The Deadly Corona: What Will Be The Economic Impact on Bangladesh?


The unprecedented Coronavirus has already declared as a pandemic by WHO. The world is leaders are taking various actions to stop the spread of the virus. However, it is needless to say that, it will take time to overcome the situation. More than 2.00 lac people have already infected by the disease and about 10 thousand people have already died. The situation is going to be worsening every day. But, it only an infectious disease that is vulnerable to a human? or has a long term impact on the world economy?

Many economists have declared that the recession has already started. UNCTAD, the UN trade agency, warned of a slowdown of global growth to under 2% this year, effectively wiping $1 trillion off the value of the world economy. As a result, the unemployment rate will be higher than all the previous years. 

Our country Bangladesh is no different from the world. We found 33 infected people all over the country,  3 of them has already died. The economic activities slowing down day by day. Production will also be hampered. Moreover, the highest-earning remittance sector RMG is experiencing a tough time, as the buyers are canceling their orders. As a result, more unemployment will be created in the RMG sector. Which will also affect the backward industry. Overall production in all the industries will also be hampered.

The supply chain has already broken, it will worsen in the long run. Most of the economic disruptions affect the demand side. People can no longer go to work and often lose their jobs and incomes as businesses shutter their operations. Businesses are holding off on investments amid the growing uncertainty. And, exports will inevitably falter as other countries are taking similar actions to slow the spread of the virus.

Corona will also increase the inequality between the poor and the rich. Many lower-income workers now face a heightened chance of getting infected, losing their jobs and incomes, and getting stuck with large health care bills. Even there is a chance of famine due to amid food crisis. It is high time to take proper steps to stop the virus spread and take united actions.

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