The expansion priorities now changed all on a sudden
To contain the pass on of the lethal coronavirus, the federal government has set up some inevitable methods like social distancing and countrywide shutdown though these may well result in a downturn in economical growth.
In Bangladesh, there is absolutely no decision between saving lives and livelihoods. If these techniques are not considered, the virus will pass on so quickly that the production activities will be disrupted.
But the most disastrous aftereffect of lockdown is that it means loss of livelihoods of the poorest groups who face the risk of food deficit and hunger.
The government and the non-governmental organisations are taking measures to ensure the option of food among these groups, but there is a dependence on vigilance around the implementation process.
The following discussion targets conditions that are relevant not merely at this moment however in the approaching year and even longer.
These issues include concerns about GDP growth, how exactly to maintain livelihoods of the indegent and their employment and also the want to recognise that there are other teams for whom job is needed.
Estimates of low GDP growth this fiscal year are actually via various quarters but the usual questions about the reason why for the downturn in the economic growth may well not be relevant.
Since the growth in the initially three quarters was needlessly to say, the decline in GDP growth is actually because of coronavirus and cannot be attributed to specific policies of the recent times.
Therefore, a debate in the extent of deceleration may well not be the virtually all urgent policy question. A comparison of growth figures among the Asian neighbours can be not as valuable as has been around the past.
At this moment, a comparison must combine the growth deceleration numbers with the damage done by coronavirus regarding the show of the populace infected and share of deaths.
If Bangladesh is prosperous in containing the infections and eliminating the additional sufferings, especially food shortage and hunger, then your low GDP growth may not be a discredit.
Rather an effort to reverse the expansion scenario at the price tag on faster propagate of the virus and resulting deaths may not be acceptable. Of course, one needs to consider pragmatic measures to accelerate growth as so when the curve flattens.
Ensuring food security necessitates focus on issues beyond quick actions to mitigate hunger. Usage of adequate meals by all walks of people will require satisfactory availability in the coming months or season at the aggregate level.
Bangladesh has been practically self-reliant in food for the last couple of years. In years of good harvest, the talk about of imported rice declines and the invert in the event of any irregular decline in production.
But through the next twelve months, the rice exporting countries will be cautious about export, and given the existing uncertainty, every nation will attempt to minimise risks linked to food availability.
Bangladesh must also try to maintain food source, especially food grain creation. It really is heartening that instruction has come from the best leadership to increase food production and to use all territory to grow more foodstuff.
Right now proper implementation and monitoring are needed simply because accelerated agricultural growth can contribute to higher GDP growth over another two years.
Although the upcoming boro harvest is likely to be normal, special arrangements should be made to ensure that labour is designed for the harvest and post-harvest activities. Enough aman acreage should be ensured as well.
If coronavirus spreads, agricultural development can continue uninterrupted, even amid social distancing.
The increased loss of livelihoods of the poorest is merely a part of the total lack of employment and related sufferings. A lot of those who happen to be above that level have lost their non permanent jobs.
In industrial and services sectors, a greater share of jobs is of informal and temporary nature. A large share of them have possibly lost careers and many others won't obtain salaries for the times not worked due to the shutdown.
The other categories suffering from a lack of employment are those who have entered the labour market in 2020.
Before they have secured employment, the doors of the job market have already been closed and the ones who completed education in 2019 will have not any prospect of employment. Many would have adopted overseas jobs but that route too is closed.
Whenever the economy returns to normalcy, employment creation for these groups is a priority. While producing plans for task creation, the federal government cannot use past experience.
During the last decade or perhaps so, the full total entrants to fresh labour force had been in the range of just one 1.8 to 2 million annually which 0.4 to at least one 1.0 million availed overseas employment every year.
Therefore, the total amount was the web addition to the domestic labour force. When the economy is back to the normal track, the web domestic labour power seeking job will be the complete addition in a season, which is approximately 1.9 million-plus a backlog of new entrants of 2020.
Not the complete supply can be absorbed in a year, but definite guidelines and strategies should be adopted during those years.
Low-income households faced with a shortage of foodstuff and essentials might reduce their expenditure about education. Aggressive skill training plans for various teams may supplement the overall education to look after this problem.
The other important change to be initiated is an improved healthcare system, both when it comes to quality and regional dispersion within the country.
When the deadly virus will be eventually defeated, the experience of the period is likely to open up fresh opportunities and the nation must be prepared to utilise these opportunities.
