The global economy is facing continuous challenges with the lockdowns that had taken place during the early days of the coronavirus outbreak. Activities have started to gradually strengthen the economy but it is still not clear when it might get back the pre-Covid-19 condititon.
Like all other countries in the world, Bangladesh has also faced a severe economic crisis due to coronavirus. Pruning in mills is going on extensively. Thousands of people are losing their jobs every day in privately owned companies.
As a result, income is declining, many people have no chance of income. If this is the scene in Bangladesh, there is still tension as to how long it will take for the economy to get back on its feet.
A report published in this daily projected that the Washington-based crisis lender last month downgraded its growth forecasts, and now expects global GDP to fall by 4.9 percent this year due to the deeper contraction during lockdowns than previously anticipated.
It is also being predicted that the effects might continue to next year where a ‘tepid recovery’ is being expected.
In the western countries there are measures including paid sick leave for low-income families and access to health care and unemployment insurance available for the people.
But in Bangladesh which is aiming to become a middle income country by 2021, it might prove far-fetched to say the least. And considering the critical blow that the economy received in the past few months it would be wise if the government starts planning from now onwards while there is still time to turn the wheel around.
On the other hand, before the corona epidemic, the total unemployment rate in the country was 17 percent. After the outbreak of corona, the number of unemployed has increased by 13 percent and reached 30 percent.
Under such circumstances the government should plan and take action from now as to how employment opportunities can be created to deal with any untoward situation.
