization.
A large number of mills, factories in industries should be setup where money of our youths we get opportunity to work.A grade change should be brought in our education system. More importance should be given on professional, vocational and technical education. These will make a opening to work in different industrial sector both home abroad. The educated youth should change their attitude to life.
They must learn to choose independent carrier. They can start small business. In fact self employment in possible solution to this great problem. it is very effective to search jobs on various freelance. Web sites and get desired jobs easily.Step should be taken to setup property farming, cottage, industries and to open new system of public work to create a job for unemployment people. Exporting manpower can solve this problem to a little extent.
If proper measurement is taken this number can easily be increased. But no attempts will dear any fruit unless effect measure are taken to keep the population growth under control. Conclusion in the prime minister questions-answer session on February 17, Prime minister Sheikh Hasina disclosed in the house her government’s plan to bring down unemployment rate to 15% from the existing 40% by the year 2021.She listed the programs that her government at already undertaken for employment generation to remove the cause of employment these include, imparting technical training to unemployment youth’s through 38 technical training centre, building 30 more technical training centre in this districts with no such centers and upgrading syllabus of 23 courses run by the manpower, employment and training bureau of international standards keeping in mind the demand of international recruiters. In the latest labour force survey (LFS) 2005-2006 published in 2008 of Bangladesh bureau statistics.
The countries labour force (15 years+ population) stood at 84. 6 million. in the LFS of 2002-2003 it stood 80. 8 millions. The populations below the age of 15 years falls into the category of child population and can not as per law be treated as labour force. Even if we stick to the 2005-2006 LFS figure of 84. 6 million. Secondly, according to the LFS 2005-2006 the annual labor force growth rate for the period 2000-2003 to 2005-06 stood at 2.
21 percent which is higher than the annual population growth rate. Have we been able to increase job opportunities at the above growth rate of force.Thirdly, when the rate of unemployment in the united states is hovering around 10 % (9. 7 % in January,2010) The important of timely and reliable information can hardly be over-emphasized the basis for this information is nationally produce statistic. Statistic provide information or evidence needed for the government daily administration and policy analysis in view of what has been started above.
It is high time to as certain the correct rate unemployment in the country and it must be free from political bias in the generator national interest.Bibliography The Cause of unemployment (Written by Murtaza ali Page no 24, 25, 26) Text Sociology Written by Gorge fayel ( page 13, 14) Unemployment- problem-is-a-great-concern-in Bangladesh (Written by Prof. Abdul Aziz Chapter -5, page 56, 57, 58. ) Unemployment-Problem in Bangladesh (Written by Prabir Ray page 9, 10, 11) http://www. oppaper. com/essays/the-causes-of-Unemployment/529084 http://bangladesh2day. com/newsfinance/2010/march/2/Ascertaining-unemployment-rate-php http://www.
financialexpress-bd. com/search_index. php?Page=detail_news&news_id=23491 http://www. goarticles.
com/article/unemployment-problem-in-Bangladesh/2784210/ A Term Paper On Impact of Globalization In Economic Growth Under The Guidance of and Supervision of Dr. Mahbub Sarfaraj Lecturer of Management Kabi Nazrul Govt. College Dhaka Submitted By Marium Akter Roll Number : 961 42 78 Registration Number :165 23 59 Department of Management Kabi Nazrul Govt. Collage ———————– Kabi Nazrul Government College Dhaka Dhaka Kabi Nazrul Government College Dhaka, Bangladesh