Home ›› 23 Dec 2022 ›› Editorial
Coal has made a comeback in Germany when most of the countries from around the world are desperately trying to move away from this noxious emitter to save the environment. Over 36.3 per cent of the total electricity in Germany came from coal-fired power plants between July and September. This is a picture that has painted the real deepening crisis Germany and other European countries are going through.
This potentially environment-damaging decision of Germany is evidence how the entire world has plunged into a point of no return. Amid this situation it is difficult to think that Bangladesh will not be shaken by the global crisis. Obviously we can’t avoid it as the entire world has turned into a global community. The problem in one corner of the world affects even a tiny island country.
Bangladesh is no exception. But despites all those global factors we have some signs that instill hopes into the mind of people. Our country has also been jolted by the global economic crisis. However, our biggest forex earner the RMG sector is bouncing back.
Bangladesh export sector continues to bounce back after a pretty long period which has been out of expectation of those involved in the sector and people in general. A few days back we stated in this column detailing how the sector began to see its work orders rising. The sector in the current fiscal year has showed a robust growth even amid long-standing Ukraine-Russia war, global recession, unprecedented rise in shipment cost, energy crisis, raging inflation and the approaching trumpet of a worldwide war.
European Union and the US, that account for 80 per cent of our export earnings, are choking with high-level of inflation shrinking our export basket. Yet after a lull in September and October the sector in November began to turn around with work order pouring in. We have always urged the government not to put focus only on the garment sector for our foreign currency income. If our more and more local products can’t be diversified as soon as possible any kind of disaster in the sector may spell tragedy for the whole economy which is now reeling from the shock of the global downturn.
Our only way to face the challenge that the economy is facing in every sector like banks, energy and power, money market, foreign exchange rate, inflation and many others should be addressed very soon so that they can play a conducive role in mending the damage and helping the garment sector to stand tall. Otherwise, no other sectors can contribute even a little in this regard as the country is experiencing high prices of energy and power cost that has eventually pushed up the prices of essential food items.
Marginalised people’s backs are against the wall. Now, if at least export earnings can be boosted it will help the economy to survive the present onslaught. We believe that despite all those national and international factors Bangladesh has a bright prospect in near future if it can tap the potential. Senior Commerce Secretary Tapan Kanti Ghosh told a media on 21 December: “The demand for locally made garment item is still very high despite higher inflation in Europe.”
Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), echoing him said Bangladeshi exporters and resilient and they know how to survive in the stormy financial condition.
We also hope and believe that the government and the agencies concerned will come forward to help the sector to boom and stave off any kind of imminent economic disaster in the face of the global economic slowdown. At the same time we have to be cautious about our future plan and look for new markets not only for garment products but also for new products to strengthen our economy.
