Bangladesh has been suffering from financial crisis for after Sheikh Hasina fall off power. Recent political instability in the country has intensified the crisis. According to a report, to create opportunities for the economy to turn around through comprehensive reforms in the revenue collection system, diversifying export products, implementing proper social safety net programs, increasing investment in infrastructure development and creating jobs is in threat.
World Bank Senior Vice President Indermit Gill said Bangladesh’s economy is in a critical state. He advised government policymakers to take immediate action so that the economy can recover momentum. According to him, the Bangladesh government to take some initiatives to control inflation and increase revenue. However, more urgent action is needed to tackle the crisis.
According to the report, the main sector of Bangladesh’s foreign trade is the readymade garment industry. But in Europe and North America, the economic slowdown has reduced demand for garments, raising the risk of a decline in export earnings.
After the fall of the Hasina government in the wake of the conspiracy, Bangladesh has virtually reached a failed state. Bangladesh’s economy, which has been pushed as a buffer state, is going to be crippled again. But during the Hasina government, Bangladesh became one of the strongest economic zones in the world. In terms of economic indicators, Bangladesh’s declining economy is constantly taking the country’s future into a dark chapter.
In October, the IMF said in a report that Bangladesh’s economic growth could fall to 4 percent due to political unrest. The World Bank also agreed with them, saying that the growth rate could be 4.1 percent.