Which of the following best describes the economic situation in Bangladesh?

• A. Bangladesh is a low-income country with little economic growth and a declining population.
• B. Bangladesh is a developing country with a rapidly growing economy, driven primarily by the textile and garment industry.
• C. Bangladesh is a highly industrialized nation with a large export of advanced technology products.
• D. Bangladesh is an oil-rich country with most of its GDP coming from petroleum exports.

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the key economic terms used in the options: 'low-income country', 'developing country', 'highly industrialized nation', and 'oil-rich country'. Each term describes a different stage or characteristic of economic development.
2. Step 2: Recognize that a 'developing country' typically has a growing economy, improving infrastructure, and expanding industries, but is not yet fully industrialized or wealthy.
3. Step 3: Identify Bangladesh's main economic drivers, such as the textile and garment industry, which is known to be a significant contributor to its economic growth and export earnings.
4. Step 4: Compare the options with known facts about Bangladesh: it is not oil-rich, nor is it highly industrialized with advanced technology exports, and its population is growing rather than declining.
5. Step 5: Conclude that the option describing Bangladesh as a developing country with a rapidly growing economy driven by the textile and garment industry best fits the economic situation of Bangladesh.