The Covid-19 pandemic has left economies across the world in complete turmoil. Developed nations have seen unemployment skyrocket, and essentially every sector in every country is facing shocks, leading to a significant loss of jobs.
Bangladesh has not been spared, and it is cause for great concern that, in a recently presented research paper by the South Asian Network on Economic Modelling (Sanem), it was predicted that 53% of total employed youth will go under the poverty line due to the pandemic, as well as experience a 25% income shock.
With the closures of factories, overall reduced production, and the informal economy -- comprising the lion’s share of the employed youth -- taking arguably the most significant hit due to the pandemic, it comes as no surprise that the future of employment looks to be in such dire condition.
However, Bangladesh has always been known for its resilience and defying the odds. Now, as we navigate through a global pandemic, this resilience is needed more than ever.
The government has already made provisions for the youth in the budget for the next fiscal year, allocating Tk64,000 crore.
However, this number is meaningless unless we have the right strategies in place, and use this portion of the budget to build our youth, essentially from the ground up, and equip them with the tools, skills, and resources they require to take the country forward.
This means safeguarding their livelihoods, removing barriers that hamper their education, and creating an overall positive environment where they will no longer be held back.
Bangladesh has lofty ambitions over the next few decades, and if we are to come close to achieving them, the youth must be empowered to reach their true potential.
