Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, June 6, 2020 07:33:01 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Middle class people are facing greater hardship

By
06th-Apr-2020       
Share
  • Twitter
  • Google+
  • Save
  • E-mail
  • Print
Comments
Share your thought
Post a comment »
Read all () »

THE government is facing high challenge to maintain the level of domestic demand during the extended shutdown period to tackle the spread of coronavirus. The shutdown has made the country's 6.1 crore labour force almost jobless and forced thousands of small and medium enterprises to stay out of production. It also resulted in halving the country's GDP growth, rattled the demand and supply chains and created huge unemployment. Banning all modes of transports across the country also rendered thousands of workers unemployed. The Economist has asked the government to suspend the implementation of less important projects and use the funds to help the people to increase their purchasing power. London-based Economist Intelligence Unit has already warned that Bangladesh's gross domestic product growth would slow down to 3.5 per cent in the current fiscal due to the coronavirus impact.
Earlier, the government made projection in June 2019 that country to achieve 8.2 per cent growth in fiscal 2019-20. The closure of factories and businesses resulted in a supply-side shock and the subsequent layoffs will exacerbate the demand shock. On the other hand, the Asian Development Bank has also projected that Bangladesh's economy might lose 1.10 per cent of its GDP, or $3.02 billion, in addition to 8.95 lakh job losses due to the same reason. The government should involve all irrespective of opinions to face the current crisis. The adverse impacts of the coronavirus have hit when almost major economic indicators -- export, import and revenue income -- excepting inflow of remittance were in a negative trend. As key sources of remittance in the Middle East have been also hit by the pandemic, the country received 11.83 per cent less remittance to $1.29 billion in March 2020 from $1.46 billion in March 2019. Falling remittance is a big blow for us when country is also facing capital flights. The poor people will be the worst sufferers and the middle to lower-middle class people may become poor by losing the jobs and other income-generating opportunities. The financial crisis is as real as the calamity of coronavirus inasmuch as the virus is killing people as well as ruining the economy of the country.
This pandemic is not only a deadly health hazard but also the contagion has created grave financial hazard for the economy. In our case the economy was on its tittering end before the onslaught of coronavirus. The worry is the government is neither of public trust nor it has the competence other than keeping themselves busy for glorifying the leadership to suppress the failure of the government.


Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Agreement on Feni River without Teesta is unacceptable


THE Indian government's latest position to secure a lasting water sharing agreement on Feni River sidetracking commitment for signing a simultaneous agreement on Teesta River as reported by an English daily on Friday is clearly an unexpected and unwelcomed move. Without Teesta we can't go for Feni River. Teesta water ...

Entertainment »

Priyanka`s new songs during lockdown


Sheikh Arif Bulbon :Priyanka Biswas is a talented singer of this generation who won hearts of many music-lovers by her melodious voice. The music-lovers were impressed to hear her songs. Few days ago, Priyanka-Apu Aman rendered a duet song titled Jabena Chhere was released on YouTube channel of Dhruba Music ...

Business & Economy »

DCCI opens `SME Development Department` to facilitate CMSMEs


Economic Reporter :Dhaka Chamber of Commerce & Industry (DCCI), the largest SME representative trade organization in the country, launched 'SME Development Department' to facilitate its Cottage, Micro, Small & Medium Enterprises (CMSMEs).Officials of the DCCI said they have relentlessly been working for the development of cottage, micro, small and medium ...

City »

Secretary General of Bangladesh Jatri Kalyan Samity Mozammel Haque Chowdhury speaking at a press conference in DRU auditorium on Friday for unveiling report of road accidents in Eid journey.


.

Editorial »

Education needs more allocation in budget to adapt with the new normal


A recent study revealed that the closure of educational institutions due to the coronavirus pandemic, dropout rates will increase significantly at schools which will subsequently cause a rise in child marriage, early pregnancy and child labour. Educationists demanded more budgetary allocation for education sector as part of two/three-year-long Covid-19 response ...

Cricket »

Spinners have chance to shine during saliva ban: Kumble


Cricket chief Anil Kumble hopes a ban on using saliva to shine the ball after the coronavirus shutdown could see a resurgence of spin bowling in Test cricket.The International Cricket Council is expected to order a temporary ban next week on using spit as a shining agent, as part of ...

Entertainment »

Runa Laila getting response for her composed two songs


Entertainment Report :At the end of last year, internationally renowned singer Runa Laila’s two songs were released in two separate YouTube channels. She lent her vocal for a song while noted Indian singer Asha Bhosle rendered another song. In last year November, Runa Laila composed her second song titled Ferate ...

Entertainment »

Nora Fatehi appeals to citizens to donate PPE kits to aid health care fraternity


Nora Fatehi joins Vidya Balan in urging people to donate PPE kits to help our medical fraternity in this tough time. Recently we all have seen Vidya Balan making a donation and requesting citizens to donate PPE kits for our nation's heroes. Now Nora Fatehi makes her sincere appeals to ...

City »

Members of Bangladesh Navy distributing Personal Protective Equipment to the doctors and nurses at Barguna Sadar Hospital recently to fight coronavirus.


Editorial »

More borrowing by govt will add to per head public debt


THE national budget will be placed before the parliament at a cost of Tk 5.569 trillion on June 11 for fiscal year 2020-21 aiming at a GDP growth of 8.2 per cent. The budget is going to be mainly based on bank and non-bank borrowing and will earmark Tk 635.25 ...

City »

Councilor of 26 No Ward of DSCC Hashibur Rahman Manik handing over vegetables among the low-income people free of cost after inaugurating a 'market for one minute'at Abdul Alim Playground in the city on Wednesday.


.

Sports »

Sky Brown, 11, targets Olympic gold despite horror


Agency :Eleven-year-old skateboarder Sky Brown is still targeting Olympic gold for Britain in Tokyo despite a horrific fall during training in the United States.Brown was rushed to hospital by helicopter after falling in training in California on Thursday.She was reportedly unresponsive on arrival at hospital, with her father Stewart saying ...

Editorial »

Welcome RSC as it takes over factory inspection regime


RMG Sustainability Council (RSC) - a local inspection entity jointly formed by BGMEA and representation of different brands, retailers and trade unions finally started functioning from June 1 taking over from Accord made up by European buyers. The handover basically shows the change of the guard from internationally supervised buyers' ...

City »

Mayor of Dhaka South City Corporation Sheikh Fazle Nur Taposh speaking at the first board meeting of the newly elected councilors of DSCC in Mayor Mohammad Hanif Auditorium of Nagar Bhaban on Tuesday.


Sports »

Kutubuddin Ahmed gets Knight Award of Spain


Sports Reporter :Former secretary general of Bangladesh Olympic Association (BOA) Kutubuddin Ahmed got Knight Award of Spain. It is the highest reward of Spain.Ahmed was one of the organiser of South Asian Games (SA Games) 2010, which was held in Dhaka, the capital city of Bangladesh. He distinguished his name ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news