The new fiscal year has kicked off amid the ongoing crisis created in the country and worldwide due to the coronavirus pandemic. Economists opine that this year will be markedly different due to the current scenario.
The country’s fast growing economy is facing great uncertainty as a result of the pandemic. Public health is in jeopardy as the number of infections is increasing at an alarming rate. Despite vigorous efforts by the government, the spread of virus is yet to be brought under control
Foreign investment is low and the country will experience low levels of remittance due to the current situation that the world economy us facing.
Important industries such as the RMG sector are facing difficulties. Many have lost their jobs and many more are expected to lose their positions in the coming months. A similar situation can be seen in all parts of the world, as the virus has devastated many economic giants as well.
The country’s fast growing economy
is facing great uncertainty as a result
of the pandemic
Despite these adversities, the Jatiya Sangsad (JS) on Tuesday passed a Tk 568,000 crore budget for 2020-21 fiscal, targeting 8.2 per cent GDP growth. The Finance Minister has made a budget keeping the economic stagnation created by coronavirus in mind.
According to experts the government will face big challenges in the fiscal year. Firstly, the revenue collection must be prioritized.
The government must focus on helping those who have become jobless due to the pandemic in order to revive the economy. Preventing the spread of coronavirus and bringing it under control will be one of the biggest challenges for the government.
The stimulus package announced by the government to revive the economy needs to be implemented with strict supervision and the government needs to ensure that the beneficiaries get loan assistance.
If the stimulus package is implemented properly, it will be possible to revive the economy.
Government’s expenditure in healthcare sector will increase compared to previous years. Special care must be taken to implement the disaster management fund in order to tackle the current crisis that the country is facing.