Unemployment crisis

The Bangladesh Bureau of Statistics (BBS) recently released a report stating that the number of unemployed people in Bangladesh has risen by 2.7 lakh in 2023. This news is disheartening, to say the least, and has far-reaching consequences for the country’s economy and the livelihoods of its citizens.

The rise in unemployment is a reflection of the economic challenges that Bangladesh has been facing in recent years, compounded by the Covid-19 pandemic and Ukraine-Russia war. The pandemic has affected every aspect of life in Bangladesh, including the job market. The restrictions on movement, supply chain disruptions, and reduced demand for certain products and services have hit the job market hard.

The BBS report shows that there are as many as 25,90,000 people unemployed in the country. The number was 23,20,000 in the last quarter of last year. This might seem like a small increase, but in a country with a population of over 160 million, even a slight increase can mean a significant number of people losing their jobs.

The rise in unemployment has far-reaching consequences for the country’s economy. Unemployment means a loss of income, which, in turn, means a reduction in spending. This can lead to a decrease in demand for goods and services, which can further exacerbate the economic slowdown. Moreover, the rise in unemployment can also lead to social unrest, as people who have lost their jobs become increasingly desperate and frustrated.

The government must take urgent action to address the unemployment crisis. One of the first steps that the government can take is to provide support to those who have lost their jobs. This can be done through financial aid, skill development programmes, and job placement services. The government can also work with the private sector to create more job opportunities, particularly in the areas that have been hit hardest by the pandemic and Ukraine-Russia war.

Furthermore, the government should focus on promoting entrepreneurship and small business development, as these can be important sources of job creation in the long run. Investing in infrastructure projects can also create job opportunities and stimulate economic growth. It is important to remember that the rise in unemployment is not just a statistic. It represents the lives and livelihoods of real people who are struggling to make ends meet.

The rise in youth unemployment is particularly concerning, as it can have long-term consequences for the country’s economic and social fabric. Unemployed young people can become disillusioned and frustrated, leading to social unrest. Therefore, it is crucial that the government provides targeted support to young people, including skill development programmes and entrepreneurship initiatives. The private sector can also play an important role in this regard by creating internships and apprenticeship programmes that provide young people with valuable work experience and skill development opportunities.

Moreover, the government must also focus on creating conducive environment for job creation. This means addressing the structural issues that have held back the country’s economy, such as corruption, inadequate infrastructure, and a lack of access to credit. By addressing these issues, the government can create an environment that is conducive to business growth and job creation.

The rise in unemployment in Bangladesh is a worrying trend that requires urgent attention from the all stakeholders. By taking the necessary steps as outlined above, Bangladesh can overcome the unemployment crisis and ensure a brighter future for its citizens.