Pandemic eats up $31bn from Bangladesh economy

The size of Bangladesh s economy in the ensuing fiscal year could be $31 billion smaller than what it would have been without the Covid-19 pandemic_ a study said.

Dr Abdur Razzaque_ research director of Policy Research Institute (PRI) of Bangladesh disclosed this at a virtual discussion on the proposed budget for FY 2021-22.

The Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Research Institute jointly organised the discussion.

Razzaque said despite challenging times_ there have been some encouraging developments in Bangladesh_ that included recovery in export earnings and a boom in inward remittances. But there are challenges too_ he said

Rising unemployment due to the pandemic is a big concern_ he said. Lack of reforms in critical areas are another concern_ Razzaque said.

He also expressed concern over the inadequate allocation in the health sector.

Not only Covid_ but addressing the challenges of non-communicable diseases have now become more important than ever before.

The challenges shown in his presentation is an apparent inertia about making progress on critical reforms while budget implementation remained a key challenge.

Dr Zaidi Sattar_ chairman of PRI_ said Bangladesh is a model economy in the world. International media presently sketches Bangladesh economy quite positively. In the areas of exports and poverty alleviation_ Bangladesh has achieved remarkable successes.

Planning Minister MA Mannan as the chief guest_ emphasised on instituting justice in the society. He said the government is committed to tackle poverty.

 But our revenue flow is very low now& we have to increase the flow for the sake of the people."