Maria Sabrin Moon(181011152)

S.M.Nabil(182011010)
Sumiya akter(183011207)

1. ans: Although it is impossible to predict the precise economic effect of the pandemic.
Economists agree that it would have a significant negative result for the global economy also for
Bangladesh.

Globalization has benefited the clothing industry by allowing international retail companies to
farm out production to more cost-effective manufacturing centers. They are also able to
distribute goods to retailers on schedule by strategically orchestrating a supply chain that covers
several countries. Coronavirus badly impacts the Bangladeshi ready garments industry. To cut
prices foreign companies that purchase from Bangladesh are shutting their doors like H&M,
GAP, Zara, Marks & Spencer, and Primark, all big buyers of Bangladeshi RMG brands, have
closed their stores.RMG sector faces much more obstacles than others . Because most of their
raw materials come from China . H&M and other brands agree to pay for export orders before
the pandemic . According to the BGMEA , orders over 900 million pieces of garments worth
$2.9 billion had already been cancelled because of the pandemic .

Textile exports from the South Asian nation fell by nearly 17% in 2020. Shipments to Europe,
which is 60% of Bangladesh's textile exports, fell by nearly 19%. Almost 80% of the economy
of RMG comes from exports. Its value is around $34billion . These exported goods are the
backbone of Bangladesh's economy. Because of covid19 these 80% of the economy of
Bangladesh had been stopped and also stopped the imported raw material . As a result the
economy from the RMG sector almost stopped during this pandemic .

RMG is the biggest private sector of employees. Almost four million employees work here .The
BGMEA estimates that the industry needs Taka 4,000 crore per month only for salaries and
wages. So most of the employees lost their jobs . In 2020, it is estimated that 24000 employees
have been terminated by the company. Most of the malls are shut down on Eid-Ul-Fitr during the
pandemic. 50-60% Bangladeshi garments products are sold on Eid-Ul-Fitr . But it shrinks the
customer purchasing demand which badly hits the garments sector .

The impact of COVID-19’s is on the major economic and financial indicators of the economy of
Bangladesh, including production, salary and wages, price levels, advances, bills, utility bills,
investments, remittances and foreign trade. In addition to the new effect of the worldwide
financial emergency. Bangladesh is also experiencing extreme demand contraction in the local
economy; this increases the overall economic crisis of the country.
In a strongly attached and united world, the impact of the disease has become noticeable since
the outbreak. Between the slowing down of the Chinese economy with interruptions to
production, the functioning of global supply chains has been disrupted. Organizations across the
world, irrespective of size, that are dependent on China for inputs have started experiencing
shortage in production. Transport being restricted and surprisingly limited among nations has
additionally slowed the worldwide economic activities. Above all, some panic among consumers
and firms has distorted usual buying and consumption patterns and created market abnormality.
Worldwide financial markets have also been responsive to the changes and the stock indices
have plunged.
Every affected country has also restricted public gatherings. The schools are being shut down,
community activities, large gatherings, and sports are being closed. The avoidance of
unnecessary traveling is leading to a large number of flight cancellations causing major losses for
the airline companies. Oil demand got reduced overall the world, which led to the largest fall in
oil prices in the global market. The rapid fall in oil prices along with the decreased global
industrial production caused a crucial fall in the global stock markets with the business sectors
falling over 20% over a short time and the risk of a worldwide 2008‐like downturn is posing a
potential threat.
The more the infection spreads, the more monetary presentation will be affected, raising worries
about the financial sustainability, especially for highly indebted countries. Reasonable and
facilitated reactions are required by the worldwide policymakers to restrict the Economic crisis.

First of all the garments industrials take a lot of steps to cope with COVID-19
In this industry there should be some rules for employees like employees who come to work are
checked every day for fevers or symptoms. During working hours, employees are required to
wear protective masks and disinfect their hands from time to time. They have to do their work by
maintaining social distancing. They can work in shifts. So that. Working people will be less.
They can give worker’s safety transports so that they can maintain social distance. Management
has to be strict at monitoring safety issues. Self-isolation for people exposed or symptomatic
.Lastly, industrialists should donate for the welfare of employees as well as society to overcome
this pandemic so that employees can continue their job and get a salary.
The other thing is that exports and imports are closed because foreigners cancelled their orders
from the garment industry. There we can also provide some solutions like boost confidence in
trade and ready-made markets by improving transparency about trade-related policy actions and
intentions, keep supply chains flowing, especially for essentials such as health supplies, avoid
making things worse, through unnecessary export restrictions and other trade barriers. Important
export import should be noticed.
As every country has the same situation in this pandemic problem so overthinking is not the
solution. There is thus a need to consider how to keep trade flowing in the current crisis and to
ensure it can help underpin global recovery. This means both actions and decisions today and
with an eye to the future of ready-made industry.
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