When the world economy is reeling from the impact of COVID-19 pandemic, the Russia-Ukraine war, Palestine-Israel conflict and sanctions and counter-sanctions, the latest conflicting situation in the Middle East has created economic recession across the globe. Only one or two countries are getting benefit of the crisis while rest of the countries, including the developed ones, have been suffering immensely.
The general rate of inflation may tick up again due to the instability in the world market, inconsistency in market management and the increase in global fuel prices. In addition, the disruption of the commodity supply chain may increase transportation costs related to exports primarily to Iran or neighbouring regions.
Our businessmen will have to face tougher competition for this, as the cost of manufacturing and supplying products increases. Prices have increased for which, specially the low-income group of people are suffering.
Observing the latest situation, Prime Minister Sheikh Hasina expressed her apprehension over the risk of conflicting situation in the Middle East that may affect the economic aspects of Bangladesh as well as the whole world. She asked all concerned ministries and departments to keep eyes on the ongoing events in the Middle East and determine their own course of actions.
If the ongoing crisis in the Middle East is prolonged, it might impact Bangladesh economically. The government will have to take necessary measures in this regard. Therefore, all ministries, private organisations and business people have to take necessary preparations, especially considering that this conflict might be prolonged and its impact over the sectors.
The world is now facing a complex combination of challenges because economic recession is created. The developed countries including the US, England and other European countries are facing trouble in providing electricity, energy and fuel while the inflation caused by price hike of everything continues crippling the financial sector.
The world is now facing
a complex
combination
of challenges because
economic recession is created.
As the inflation has increased, prices of all essentials went beyond the purchasing capacity so that not only the developing nation but developed countries also are struggling. Therefore, this crisis may have a huge negative impact on our economy and employment in coming days.
The government will have to be determined to overcome the current crisis and accelerate economic recovery. Bangladesh has its people and the country is enriched with very fertile land.
Country’s people should not keep any land uncultivated and they will have to produce whatever they can with maintaining austerity. After tackling the immediate Covid-19 threat, the government’s bold action has brought the country’s economy back on track.
People from various professions returned to their respective workplaces. As all factories, industries, mills, offices, hotels, motels, restaurants, tourist spots, shopping malls and all other business activities are running now in full, country sees strong economic growth. The wars, conflicts, sanctions and counter sanctions always affect the low-income people, especially informal workers in the hospitality, retail trade, and transport sectors who have limited or no access to healthcare or social safety nets.
If all ministries and other stakeholders remain alert and work together, we believe our country will be able to tackle crisis. Apart from the government, all will have to work with all the stakeholders in a coordinated and integrated way to promote inclusive and sustainable economic growth.
All have to put concentration on boosting food production, doing savings and showing austerity in all stages in the wake of global crisis. We have to do our arrangement by our own.
We all will also have to be very careful as global economic situation is worsening day by day.
