We highly applaud Prime Minister Sheikh Hasina’s instruction issued to all concerned, including cabinet members, ministries and bureaucrats to take preparations to tackle the possible impact of unrest in the Middle East on Bangladesh. All concerned have been asked to remain vigilant about the ongoing unrest in the Middle East due to Iran-Israel conflict.
It is indeed a time befitting instruction to meet the challenges triggered by the latest Iran-Israel unrest prevailing in the Middle East. We believe cabinet members, ministries, lawmakers, local administration, government officials, non-government organisations and businessmen will keep sharp eyes on the reality and take immediate step to face the situation.
After the impact of COVID-19 pandemic, the ongoing Russia-Ukraine and Palestine-Israel war has already led to economic crisis across the globe. And the latest Iran-Israel conflict may deteriorate the global overall situation across the world.
Economists have already sounded the alarm that if this conflict is not stopped immediately, it could lead to food insecurity in many countries especially poor and developing ones. People especially low income group and poor of many countries like Bangladesh must bear the brunt.
Bangladesh has been able to keep running the country’s economy amid the COVID-19 pandemic since the onset of the deadly virus. But when the economy has started turning around, Russia-Ukraine and Palestine-Israel war was adding salts to wounds.
After the pandemic, Russia-Ukraine and Palestine-Israel war put pressure on the economies of all countries across the globe. There are some countries in Europe where prices of essentials went up abnormally.
Latest Iran-Israel conflict may
deteriorate the global overall
situation across the world
The whole world is suffering from this so that the impact of these will be on us also. This current situation hampers supply chain, production and overall marketing of all businesses while the prices of imported items have increased.
Cost of transportation (vessel rent) went up, production decreased where the war is going on. All states of the world are very much anxious about the ongoing situation. Economists cautioned the situation may take a serious turn in the coming days as the every sector of the world economies is facing a growing array of difficulties and challenges. All concerned will have to be very careful as global economic situation is worsening day by day.
They must convince the people to maintain austerity, do saving and avoid extra expenditure to overcome the tough time. The developed countries including the USA, England and their European countries are facing trouble in providing electricity, energy and fuel while the inflation crisis caused by price hike of everything continues crippling the financial sector.
As the inflation has increased, prices of all essentials went beyond the purchasing capacity so that not only the developing nation but developed countries also are struggling. This crisis will have a huge negative impact on our economy and employment in near future.
However, our economy is still in good shape and also heading towards the right direction despite the impact of Coronavirus pandemic coupled with Russia-Ukraine and Palestine-Israel war now taking a toll on the
global economy.
Increasing of financial and business activities during the holy Eid-ul-Fitr, the largest religious festival of the Muslims provided huge cash flow, gearing up the businessmen, traders and even footpath hawkers as well. As people’s movement since Eid celebration continued showing an upward trend, a huge amount of cash money is also being transacted in the transport sector.
The government is determined to overcome the current crisis, and accelerate economic recovery. It should be the cabinet members, lawmakers, and government high ups’ moral obligation to execute Sheikh Hasina’s directives and stay beside people so that we all would be benefitted.