Priorities for COVID-19 Affected Bangladesh Economy

3 Pages Posted: 3 Aug 2020

Date Written: July 20, 2020

Abstract

According to the latest update, the COVID-19 infected around 1.42 crore and killed 59.9 lakh people around the world. Till now the most infected regions are the Americas, Europe, Eastern Mediterranean and Southeast Asia. Top infected countries are the USA, Brazil, India, Russia, Peru and Chile. The virus stopped all means of transportations inside the countries and internationally. As a result, the global supply chain has been disrupted severely for the first time after the Second World War. It is also leading the world leaders towards new protectionism, which will hit international trade hard. The World Trade Organisation (WTO) forecasted that the global trade will fall up to 32 percent in 2020 due to COVID-19. According to the International Monetary Fund (IMF), global GDP growth will reduce 4.2 percent in 2020 while WTO forecasted an 8.8 percent reduction. According to these two world bodies, global trade and investment will shrink by 9 percent and 32 percent respectively in 2020 due to COVID-19. Most importantly, the IMF projected that 70 million people will go below the extreme poverty line while other private think tanks are forecasting that this figure will be 420 million around the globe. According to government statistics, COVID-19 infected around 1.99 lakh and killed more than 2500 people in Bangladesh. A recent study conducted among 100.22 million people living in high risk of economic and health vulnerabilities across the country found that around 53.64 million people are extremely poor.

Keywords: COVID-19; Bangladesh Economy; Challenges of Bangladesh Economy; Poverty

JEL Classification: P46

Suggested Citation

Abdin, MD. Joynal, Priorities for COVID-19 Affected Bangladesh Economy (July 20, 2020). Available at SSRN: https://ssrn.com/abstract=3656428

MD. Joynal Abdin (Contact Author)

Bangladesh Trade Center ( email )

House -486, Adorsho School Road,
North Dhania
Dhaka, Dhaka 1236
Bangladesh
01553676767 (Phone)
1236 (Fax)

HOME PAGE: http://https://mdjoynalabdin.com

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