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ed the foundations of these institutions. The major political parties and civic associations accept democratic establishments as the legitimate political order. The main potential veto players are radical Islamist groups and parties that want to replace the democratic system with an Islamic state. The army, as an institution, has accepted the management of elected governments thus far, although it wants to further its corporate interests and views itself as guardian of the state. A latent tension between the civil political societies and the military exists. This cause instability of democratic institution. (Infoplease, 2009)

Level of Socioeconomic Development

In the face of an uninterrupted period of high growth in recent years, socioeconomic development has not been an unambiguous boon for the majority of the residents. According to the most recent figures, 40.0% of the population lives under the poverty line. UNDP figures indicate that 41.3% of the population lives on less than $1 a day, with 84.0% living on less than $2 a day. Female economic doings accounts for 52.7% of the economy, but females earn less than half the income of their male counterparts. Rural areas still lack basic health care conveniences and educational institutions. Thirty percent of the total population is still regarded as undernourished. Only 39% of the population had sustainable access to improved sanitation in 2004. Minorities and women are disproportionately affected by structural underdevelopment.

Low Unemployment of Resources

On the employment side, the overall employment intensity of economic growth, as well as the employment elasticity with respect to GDP growth, is reported to be low and diminishing. With an employment elasticity of 0.495 (during 1990s), and employment growth of 4.4 percent (same as labor force growth), not counting current unemployment and under employment, the country would require a GDP growth of 8.89 percent per year. The lower the elasticity from the observed ones, the higher would have to be the growth rate to absorb the surf. On the other hand, the transformation of the employment configuration has been from agriculture in the direction of the services sectors rather than towards the manufacturing sector. Whatever employment has taken place is mostly in the informal sector; leading to non- formalization of the economy plus labor. It indicates the magnitude of employment tasks that Bangladesh is faced with low employment of resources. (Thedailystar, 2008)

Economic Performance

Bangladeshs economic performance in fiscal year 2008 showed considerable resilience, although global economic challenges and domestic natural disasters. Two devastating floods and a cyclone, as well as a tidal wave, hit the country in the first half of fiscal year 2008. The combined loss was expected at $2.8 billion, or about 4% of GDP. Yet the countrys economy maintained a performance consistent with earlier years. In the years under review, the momentum for growth sustained and international reserves increased despite severe import pressures. Overall GDP growth rates were high. The GDP growth rate was 6.5% in 2007 2008. Rising inflation, high levels of underemployment, and budget and trade deficits continued the main concerns for the economy. Strong growth in overseas workers remittances has delivered a cushion to the external balance.

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