Victoria University,Australia can launch a study centre in Bangladesh. More training and education centres need to be launched in Bangladesh by the Australian educational institutions. This may help reinforce international collaborative education under the fourth industrial revolution. Also, this will help transfer modern technology for boosting agricultural production.
Various risks may arise under new normal situation. This will lead to debacle of the domestic, regional and global value chain. Production in agriculture, services and industrial sectors have been greatly hampered. Consumer durables cannot be utilised properly. Digital policy, robotics, use of artificial intelligence and innovative skills may help build mass employment and enhance the value for ICT and computer-savvy employees. Due to the pandemic impact, global and national leaders need to work collaboratively to assist businesses facing an economic and financial crisis. The inadequacy of the Accommodative Fiscal Policy Reforms has failed to stop the financial harm to the economic disorder. However, the monetary policy will relatively work better than the Fiscal policy does.
Microsoft had recently found that when organizations have prioritized technology adoption to enable remote working environments and overall business transformation, the change was not driven through technology alone. Emphasis should be given on import substitution, domestic production, consumption, industrialization process and strengthening local level economy based on competitive advantage. Measures areneeded to be taken to have an all-inclusive policy and remove the negative environmental impact. Measures are needed, especially for women and children as they are more susceptible to economic shocks due to financial, natural and COVID-19 pandemic effects. It has become imperative and need of the hour for the IT professionals to design and develop the cyber secured way of transactions, information exchange etc. to cope up with the "New Normal" scenario. Customers also need to be kept safe from fraudulent activities from electronic devices, especially in the case of electronic fund transfer.
Supply chain management is gradually changing from conventional to the batch-based planning course of action, to a complementary active route entrenched in real-time information, with the ambition of escalating alertness. Large and middle-companies may adapt to process quickly; but it is difficult for nano, micro and small companies to assess the process. Employment creation for the younger generation by the public-private partnership is an important factor. More products from Bangladesh can be exported to Australia especially RMG goods.
Emphasis should be put on the local economy: “grow, produce and consume local with expansion and sustainability of green growth in Bangladesh”. The financial sector, NGOs and social development sector should work with innovative ideas for social welfare. The informal sector should get a special financial package and minimize corruptions in the case of distribution of relief fund. Food security needs to be arranged by a combined effort of all parties – political leaders and administrative staff. The agricultural sector and agro-based industries need uninterrupted mechanisms – which is possible with a focus on adding local and national value. Technological awareness, innovation and dissemination of skill with remote, rural and urban areas are needed. Cumilla airport in Bangladesh needs to be started urgently for which huge investment and infrastructures are being required to increase travelling in the area as there are quite good number of tourist spots in Cumilla from the ancient period.
Moral hazard should be reduced so that the danger of a rivalry is not generated or proved deceptive in turn concerning its possessions, legal responsibilities, or praiseworthy ability among the nations. Nano and micro-business personnel should have ability, boldness, expertise, expected acceptance competence to receive inventive private enterprise and encourage females in the countryside to adapt to “New Normal” and ICT. Work-life balance for maintaining a healthy lifestyle is important. An integrated effort among the worldwide nations as a part of the globe is needed to stop greediness and put emphasis on the collaborative effort to reverse the decrease of cumulative demand and supply. Even in the rural areas and for urban poor those who are competent in nano and micro private enterprises could be trained in a business model including operative competence and cost-cutting techniques under “New Normal”.
Bangladesh is in the right path to overcome the crisis originated from the COVID-19 under the leadership of the Prime Minister Sheikh Hasina. It is a challenge for the country to return to the pre-2019 situation by offsetting the aftermath of COVID-19, but not impossible, if the present government’s strong political will for the welfare of the masses exists and corruption, nepotism, bureaucratic red rape and king-queen-type behavior of a section of people, including the influential, actresses and models, with the masses can be driven out. Strong action against these so-called actresses and models, who use fake monogram of media outlets in their cars and try to kill people in accident as a fun, should be stopped for which law enforcement agencies need to be vigilant. Those who promote communalism in Bangladesh are also criminal. Learning from Australia to maintain cultural diversity and religious harmony is needed in Bangladesh.
Everyone should work as per the honourable Prime Minister’s directives to come out from the post COVID-19 crisis. Junior, mid- and upper-level management should coordinate top-down approach and bottom-up approach. We need to combat this pandemic and its related issues to make the world a better and safer place.
Professor Dr. Muhammad Mahboob Ali is an expert in the field of macro and financial economics, entrepreneurial management and ICT.