Category: summarization
Instruction: Please list the key points about Bangladesh economy from the paragraph below:
Context: Bangladesh is the second largest economy in South Asia after India. The country has outpaced India (of which it was a part until 1947) and Pakistan (of which it was a part until 1971) in terms of per capita income. According to the World Bank, "When the newly independent country of Bangladesh was born on December 16, 1971, it was the second poorest country in the world—making the country's transformation over the next 50 years one of the great development stories. Since then, poverty has been cut in half at record speed. Enrolment in primary school is now nearly universal. Hundreds of thousands of women have entered the workforce. Steady progress has been made on maternal and child health. And the country is better buttressed against the destructive forces posed by climate change and natural disasters. Bangladesh's success comprises many moving parts—from investing in human capital to establishing macroeconomic stability. Building on this success, the country is now setting the stage for further economic growth and job creation by ramping up investments in energy, inland connectivity, urban projects, and transport infrastructure, as well as prioritizing climate change adaptation and disaster preparedness on its path toward sustainable growth".

After the partition of India, the region underwent a change in economic geography. In East Pakistan, free market principles were generally accepted. The government promoted industrialization to produce consumer goods as quickly as possible in order to avoid dependence on imports. Certain sectors, like public utilities, fell under state ownership. Demand for jute during the Korean War led to the creation of the Adamjee Jute Mills, which replaced jute mills in Dundee and Calcutta as the largest jute mill in the world. However, by the 1960s, East Pakistan's share of exports fell from 70% to 50% as West Pakistan received the major portion of investments. Economic grievances played a key role in the pro-independence aspirations of East Pakistanis. During the initial five years of independence (1971-1975), newly created Bangladesh followed a socialist economy. In the late 1970s, socialist policies were largely reversed, industrial plants were returned to private owners, and private industry was increasingly promoted. The government set up export processing zones to stimulate the export economy. Between 1991 and 1993, finance minister Saifur Rahman launched further reforms with support from the IMF which liberalized the economy and boosted industrial growth, services, and exports. By the late 1990s and early 2000s, the reform momentum lost steam due to chronic political instability, but the economy continued to grow.

In 2022, Bangladesh had the second largest foreign-exchange reserves in South Asia. The reserves have boosted the government's spending capacity in spite of tax revenues forming only 7.7% of government revenue. A big chunk of investments have gone into the power sector. In 2009, Bangladesh was experiencing daily blackouts several times a day. In 2022, the country achieved 100% electrification. One of the major anti-poverty schemes of the Bangladeshi government is the Ashrayan Project which aims to eradicate homelessness by providing free housing. The poverty rate has gone down from 80% in 1971, to 44.2% in 1991, to 12.9% in 2021. The literacy rate stood at 74.66% in 2022. Bangladesh has a labor force of roughly 70 million, which is the world's seventh-largest; with an unemployment rate of 5.2% as of 2021. The government is setting up 100 special economic zones to attract foreign direct investment (FDI) and generate 10 million jobs. The Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA) have been established to help investors in setting up factories; and to complement the longstanding Bangladesh Export Processing Zone Authority (BEPZA). The Bangladeshi taka is the national currency. The service sector accounts for about 51.3% of total GDP and employs 39% of the workforce. The industrial sector accounts for 35.1% of GDP and employs 20.4% of the workforce. The agriculture sector makes up 13.6% of the economy but is the biggest employment sector, with 40.6% of the workforce. In agriculture, the country is a major producer of rice, fish, tea, fruits, vegetables, flowers, and jute. Lobsters and shrimps are some of Bangladesh's well known exports.
Response: 1. Bangladesh is the second-largest economy in South Asia

2. In 2022, Bangladesh had the second largest foreign-exchange reserves in South Asia

3. The poverty rate of Bangladesh is currently at 12.9%. Down from 80% in 1971 and 44.2% in 1991.

4. Bangladesh has the world's seventh-largest labor force.

5. The service sector of Bangladesh makes up 51.3% of the GDP, the industrial sector makes up 35.1% and the agriculture sector 35.1%.