What we anticipate in 2021 for Bangladesh

Image: Collected
Against all of the odds 2021 ushers in with a lot of targets. The Covid-19 pandemic which engulfed our financial and social lives atlanta divorce attorneys possible manner in 2020 is expected to be brought under control as hopes are excessive with the authorization of vaccinations developed by several companies. However, one does not quite know however when we will be able to lead a standard life once again. When will everyone receive vaccines and how will vaccination respond to human being bodies? Whether persons will be ready to take vaccine in addition has become an issue that must be dealt with by governments around the world.  

Amidst so substantially unknowns and uncertainty, we collection our eyes to a new year. Departing the sufferings behind, we wish to think about 2021 as a fresh beginning, to accomplish things in an improved way. Countries are mapping their way forward. They possess expressed their will to build the future better by taking specific activities in economic, sociable and environmental areas. This, of course, will not be easy as the pandemic offers devasted the world in an unprecedented way.

2020 was a challenging year for Bangladesh too
For Bangladesh, the outgoing year 2020 was equally challenging. In fiscal year 2020, just before the outbreak of the pandemic, the Bangladesh economy was somewhat under strain because of the weak effectiveness of a few financial indicators such as for example exports, imports, private expense, foreign direct investment, and earnings mobilisation. Besides, the banking sector was experiencing high non-accomplishing loans (NPL).

Like all other economies, ours has experienced pressure as a result of disruption in economic activities through the pandemic. Both domestic and global demand contracted. As our market is included with the global market, a downward style was observed in case of exports, outflow of Bangladeshi migrants for function, and foreign investment. On the domestic entrance, depressed domestic demand features been reflected through low expense. Credit circulation to the private sector and import of capital machinery have been low. Job losses by a large number of individuals had likewise reduced demand. Each one of these had a direct effect on growth which was on a growing trend over the last decade. Therefore, in fiscal year 2020, the expansion of gross domestic merchandise (GDP) was 5.2 percent as opposed to 8.2 percent, that your government projected originally. Some studies contain indicated that low development and slower economic activities had a knock-on influence on poverty, unemployment, education, inequality and several social aspects.

But Bangladesh remained much less affected than others
Bangladesh has undertaken countless methods to overcome the negative aftereffect of the pandemic. Included in these are instructions on cultural distancing, using masks and basic holiday for 66 times during March-May 2020. Parallelly, the government introduced countless stimulus packages to help the damaged sectors and people due to the pandemic. Till November 2020, the number of the stimulus plans was equivalent to 4.3 percent of its GDP.

Due to government work combined with the effort of the guys, the Bangladesh economy has been less afflicted compared to other countries through the pandemic. Several worldwide organisations incorporating International Monetary Fund, World Bank, and Asian Development Lender have assessed the economic performance of countries through the pandemic. Bangladesh's overall performance sticks out amongst its peers. Regardless of the pandemic, agricultural development has been remarkably good-that helped ensure foodstuff secureness. Remittances have soared lately, overseas exchange reserve has reached the highest level ever, exports picked up towards the finish of the year and inflation remained low. 

Looking ahead to get a resilient and sustainable path
In view of this, Bangladesh looks forwards to seeing brighter economical prospects on 2021. For Bangladesh, 2021 can be a special time. The country will celebrate the golden jubilee of its independence. This would be the time to celebrate our achievements within the last 50 years. This may also be an celebration to think about the constraints and commit ourselves to expedite attempts to fulfil the unmet dreams within the next 50 years. Bangladesh must seize every option that will come in its approach in the approaching years.

Among several initiatives that must achieve the unfulfilled desired goals, a few could be reiterated. Initially and foremost may be the dependence on institutional strengthening and reform. For rebuilding the market from the fallout of the pandemic, consumer expenditure is the key. Therefore, extra fiscal room is usually to be designed through domestic reference mobilisation and its own efficient utilisation. Fiscal self-discipline through prudent fiscal operations will be critical for economical recovery. In this regard, governance of the fiscal sector will also need to be ensured. In recent times, liquidity circumstances in the bank operating system has raised which resulted in low interest rates. This is due to weak expenditure demand and Bangladesh Bank's measure to create liquidity space in industrial banks. The quantity of the NPL in 2020 might not be a reflection of the true situation since Bangladesh Lender had frozen bank loan classification from January 1 to December 31, 2020 because of the pandemic. The embedded weakness of the sector emphasises the need for reforming the sector and establishing better governance in the system. 

Second, the anti-corruption travel should be continued and strengthened. Corruption in public areas investment projects reduces fiscal space. Research include indicated how corruption influences growth. A big part of resources is also dispatched out of the united states illegally. By protecting against corruption, resource performance and economic competitiveness can be enhanced.

Third, investment on human capital offers been reinforced through the pandemic. The weaknesses in the healthcare system was evident through the pandemic operations. Increased allocation for medical sector and ideal utilisation of the allocated resources are crucial. For human capital creation, education is an important means. Improvement of human being resource capacity through skills development is the want of the hour. For a sustainable restoration from the pandemic, creation of option is not enough. Access to opportunity for all must be ensured. This may also require top quality education and technological expertise. During the pandemic, digital technology features played a pivotal part in facilitating activities and connecting with the environment. However, without affordable usage of technology there may be a digital divide leading to further inequality.

Fourth, Bangladesh can also place a milestone in its 50th anniversary by initiating the general social safety scheme for the poor. The need for a comprehensive social protection for all incorporating those in the informal sector offers been felt acutely through the ongoing pandemic.

Fifth, 2021 can be an opportune instant for discarding the unsustainable method of development which is dependant on destruction of organic methods and biodiversity. This pattern of production makes inequality by depriving the poor to access the healthy commons. To accomplish sustainable development, the federal government has to work at tackling climate change at the global level and avoiding environmental degradation at the domestic level.

Bangladesh could make 2021 a year full of chances by doing the above and much more!

Source: https://www.thedailystar.net

Tags :

Share this news on:

Previous Story

Trending Topics

Archive