The aftermath of the pandemic will hit countries such as ours the hardest
As the Covid-19 pandemic continues to wreak havoc on the world economy, some countries have naturally been seen to be more vulnerable, while others, on the strength of their economies, have fared far better.
To that end, it is extremely encouraging to see Bangladesh listed as the 9th strongest economy out of 66 emerging economies in the wake of the fallout from the pandemic.
The report, titled “Which emerging markets are in most financial peril?” examined the vulnerability of selected economies across four potential sources of peril -- public debt as a percentage of GDP, foreign debt (both public and private), cost of borrowing, and reserve cover -- and found the economy of Bangladesh performing strongly in all said indicators.
This is a testament to the robustness of our economy, achieved not overnight, but over a period of more than a decade.
It is because of the policies and decisions taken by the authorities over the past decade or so that has allowed us to fare better than the majority of the emerging economies of the world, including all our South Asian neighbours.
However, while Bangladesh should be encouraged by this ranking, this is no time for celebrations.
The aftermath of the pandemic will hit countries such as ours the hardest, with exports drying up, and GDP and growth will no doubt take a severe hit.
Therefore, this is all the more reason now for the authorities in Bangladesh to come together and strategize, and come up with the best possible decisions to minimize the economic damage, while taking care of its people.
After all, our relatively stronger economic condition to deal with this pandemic means absolutely nothing if we cannot use this advantage to make the correct decisions, and take care of our people, their health, and their livelihoods.