The Covid-19 is wreaking havoc on the planet; daily deaths have now surpassed over 1,000 globally, with total deaths around 12,000. This is an unprecedented time in our lives, and everyone must come together to fight this deadly virus.
However, beyond the number of deaths and people infected with the coronavirus, the global economy is also taking a serious hit.
Bangladesh is no different; it is already experiencing significant shocks to its supply side along with a drop in demand, which have been felt in the domestic market as well as in the export sector.
The forecasts look grim; according to a report of the United Nations Conference on Trade and Development (UNCTAD), a 2% reduction in the Chinese supply of intermediate inputs due to the coronavirus would lead to a loss of $17 million in Bangladesh’s exports.
Therefore, it is imperative that, while doing our best to curtail the adverse health consequences of the coronavirus and stop it from spreading, it is also vital to keep one eye on the economic fallout that the coronavirus also brings with it.
To that end, the need of the hour is for the government and relevant policy-makers to come together and implement targeted fiscal policy measures.
Experts noted that assessing the Bangladesh economy -- both its formal and informal sectors -- will not be an easy task. However, for the sake of the country’s long-term functioning, it is vital that this is carried out to identify the most vulnerable groups, along with the support they need and the method to deliver this support to them.
Times like these are when the government must do its part to keep the economy afloat, providing resources and incentives and ensuring that the people of Bangladesh do not have to suffer even more.
There is no other alternative to keep our economy healthy and functional during such a crisis.
