Hostname: page-component-f554764f5-sl7kg Total loading time: 0 Render date: 2025-04-11T13:55:44.356Z Has data issue: false hasContentIssue false
  • English
  • Français

Coronavirus and Impact on the Bangladesh Economy: Assessing the Damage of the Black Swan of 2020

Published online by Cambridge University Press:  14 March 2025

Sajid Amit
Get access Rights & Permissions [Opens in a new window]

Abstract

Although Bangladesh has seen a delayed appearance of COVID-19 with the first identified case on March 8, 2020, it was still caught off guard, with regard to its healthcare and economic preparedness. COVID-19's impact on Bangladesh's economy is particularly pronounced because of the country's reliance on globalized supply chains of international fashion brands and human resource exports. Banks have considerable exposure to industries in general and ready-made garments in particular. The effect on these sectors, combined with a shrinking consumer economy has hit all sectors hard. This paper, based on expert interviews, primary data from government websites, and news reports, attempts to assess current and potential damages to Bangladesh, at a time when the country has yet to reach the peak in its infection growth rate.

Type
Research Article
Information
Asia-Pacific Journal , Volume 18 , Issue 15 , August 2020 , e9
Copyright
Copyright © The Authors 2020

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Article purchase

Temporarily unavailable

References

Sources

Amnesty International, 2020. Qatari migrant workers in labor camps at grave risk amid COVID-19 crisis. [Accessed 20 March 2020].Google Scholar
Bain, M., 2020. Coronavirus threatens the livelihoods of garment workers around the world.Google Scholar
Bhuyan, M. O. U., 2020. Bangladeshi migrants hit hard in Middle East. [Accessed 24 March 2020].Google Scholar
Centre for Policy Dialogue, 2020. CPD urges targeted expansionary measures to tackle Corona risks. [Accessed 21 March 2020].Google Scholar
Higgins, M. & Diron, M., 2020. Moody's affirms Bangladesh's Ba3 rating, maintains stable outlook. [Accessed 19 March 2020].Google Scholar
Hussain, S. R., 2020. SME and retail businesses will die out soon due to lending rate cap.Google Scholar
International Monetary Fund, 2020. The Great Lockdown: Worst Economic Downturn Since the Great Depression. [Accessed 23 March 2020].Google Scholar
Islam, S., 2020. BB buys US dollar from banks to keep forex market stable. [Accessed 10 March 2020].Google Scholar
McKibbin, W. & Fernando, R., 2020. Global macroeconomic scenarios of the COVID-19 pandemic, Canberra: Australian National University.CrossRefGoogle Scholar
Mirdha, R. U., 2020. Stop terminating garment workers amid pandemic: Labour ministry tells owners. [Accessed 22 June 2020].Google Scholar
New Age, 2020. Shopping malls, markets across Bangladesh closed until March 31. [Accessed 22 March 2020].Google Scholar
Preetha, S. S. & Islam, Z., 2020. Is foul play the new normal?. [Accessed 26 June 2020].Google Scholar
Rabbi, R. H., 2020. Safeguarding Bangladesh's economy during the Corona Pandemic.Google Scholar
Rahman, S., 2020. COVID-19 and the ready-made garment sector. [Accessed 24 June 2020].Google Scholar
The Business Standard, 2020. Survey: Consumers wary of spending money this Eid. [Accessed 21 May 2020].Google Scholar