Bangladesh economy shows early recovery

Covid-19 vaccination goes on in full swing

Published : 13 Apr 2021 08:30 PM | Updated : 13 Apr 2021 11:13 PM

A new World Bank (WB) report on Monday says the outlook for Bangladesh’s economy is positive amid Covid-9 pandemic. In its report titled “Bangladesh Development Update - Moving Forward: Connectivity and Logistics to strengthen Competitiveness,” the WB says Bangladesh’s economy is showing signs of recovery backed by a rebound in exports, strong remittance inflows and the ongoing vaccination program. But the report mentions much of the pace of recovery will depend on how fast the target for mass vaccination can be achieved.

We think the government’s timely effective step with caution has helped to maintain the normal economic situation. Besides, the government is continuously taking special steps to save human lives and face the economic crisis during the coronavirus pandemic. As a result, our country has been able to avert the economic recession caused by the Covid-19 pandemic, when many countries across the world continue to suffer.

After being severely affected by the COVID-19 pandemic—which slowed 

down growth and for the first time in two decades reversed the poverty 

reduction trend—the economy is recovering gradually

It has been noticed that after being severely affected by the COVID-19 pandemic—which slowed down growth and for the first time in two decades reversed the poverty reduction trend—the economy is recovering gradually. Apart from these, the government’s different measures to send back Bangladeshi expatriates by creating new employment opportunities for those who have lost their jobs also played a key role in keeping alive the remittance inflow. 

The report suggests improving logistics performance could help accelerate the recovery and improve competitiveness, outlining opportunities to modernise the logistics system to ensure business continuity and build resilience. We believe this can be achieved through a system-wide strategy to increase logistics efficiency; improve the quality, capacity, and management of infrastructure; improve the quality and integration of logistics services; and, achieve a seamless integration of regional logistics services.

Over the first half of FY21, factories reopened and exports rebounded but the economy faced elevated risks in the context of the ongoing Covid-19 pandemic.