The economic crisis in recent times has become a new political reality of graveness. With the global economic and financial crises, Bangladesh is also facing an unprecedented time, with growing inflation, instability in exchange rates, depleting reserves, rising unemployment, and rising food insecurity threatening the very stability of our economy and the well-being of our people. The current inflation rate in the country is the highest in almost 12 years. The ongoing global economic crisis is mainly the outcome of two and a half years of the Covid-19 pandemic, provoked further by the war in Ukraine.
Economic conditions affect the standard of human rights upheld in a country. Education, social security and an adequate standard of living are some basic rights. Yet there is no method to indicate the relationship between the economy and human rights -- prosperity is neither a prerequisite nor a guarantee of respect for human rights.
Human rights foundations are being incorporated into international trade contracts. EU agreements with third-world countries, including trade and co-operation agreements, contain a clause specifying respect for human rights as an ‘essential element' of the consensus. The Cotonou Agreement with 77 African, Caribbean and Pacific countries contains such a clause.
Notwithstanding from others, economic crises also undermine access to work, affordability of food, water and housing, as well as access to basic health care and education.
The Covid-19 pandemic impacted business and human agendas in contradictory ways. Now the current economic crisis is hitting human rights in a paradoxical manner in Bangladesh.
The main contributors to the present crisis in Bangladesh are the high cost in mega projects, capital flight, default of loans which lead to crisis in the banking sector and waste of resources in the energy sector.
In this economic crisis promoting responsible business conduct and holding companies accountable for abusing human rights is a great challenge for states. Bangladesh is no exception.
Economists have warned about the harsh effects of the recession in Bangladesh if policymakers do not address the ongoing inflation and electricity crisis. The government is promoting an approach that consists of “saving the economy” at all costs.
Presently, Bangladesh is not in the economic crisis but it may fall into a deep economic crisis if it does not immediately frame and implement a package of comprehensive reformations and policies.
In order to tackle the economic crisis and to save the economy, many companies in Bangladesh are laying off their employees and cutting down their remuneration, and as a result there is no healthy working environment.
Human rights challenges also involve a cross-border or transnational element that businesses must handle. Exploitation of migrant workers, environmental pollution, climate change and adverse impacts of new technologies are illustrative of this reality.
The International Covenant on Economic, Social and Cultural Rights 1966 (ICESCR) aims to ensure the protection of economic, social and cultural rights. Bangladesh has ratified ICESCR in 1998 with reservations to Articles 2, 3, 7 and 8 of the Covenant. Moreover, it has adopted the explanatory declarations on Articles 10 and 13.
So from the human rights perspective, with the economic recession in Bangladesh, full enjoyment of a wide range of human rights has become a challenge. Such as fair and adequate working conditions, job safety, fair remuneration, right to food, housing, health and education.
It is the duty of the state to protect their population against human rights abuse by non-state actors and to provide justice when abuse does occur.
The economic crisis is a human rights concern, not only because of the serious consequences on human rights, but also because of the underlying structural causes which relate directly to the failure of fulfilling such rights.
According to human rights law, governments are responsible for creating the conditions in which their citizens can exercise the full range of their human rights, including economic and social rights.
Bangladesh is now facing a critical period in its economic history. In this acute situation, the government needs to take steps in order to protect the human rights of its citizens during this economic crisis.
First, they must come out from the renunciation and form policy packages to tackle the internal issues bothering the economy. Steps such as tax incentives and special loans for companies with a track record of respecting both human and economic conditions can ensure the protection of both.
Second, human rights should not be an additional exercise. Rather the practice of businesses should be to profit with principle. The government should act as well to achieve national goals and overcome economic challenges by developing consistency in policy among various government ministries. Correspondingly by connecting the public procurement with responsible business conduct.
Third, awareness should be created among companies and organizations regarding human rights standards. The NHRC of Bangladesh can play a vital role to set the standard.
Finally, the government of Bangladesh should take a holistic and long-term approach to economic development. The government also needs to brace its controlling bodies at all levels and enhance transparency.
Mehadi Hasan is a freelance contributor.
