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Multiple problems if virus menace lingers

Economists warn serious crises looming

Published : 07 May 2020 10:34 PM | Updated : 03 Sep 2020 04:59 AM

A serious crisis awaits the nation as due to the novel coronavirus pandemic, proper industrial production and distribution may be hampered, resulting in many people losing their jobs. 

Leading economists while sounding the warning also said, new recruitment in industries will stop, and in turn, the rate of unemployment will dangerously increase.

Farmers will be deprived of proper prices for their agricultural products and also face barriers in transporting their products. In fine, the economy will lose its balance.

Anxieties to lose capital among the small and medium businessmen have already grown. By now, incomes of at least  seventy percent people have decreased.  More than two crore more people  in the country will fall into the poverty bracket.

Two non-governmental organizations—BRAC and PPRC in their research said, large numbers of people will become jobless. According to a report of the International Labour Organization ( ILO),  160 crore people in the world  are at risk of losing their jobs. Bangladesh is also at high risk.

Former caretaker government advisor, Dr Hossain Zillur Rahman said, “ The poor people are in the most crisis situation.”

Since it is a global problem, the whole world is disoriented . For Bangladesh , the crisis will be a four-way one. On the one side, a huge number of people will lose jobs, while on the other, employment opportunities will decrease, he warned. About those who had returned from abroad, it is quite uncertain whether they will be able to join in their work again, he stated.

The export markets have already faced a devastating situation. Local production is now the only way to depend.

He suggested finding a solution by increasing demand keeping local production vibrant.

All educational institutions , offices, shopping malls remain closed due to the coronavirus. Most of the factories have been shut down, but   bank interests  are automatically increasing day by day.

Thus the industrial sector will face a terrible situation, he further warned.

Economists predicted that at least  6 crore people will fall in a food crisis, if the present situation lingers further.

There will be no food crisis in next one year with the current food stocks of the country. But the poor people have already fallen into crisis as they have lost their jobs. They have no capacity  to buy food.  

Experts have advised ensuring food security for this poor class. 

If we fail to ensure food security for the poor people, there will be a serious social crisis. This social crisis will have some negative impacts in various sectors of the country.

People concerned with industry said, if bank interests till December are exempted, there will be a positive impact on trade and industry. 

But the government should give this bank interest as  a subsidy to the bank. If not, banks will face problems in operating their business  due to the exemptions of interest. As a result, they may terminate their staff to avoid financial loss. The government must decide in this regard.