Staff Reporter :
In Bangladesh, the creation of high-quality jobs remains a distant dream, as the country grapples with escalating unemployment fueled by a volatile macro-economy and a shortfall in significant investment.
Specialists warn that employment poses a substantial challenge to the nation’s macroeconomic stability, and the growing adoption of technology could soon undermine the job security of current employees.
In light of these challenges, experts advocate for proactive strategies from policymakers to not only generate new employment opportunities but also safeguard existing jobs.
Recent data suggests that Bangladesh’s unemployment rate may climb
to 4.99 percent, affecting approximately 3.99 million individuals by 2024, amid stagnant private sector investment attributed to soaring inflation, energy shortages, and a lack of dollars.
The country’s industrial entrepreneurs are barely keeping afloat, hampered by both domestic and international pressures, and are now seeking government policies that would allow them to exit the market gracefully.
Experts fear that the increasing shutdown of businesses could exacerbate unemployment in the near term.
“Presently, both domestic and international investments have declined, leading to a stagnation in job creation.
Moreover, the quality of newly created positions is questionable,” said Dr. Zahid Hossain, a former lead economist at the World Bank’s Dhaka office, to The New Nation.
He emphasized the necessity for focusing on the creation of high-quality employment, urging the private sector to take a more active role.
Highlighting the economy’s longstanding reliance on the garment industry, former BGMEA president Rubana Haque expressed concerns about the sustainability of jobs in the face of technological advancements.
She stressed the importance of workforce adaptation to future changes.
“In today’s digital age, work can be done remotely, opening up online employment opportunities. This potential must be harnessed,” she added.
Haque also pointed out the urgent need to create employment for the vast number of jobless individuals in Bangladesh, underscoring the importance of not just job creation but also the enhancement of job quality.
Amid fears that numerous industries may shut down due to ongoing shortages of gas and electricity, rising bank interest rates, and increased operational costs due to the soaring dollar value, entrepreneurs from various sectors have called for a ‘safe exit policy’ in the next fiscal budget for 2024-25, allowing them to wind down their operations smoothly.”
