• Wednesday, Sep 28, 2022
  • Last Update : 10:24 am

ED: Steadying the ship

  • Published at 05:49 pm July 22nd, 2020
WEB_economy growth_thematic photo_Bigstock_13.05.2019.jpg

Bangladesh has, for far too long, relied on a singular export sector

The Covid-19 pandemic has, on top of wreaking havoc on the lives of people in every corner of the planet, also devastated economies. Bangladesh has been no different, and the early months of the lockdown period during the pandemic saw a devastating fall in exports, with global buyers canceling or delaying orders.

To that end, as Western nations slowly but surely start opening up, there has been a subsequent increase in exports, and the economy looks to be moving in the right direction once again, which is extremely encouraging to witness.

However, there is little reason to celebrate just yet; despite exports steadily climbing since the month of May -- there is every reason to believe that this upward trend could halt at any moment, especially given the volatile condition of our own country with regards to stopping the spread of the virus.

Experts have rightfully pointed out that in order to sustain the economic turnaround and ensure that exports continue to increase, it is absolutely vital that Bangladesh fare much better in combating the spread of the coronavirus, in order to ensure buyers that Bangladesh remains a safe, viable destination for doing business with.

Bangladesh has also, for far too long, relied on a singular export sector -- RMG products -- and the effects of this failure to diversify our export basket was sharply felt when orders were being cancelled and we had no other sector to rely on to compensate for the losses the RMG sector was suffering.

Additionally, the pandemic has also sharply brought to light business practices and policies that are outdated and inefficient -- Bangladesh has long suffered due to its policies being unfavourable towards businesses, as its ease of doing business rankings show every year.

Make no mistake about it, Covid-19 is far from over, especially here in Bangladesh. If we are to keep our lofty ambitions, we must control the spread of the virus, while simultaneously investing in diversifying our export basket by exploring new opportunities and sectors and enacting favourable business policies to create a better environment for buyers and investors.

Facebook 71
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail