• Tuesday, Mar 09, 2021
  • Last Update : 09:31 am

Cushioning the economy

  • Published at 08:33 pm March 19th, 2020
WEB_economy growth_thematic photo_Bigstock_13.05.2019.jpg
Bigstock

Studies suggest that the global economy could suffer as much as $3.4 trillion

Covid-19 has, no doubt, had enormous economic impact across the world, with the International Labour Organization saying that we could very well lose 25 million jobs as we struggle to protect ourselves from the disease. 

But there is absolutely no reason that countries, including Bangladesh, cannot prepare for the fallout and minimize the damage caused. 

If we work together and continue to be generous in providing for our fellow citizens, there is no reason that the rise of global unemployment will become a necessity. 

If the coronavirus has proven one thing, it is that tragedy does not discriminate, and, in these times, we can no longer afford to be selfish and self-centred when it comes to protecting ourselves.

A key step in this regard will be the extension of social protection wherever possible, such as providing the opportunity to work from home, extended paid leaves, subsidies, and tax breaks. 

The government can also play a significant role by encouraging organizations to look out for their employees and their wellbeing as much as possible, and prioritizing the long-term benefits of such an approach. 

Studies suggest that the global economy could suffer as much as $3.4 trillion -- as such, we need to come together in these times and brace for the long-term effects on our economy. 

It is only through coordinated efforts to finding alternative solutions and protecting our fellow citizens that we can ensure that the economy remains buoyant, and that losses are minimized. 

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