Bangladesh’s economy hit hard by the pandemic: Webinar

Bangladesh’s economy suffered a setback with 2.26 million jobs lost due to the Covid pandemic battering the world for over one a half years, a webinar was told on Saturday, reports UNB.

Poverty rate rose by 9 per cent to 29.5 per cent while the country’s economy, trade and investment are going through a very challenging time. GDP value declined to USD 364 billion against the target of USD 374 billion.

Speakers came up with the observation at a webinar on “Bi-annual economic state and future stance of Bangladesh economy: private sector perspective” organized by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday.

Planning minister M A Mannan joined the webinar as the chief guest while professor Mohammed Farashuddin, former governor of Bangladesh Bank, was the guest of honour. The keynote paper was presented by the DCCI President Rizwan Rahman.

He said in terms of macroeconomic perspective over the last six months, the economy is being conducted more or less in the right direction despite the adverse challenges of the pandemic.

Both public and private sectors have to work hand in hand towards the road to recovery to achieve the game-changing economic transformation of Bangladesh targeted in 2026 and 2041.

Attracting FDI, expansion of trade, reforms of tax, vat, duty and tariff structure, policy reforms, skill development, improving backward linkage industry, facilitating ADR system, financial inclusion, utilising capital market for long term financing, access to finance for small and cottage industry, strong negotiation skill and product diversification are key to economic recovery, said the speakers.