 Business Sector

Business is work relating to the production, buying and selling of goods or services. Business
sector means a sector includes manufacturing, commercial or services enterprise. So, business
doesn’t mean just export or import or manufacture goods. Business sector is the key of economic
growth of any country.
In Bangladesh, business sector is important for economic growth. But recently Russia and
Ukraine war affect the business sector in Bangladesh directly and indirectly. How this war affect
the business sector are given below:
It rises the inflationary pressures and volatility external trade. Besides, our exporters and
importers are struggling with bill payment, falling exports coupled with higher import bills.
These are fuelling inflation.
The bank and business sources said that businessmen are facing problems in opening Letter of
Credit (LC) after Russian banks were excluded from the SWIFT system. Bangladesh has been
trying to capture a sizeable pie of US$ 40 billion dollars apparel market of Russia and has been
achieve some success. But war is going to destroy that prospect.
Russia and Ukraine war badly affected the price of necessary commodity. gas, industrial raw
materials etc. The prices of gas, wheat, maize, mustard oil, lentil and some industrial raw
materials are rises which are usually imported from Russia and Ukraine. In local market are
burning for increasing the prices of these commodities. Consumer try to find the substitute
products because of high prices. So, local business are badly affected because of this war.
Industrial raw materials price hike is affected the manufacturing process. When raw materials
price is high the consequence is cost of production also high. As a result final goods price is
higher than before. Then consumer don’t want to buy this product in high price the demand is
fallen. When demand is fallen supplier faces loss. The growth of GDP has been stopped.
Above all this war affect the business sector in Bangladesh and GDP also.