World economic crisis: What is the situation in Bangladesh?

world’s economical crisis 

 

Until the end of 2019 and the beginning of 2022, the whole world is running on savings. Despite the shortage of commodities, the daily life needs of the people have been met by spending more money. Demands are met by spending the accumulated money, which should not be unknown to anyone.

As the threat of Corona subsides, people start moving, shopping, vigorously. After two basically terrible years, no one seems to take money seriously, even though there have been times when we have pondered our existence, ie: live or die. Just like at a time no one thought what would happen to us, if we were alive. Then when it was possible to bring the corona under control, basically everyone tried to rebuild everything, Russia’s war with Ukraine!

At first I don’t know who took it and how. But now, the world, Bangladesh and me, you, him are facing serious problems.

America is going door to door to rich countries to solve its country’s problems. Europe continues to try and figure out what to do. Heads of state are resigning like UK, Italy. More or less the bells of economic crisis have started ringing in every country. Some countries are on the way to Deolia, Sri Lanka is one of them.

We, especially the opposition parties have started playing drums and musical instruments saying that this is the future of the present government with applause. But what will happen to the unfortunate country or what we should do or avoid, I don’t see any pre-plan or long-range plan directly in my eyes which has made me quite sad as a conscious citizen, that’s why I wrote this from my thoughts.

Bangladesh needs a lot of money to implement these mega projects and most of that money comes from foreign loans which are billions of dollars.

Loan repayment should start from 2023. It is easy to borrow but repayment will not be easy, it is difficult to say how the situation of the country will be from 2023-24 but if there is a lack of stability in the state then the situation does not seem to be good. For example, if exports are not good due to war or remittances are decreasing, many people will suggest taking new loans. Because, they suggest, a decline in reserves means a decline in economic capacity. But increase the reserve in terms of debt!

Many would say this is the first time reserves have started to decline. Prior to this, the reserves of Bangladesh have increased continuously and so on.

Many will give different analyses- such as increase in import costs, non-proportionate increase in exports, decrease in remittances and devaluation of the rupee against the dollar- etc. And if the cost of energy import increases further, the reserves will continue to decrease. But who is responsible for this energy crisis? I think it will not be right to give them concession, people of the country think.

Although the country is said to have a reserve of three to six months of import expenses, does anyone know where the situation in Bangladesh will end due to the current world war? However, many are pointing out that the decrease in reserves means a decrease in economic strength. Yes, the words are correct but the reasons that are more involved are the current war and Corona, the government will say, the authorities will say.

It is natural that if the export income decreases compared to the import expenditure, the reserve will also decrease. At the same time, even if the income of expatriates is decreasing, the situation will worsen.

Most expatriate Bangladeshis work in hawker business, restaurant business, helping tourists in various ways. As these sectors are deteriorating abroad, the income of Bangladeshis is decreasing. Remittances in the last financial year must not have come to the country as in the past due to the decrease in expatriate income.

Instead of waiting for fear, initiatives should be taken to bring the reserve back to the previous state. Export should increase. Initiatives should be taken to increase remittances. Many would say the only positive area is foreign aid.

I think such high officials who only advise the government to take foreign aid should be sacked. Is there no other way than foreign aid?

All officials, from diplomats to diplomats, must be creative. Man power should be made more efficient and sent to different countries. Export should increase. Traders need to be assisted in various ways so that they can send their goods to the right place on time. Borrowing must be stopped and, above all, bribery will not speed things up – these must be stopped, or there is not much time left; The condition of the country will continue to deteriorate.

Remember, there are problems in the world and problems are controlled by people. Capitalists have been doing this all their lives. Be careful from the start. During the economic crisis, NASA increased its operating budget from 500 million to 10 billion. It is less talked about but how it is possible to photograph space 4.6 billion years ago is now a matter of discussion! Right now, Bangladesh is most indebted to Russia, China and Japan. Debt grace period is coming to an end. Bangladesh now has to repay the huge amount of foreign debt. There is no talk about the fact that the largest amount of debt has to be paid, but if you take new loans to pay off that debt, the debt burden will only increase, there is talk about other issues. But we have to be creative in the crisis – we are forgetting that!

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