Yet the sector faces significant development challenges, with wages poor and conditions even worse. The Asian Development Bank (ADB) recently signed a loan agreement with Bangladesh's BRAC Bank to fund the construction and upgrade of ready-made garment factories. Even so Bangladesh remains hopeful for the months ahead and, according to the World Bank, the country’s GDP is projected to grow by 6.7% — which would make the country one of the fastest growing economies in the world.
Looking beyond 2016, Mergent foresees that the demand for Bangladeshi textiles and clothing will increase — as global trade picks up in the coming years — prompting much-needed economic development for the country. #MergentInc #industryreports #textiles