‘Rural economy to be under great pressure with returnees from cities’

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Rural economy of the united states will probably be under great pressure as a substantial number of people from cities are time for their respective villages losing the sources of their earnings due to Covid-19 fallout, authorities have said.

"The rural market is unlikely to be able to absorb the pressure," past caretaker authorities finance adviser Dr Abdominal Mirza Azizul Islam stated.

He said the agricultural sector, the driving drive of the rural economy, will be overburdened with the returnees although sector contributes 15 per cent to the GDP even though provides 40 % jobs, reports UNB.

D Aziz said mechanised equipment are appearing used for increasing productivity found in the agricultural sector and their work with is going up daily, lowering the demand for farm employees.

Distinguished Fellow of Center for Policy Dialogue (CPD) Prof Mustafizur Rahman explained the rural economy obviously will come to be under pressure.

"This pressure will continue given that the overall health risk, caused by the pandemic, will there be. This is likely to be a huge burden on the currently slowed down rural economy,” he added.

Dr Mustafiz remarked that the large number of manpower who used to get abroad on a monthly basis for jobs are actually stuck on rural areas as a result of current situation.

“More than 600,000 persons used to visit overseas from Bangladesh. They’re there in rural areas. Offered the current situation, it could be said the economy is under huge pressure," he said.

Talking about the support to the rural overall economy to cope with the pressure, Mirza Aziz, also Visiting Professor for BRAC University, explained the government should help this section of men and women through its alleviation distribution measurers.

For moderate- and long-term procedures, he said, the coronavirus will hopefully disappear or its strength will certainly reduce in the coming months. "And in those days, we’ll have to devote our all-out work to revive the production and offer chain," he said.

Mirza Aziz put focus on guiding the SME sector by the federal government following the Covid-19 and instant restoration of production found in big industries in full swing.

Dr Mustafizur Rahman said the government should expand its sociable safety net programmes to add the people heading back to their villages.  "The money transfer scheme could be expanded from the existing 5.0 million."

He stressed the value of investing in renovation of rural roads and investing money in public works to activate a great number of returnees in those programmes.

"The stimulus package of Tk 50.00 billion that allocated for agri-loans ought to be implemented quickly so that people living in rural areas could begin their economic activities which is beneficial to engage more folks," he said.

Prof Mustafiz said if the federal government can carry out these initiatives properly there will be a qualitative change throughout the market that will absorb some pressure.

He, however, emphasised addressing the health issues right now. “And after that, the government should pay its focus on revamping the economy. Presently, nothing is going on for these two sectors, there is a question about the policy {matters|issues|concerns|thing
Source: https://thefinancialexpress.com.bd

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