Economic losses by Covid-19 in Bangladesh

Being in the corona war, policymakers worldwide are engaged in damage-control

of the economic losses at the moment and preparing for confronting the
upcoming economic crisis. In addition, there are evidences and indications that
financial and banking industries around the globe might have to face remarkable
instability in the forthcoming months.

Is Covid 19 changed situation of Bangladesh ,and how Covid 19 impact on

Bangladesh economy?

: The first three known Covid 19 cases were reported on 8 March 2020 by
the country's epidemiology institute, IEDCR. Since then, the pandemic has
spread day by day over the whole nation and the number of affected people
has been increasing.

In order to protect the population, the government declared "lockdown"

throughout the nation from 23 March to 30 May and prepared some
necessary steps to spread awareness to keep this syndrome away from
them.[3] Infections remained low until the end of March but saw a steep rise
in April.[4] In the week ending on 11 April, new cases in Bangladesh grew by
1,155 percent, the highest in Asia, ahead of Indonesia, with 186 percent.[5]
On 6 May, cases were confirmed in all districts.

On March 25, Bangladesh declared the enforcement of lockdown for 10

days effective from March 26. With the enforcement of this lockdown, travel
on water, rail, and air routes is banned and road-transportation is
suspended. All non-essential organizations, businesses, and educational
institutions are closed, except for pharmacies, groceries, and other
unavoidable necessities. Following the declaration, many people from the
major cities, especially from Dhaka, started to leave the city by various
means, including overcrowded public transport services, with a high risk of
contracting COVID-19 and in violation of the government instructions.
 Covid 19 impact

Our government has already announced bail-out packages for

the recovery. Like, due to cancellation of nearly $3 billion worth
of work-orders, Bangladesh RMG industry got the attention
quickly. Around 2 million workers in the industries may be
affected by this and on the other hand, around 4 million people
are directly engaged with the RMG sector e.g. backward linkage
industries, accessories and packaging factories and
transportation sector.

Now, it is high time for the government as well as

business enterprises to assess the situation and
chalk out a long-term plan to control damage. It
is noteworthy to say that, we should not start
blame-game now and ask for assistances from the
government only due to the limitations and
scarcity of resources of different agencies of
government. But the prime role of the
government should be clear any unwanted
obstacles and create opportunities among the
economy by the way of sound and clear directives
like monetary & fiscal policies as well as tax
structure to face the catastrophic situation