Recovery from coronavirus fallout may take many years

All kinds of economic activities have come to a standstill due to the global epidemic of coronavirus. The International Labor Organization (ILO) has warned that about 1.60 billion(160 crore) people will lose their jobs due to the pandemic. Besides, 

World Bank says global economic growth will be zero. 

In this situation, the government has prepared an observation report on the impact on the economy of Bangladesh. 

As per coronavirus pandemic monitoring report, the sudden shock of the Corona in Bangladesh will have to be recovered in the years to come. It said in the next few years, the country's economy will slow down. It has been mentioned that it will not be possible to achieve the desired GDP growth this fiscal year. 

Besides, it will be very difficult to recover the collapse of the labor market at home and abroad.

In particular, at least 8 lakh expatriates who have returned to the country in the last five six months may not be able to return to their respective countries of work. 

To this end, an initiative has been taken to train these returnees and give them job opportunities locally with a loan of Tk 10 lakh.

According to the Covid-19 economy monitoring report, one of the major challenges for Bangladesh in the coming days will be to provide food security, retaining employment and creating new employment.

Owners of RMG factories that have resumed operation are counting huge losses due to cancellation of orders from EU countries and Canada.

As well as coordinating the supply of food people and demand and products.

In the meantime, the government considers it a big challenge to keep the production and supply system running smoothly.

According to JP Morgan Chase, a US multinational banking and holding company, the impact of the Corona epidemic will lead to negative growth in the global economy in the next two quarters. 

As per the Organization for Economic Co-operation and Development (OECD), global economic growth is expected to halve this year compared to 2019. And a Bloomberg report says the Corona epidemic will cost the world economy $ 2.6 trillion. 

As a result, Bangladesh's growth will reduce drastically.

Meanwhile, despite the health risks, the world is trying to return to normal life by relaxing the lockdown in the country to overcome the economic recession. In the meantime, a large number of people have lost their jobs in different countries. The panic of unemployment has started. Many of the world's most influential industries are struggling to keep their industries afloat. 

Some have even announced lay-offs.

Former finance adviser to caretaker government Dr Mirza Azizul Islam said the government predication about coronavirus pandemic is not clear but the country will face unprecedented blow due to the pandemic.

He also said, to understand real situation the government may be sit with experts.

In the context of the former caretaker government adviser Hossain Zillur Rahman said:  “What we are thinking about world economy may turn out to be even worse."

 “At the same time, about 20 million(2 crore) people in the country will fall below the poverty line” he said.