Businessmen are worried about the present situation as their businesses have almost shut down for supply chain disruptions caused by the coronavirus, experts said. The government has ordered a suspension of all modes of transport and shut down all shops and markets except for those selling daily essentials like medicines and groceries as part of its efforts to enforce social distancing effectively in order to slow the spread of coronavirus.
Besides, the government deployed soldiers and police on Thursday to enforce the start of a nationwide 10-day shutdown to slow the spread of the virus in the densely populated country. As a result, streets in all cities across the country especially Dhaka were empty and malls and roadside shops were closed.
Only essential services such as vegetable markets and drug stores were allowed to operate. Talking to Bangladesh Post about this, many small businessmen said, they don’t know whether they will be infected with the virus, but they do know that if this situation continues, they will have to incur huge losses.
They said if we cannot run the business for a long time how we can pay salaries to employees, rent and different bills. President of the Dhaka Metropolitan Shop Owners Association, Taufiq Ehsan said small and medium traders are suffering from extreme distress. In order to overcome this situation, the Prime Minister's intervention has been sought by the Association to waive shop rent, employees' salaries, bank loans, electricity bills and other bills.
President of the Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association, Abdul Kader Khan said the business would not be able to survive without financial benefits under the circumstances. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Rubana Huq said, “We are having a very difficult time in the garment industry due to the spread of pandemic coronavirus as foreign buyers are cancelling their placed work orders in the country.”
If this situation continues for a long time, many companies cannot sustain their losses, she added. As a result, large numbers of employees would lose their jobs, she added. Eminent economist, Zahid Hussain told Bangladesh Post, “The outbreak of the coronavirus in the world has dealt a heavy blow to the global economy, which may also affect the economy of Bangladesh.”
“Bangladesh is going to face many challenges as coronavirus has broken down all activities of the country,” he added. He mentioned that most of the workers in Bangladesh anticipate losing jobs as many companies have temporarily closed while many small businessmen are in a critical time for the coronavirus scare.
Hence, the government should immediately create funds to provide cash financial incentives in all sectors, and individuals, especially for those who earn on a daily basis to manage the bad situation in the country, he added.
