The aim of this paper is to discuss and suggest ways to overcome the barriers hindering the economic development of Bangladesh, including the steps the government has taken and is taking for a better future. The inefficiency of government policies, admisnistration, systems and managements has been discussed and the importance of education to raise awareness among the mass illiterate population of the nation has been pointed out. Researches and Developments made by the Agriculture Department Of Bangladesh to multiply the harvest to feed the huge population and theories applied to prevent flood water washing away crops has been mentioned. The paper-work deals with corruption at different levels of the government and how corruption can be reduced in the nation through introduction of strong judiciary laws and how the taxation system can be improved to increase the annual national revenue such that the country does not have to depend competely on foreign funds and aids for developmental works and infrastructure development. The opinions of renowned economists concerned with the economy of Bangladesh has been discussed and the work has been made supported by their views.