COVID-19’s Impact on Bangladesh Economy

This BIGD study examines the impact of COVID-19’s impact on the major economic and financial indicators of the economy of Bangladesh, including production, wages, price levels, advances, bills, investments, remittances and foreign trade, using the secondary data published by the Bangladesh Bureau of...

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Príomhchruthaitheoirí:	Siddiquee, Muhammad Shahadat Hossain, Faruk, Avinno
Formáid:	Working Paper
Teanga:	en_US
Foilsithe / Cruthaithe:	BRAC Institute of Governance and Development (BIGD) 2022
Ábhair:	Covid-19 Macroeconomics
Rochtain ar líne:	http://hdl.handle.net/10361/15838

id	10361-15838
record_format	dspace
spelling	10361-158382022-01-09T21:01:41Z COVID-19’s Impact on Bangladesh Economy Siddiquee, Muhammad Shahadat Hossain Faruk, Avinno Covid-19 Macroeconomics This BIGD study examines the impact of COVID-19’s impact on the major economic and financial indicators of the economy of Bangladesh, including production, wages, price levels, advances, bills, investments, remittances and foreign trade, using the secondary data published by the Bangladesh Bureau of Statistics (BBS), Bangladesh Bank (BB), and the Ministry of Finance (MoF). In addition to the recent impact of the global economic meltdown, Bangladesh also experienced severe demand contraction in the local economy; this exacerbated the overall economic crisis of the country. Considering the duration and severity of COVID-19, we examine its impact on major economic and financial indicators of the Bangladesh economy and recommended policy responses for recovery, based on the analysis. Both domestic and international demands declined due to the outbreak and subsequent lockdown, and, thus, producers responded by lowering output to minimize the loss, especially in the manufacturing sectors. Findings reveal that nominal Wage Rate Index (WRI) in the industry and service sectors fell in recent times, which now appear to be recovering. The national inflation rate has not been affected much based on point-to-point changes. Food inflation fell in May 2020 and stood at 5.09 percent, but it appears to have risen recently. Non-food inflation rates have been falling over the last six months from April-September 2020. Prudent measures should include constant monitoring and adapting to the latest developments in major trading partners and host countries to mitigate the economic losses caused. Bank credit would play a key role in the ongoing and upcoming recovery process, as the government has opted for a credit-led stimulus package. However, as the virus is yet to be contained and an effective vaccine for it is yet to be made available in Bangladesh everywhere and to everyone, its economic repercussions are likely to continue in the foreseeable future. 2022-01-09T04:28:16Z 2022-01-09T04:28:16Z 2020 2020-11 Working Paper http://hdl.handle.net/10361/15838 en_US https://bigd.bracu.ac.bd/publications/covid-19s-impact-on-bangladesh-economy/ application/pdf BRAC Institute of Governance and Development (BIGD)
institution	Brac University
collection	Institutional Repository
language	en_US
topic	Covid-19 Macroeconomics
spellingShingle	Covid-19 Macroeconomics Siddiquee, Muhammad Shahadat Hossain Faruk, Avinno COVID-19’s Impact on Bangladesh Economy
description	This BIGD study examines the impact of COVID-19’s impact on the major economic and financial indicators of the economy of Bangladesh, including production, wages, price levels, advances, bills, investments, remittances and foreign trade, using the secondary data published by the Bangladesh Bureau of Statistics (BBS), Bangladesh Bank (BB), and the Ministry of Finance (MoF). In addition to the recent impact of the global economic meltdown, Bangladesh also experienced severe demand contraction in the local economy; this exacerbated the overall economic crisis of the country. Considering the duration and severity of COVID-19, we examine its impact on major economic and financial indicators of the Bangladesh economy and recommended policy responses for recovery, based on the analysis. Both domestic and international demands declined due to the outbreak and subsequent lockdown, and, thus, producers responded by lowering output to minimize the loss, especially in the manufacturing sectors. Findings reveal that nominal Wage Rate Index (WRI) in the industry and service sectors fell in recent times, which now appear to be recovering. The national inflation rate has not been affected much based on point-to-point changes. Food inflation fell in May 2020 and stood at 5.09 percent, but it appears to have risen recently. Non-food inflation rates have been falling over the last six months from April-September 2020. Prudent measures should include constant monitoring and adapting to the latest developments in major trading partners and host countries to mitigate the economic losses caused. Bank credit would play a key role in the ongoing and upcoming recovery process, as the government has opted for a credit-led stimulus package. However, as the virus is yet to be contained and an effective vaccine for it is yet to be made available in Bangladesh everywhere and to everyone, its economic repercussions are likely to continue in the foreseeable future.
format	Working Paper
author	Siddiquee, Muhammad Shahadat Hossain Faruk, Avinno
author_facet	Siddiquee, Muhammad Shahadat Hossain Faruk, Avinno
author_sort	Siddiquee, Muhammad Shahadat Hossain
title	COVID-19’s Impact on Bangladesh Economy
title_short	COVID-19’s Impact on Bangladesh Economy
title_full	COVID-19’s Impact on Bangladesh Economy
title_fullStr	COVID-19’s Impact on Bangladesh Economy
title_full_unstemmed	COVID-19’s Impact on Bangladesh Economy
title_sort	covid-19’s impact on bangladesh economy
publisher	BRAC Institute of Governance and Development (BIGD)
publishDate	2022
url	http://hdl.handle.net/10361/15838
work_keys_str_mv	AT siddiqueemuhammadshahadathossain covid19simpactonbangladesheconomy AT farukavinno covid19simpactonbangladesheconomy
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COVID-19’s Impact on Bangladesh Economy

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