The ready-made garments (RMG) sector is the largest export-earning sector of Bangladesh, contributing 84% of the country's total export earnings in FY2021-2022. The sector has been growing at a rapid pace in recent years, and is now the second largest apparel exporter in the world after China.

The RMG sector has made a significant contribution to the economic growth of Bangladesh. In FY2022, the sector contributed 9.25% to the country's GDP. The sector has also created millions of jobs, directly and indirectly, and has helped to reduce poverty.

The RMG sector is facing a number of challenges, including rising labor costs, competition from other low-cost countries, and the need to improve quality and productivity. However, the sector is well-positioned to continue to grow in the coming years, as demand for apparel continues to grow in the global market.

Here are some of the ways in which the RMG sector has contributed to economic growth in Bangladesh:

• Export earnings: The RMG sector is the largest export-earning sector of Bangladesh, contributing 84% of the country's total export earnings in FY2022. This has helped to boost the country's foreign exchange reserves and has made a significant contribution to the national economy.
• Job creation: The RMG sector has created millions of jobs, directly and indirectly. In FY2022, the sector employed over 4 million people, directly and indirectly. This has helped to reduce poverty and improve the living standards of millions of people in Bangladesh.
• Economic growth: The RMG sector has contributed significantly to the economic growth of Bangladesh. In FY2022, the sector contributed 9.25% to the country's GDP. This has helped to raise the standard of living of the people of Bangladesh and has made the country a more attractive destination for investment.
• Employment Generation: The RMG industry is a labor-intensive sector, providing employment opportunities to millions of people, particularly women, in both urban and rural areas. It is estimated that the sector employs over 4 million workers, making it the largest formal sector employer in the country. The availability of jobs in the RMG sector has helped alleviate poverty and improve living standards for many Bangladeshis.
• GDP Growth: RMG exports have been a major driver of economic growth in Bangladesh. The industry's consistent growth has contributed significantly to the country's gross domestic product (GDP). It has helped maintain a positive economic growth rate, attract foreign investment, and create a conducive business environment.
• Industrialization and Infrastructure Development: The success of the RMG sector has led to the growth of supporting industries and infrastructure development in Bangladesh. To meet the demands of the industry, the country has witnessed the establishment of textile mills, garment factories, and other ancillary industries. This has contributed to the overall industrialization and economic development of the country.
• Social Transformation: The growth of the RMG sector has brought about social transformation in Bangladesh. It has empowered women by providing them with employment opportunities, financial independence, and social mobility. The sector has played a crucial role in advancing gender equality and women's empowerment.

While the RMG sector has been crucial to Bangladesh's economic growth, it is worth noting that challenges such as labor rights, safety issues, environmental concerns, and global market competition remain. The government and industry stakeholders are working to address these challenges and ensure sustainable growth in the sector.

Overall, the ready-made garments exports earning has been a vital component of Bangladesh's economic growth, contributing significantly to employment, export revenue, industrialization, and social development.