IMPACT OF COVID-19 ON THE OVERALL SECTOR OF BANGLADESH ECONOMY: AN OVERVIEW
Keywords:
Covid-19, Coronavirus Pandemic, Sectoral impact on Economy, Manufacturing Industry, Education, Employment, Agriculture.
Abstract
After being affected by the Covid-19, Bangladesh also faces challenges related to this pandemic like other countries globally. The impact was spreading to all sectors of the economy. The principal purpose of this study is to give an overview of the pandemic's impact on the economy as a whole and summarize recommendations for mitigating the pandemic's devastating effects. This study employs descriptive and exploratory techniques based on secondary data collected from journals, newspapers, published articles, websites, and the internet. The discussion result reveals that, more or less, all the sectors of the economy are affected by the Covid-19 pandemic, not only public health. The study found that Manufacturing industries face losses, and workers are also affected by the various uncertainties about their earnings and job security. The country's education industry has been hit hard. In a new typical circumstance, students are unsure about studying and are concerned about the academic delay. The Covid-19 pandemic has had an impact on the mental health of students as well as the general public. The study recommends that the government's intervention, in conjunction with the engagement of relevant sectoral stakeholders, has the potential to recoup losses and design a new strategy or solution to address the problem.
JEL Classification Codes: E71, A31, F6, I1.
References
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Hossain, T., Ahammed, B., Chanda, S. K., Jahan, N., Ela, M. Z., & Islam, N. (2020). Social and electronic media exposure and generalized anxiety disorder among people during COVID-19 outbreak in Bangladesh: A preliminary observation. PLoS ONE, 15(9 September), 1–13. https://doi.org/10.1371/journal.pone.0238974
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Islam, M. R., Hassan, M. A., Hassan, M. S., Rahman, S., & Nargis, N. (2020). Impact of Covid-19 Pandemic on Readymade Garments (Rmg) Industry of Bangladesh. International Journal of Management (IJM), 11(7), 1125–1132. https://doi.org/10.34218/IJM.11.7.2020.100
Islam, R. (2020). The impact of Covid-19 on employment in Bangladesh: Pathway to an inclusive and sustainable recovery. Bangladesh Institute of Labour Studies-BILS
Islam, S. M. D. U., Bodrud-Doza, M., Khan, R. M., Haque, M. A., & Mamun, M. A. (2020). Exploring COVID-19 stress and its factors in Bangladesh: A perception-based study. Heliyon, 6(7), 1–10. https://doi.org/10.1016/j.heliyon.2020.e04399
ILO. (January 25,2021). ILO Monitor: Covid-19 and the world of work. Seventh edition.
Islam, M. S., Sujan, M. S. H., Tasnim, R., Ferdous, M. Z., Masud, J. H. B., Kundu, S., Mosaddek, A. S. M., Choudhuri, M. S. K., Kircaburun, K., & Griffiths, M. D. (2020). Problematic internet use among young and adult population in Bangladesh: Correlates with lifestyle and online activities during the COVID-19 pandemic. Addictive Behaviors Reports, 12(July), 100311. https://doi.org/10.1016/j.abrep.2020.100311
Kabir, H., Maple, M., & Usher, K. (2021). The impact of COVID-19 on Bangladeshi readymade garment (RMG) workers. Journal of Public Health (Oxford, England), 43(1), 47–52. https://doi.org/10.1093/pubmed/fdaa126
Khan, M. S. H., & Abdou, B. O. (2021). Flipped classroom: How higher education institutions (HEIs) of Bangladesh could move forward during COVID-19 pandemic. Social Sciences & Humanities Open, 4(1), 100187. https://doi.org/10.1016/j.ssaho.2021.100187
Mala, D.A. (July 15, 2021). Bangladesh's tourism industry devastated by Covid-19 fallout. The Financial Express. Retrieved from https://thefinancialexpress.com.bd/trade/bangladeshs-tourism-industry-devastated-by-covid-19-fallout-1626230592
Manusher Jonno Foundation (MJF). (2020). Violence against Women and Children: COVID 19 A Telephone Survey: Initiative of Manusher Jonno Foundation Survey Period: June 2020. Retrieved from http://www.manusherjonno.org/wp-content/uploads/2020/03/Final-Report-of-Telephone-Survey-on-VAW-June-2020.pdf
Mahmud, A., & Islam, M. R. (2021). Social Stigma as a Barrier to Covid-19 Responses to Community Well-Being in Bangladesh. International Journal of Community Well-Being, 4(3), 315–321. https://doi.org/10.1007/s42413-020-00071-w
Shaminnta, L., Gope, H., & Sumaiya, I. (2020). Readymade Garments Sector and Covid-19 in Bangladesh. June, 1–17. https://doi.org/10.20944/preprints202006.0336.v1
Majumder, F. H. (2021). Covid-19 and the RMG Industry: The Pandemic effect. The Apparel Story(JanuaryFebruary 2021). Bangladesh Garment Manufacturers and Exporters Association(BGMEA). Retrieved from www.bgmea.com.bd
Meo, S. A., Abukhalaf, A. A., Alomar, A. A., Sattar, K., & Klonoff, D. C. (2020). COVID-19 Pandemic: Impact of Quarantine on Medical Students’ Mental Wellbeing and Learning Behaviors. Pakistan Journal of Medical Sciences, 36, S43-S48. https://doi.org/10.12669/pjms.36.COVID19-S4.2809
Poudel, P.B., Poudel, M.R., Gautam, A., Phuyal, S., Tiwari, C.K., Bashyal, N., & Bashyal, S. (2020). COVID-19 and its Global Impact on Food and Agriculture. Journal of Biology and Today’s World, 9(5).
Rahman, M. M., Khan, S. J., Sakib, M. S., Chakma, S., Procheta, N. F., Mamun, Z. Al, Arony, A., Rahman, F., & Rahman, M. M. (2021). Assessing the psychological condition among general people of Bangladesh during COVID-19 pandemic. Journal of Human Behavior in the Social Environment, 31(1–4), 449–463. https://doi.org/10.1080/10911359.2020.1848688
Sakamoto, M., Begum, S., & Ahmed, T. (2020). Vulnerabilities to COVID-19 in Bangladesh and a reconsideration of sustainable development goals. Sustainability (Switzerland), 12(13), 1–15. https://doi.org/10.3390/su12135296
Shoaib, J. U. M, & Arafat, M. F. (2020). IMPACTS OF COVID-19 ON AGRICULTURE IN BANGLADESH.Covid-19 – Dispatches from the Ground, WOCAT.
Salmi, J., Arnhold, N., & Bassett, R. M. (2020, June 24). The big bad wolf moves south: How COVID19 afects higher education fnancing in developing countries. World Bank Blogs. Retrieved from https://blogs. worldbank.org/education/big-bad-wolf-moves-south-how-covid-19-afects-higher-educationfnancing-developing.
Smith, M., & Diaz, A. W. (2004). Increasing students' interactivity in an online course. The Journal of Interactive Online Learning, 2(3), 1–26.
Townsend, E., Campbell, C., Curran-Smith, J., McGinn, F., Persaud, D., & Peters, P. (2002). Accessibility and interactivity in distance education programs for health professions. Journal of Distance Education, 17(2), 1–24.
Thorbecke, W. (2020). The Impact of the COVID-19 Pandemic on the U.S. Economy: Evidence from the Stock Market. Journal of Risk and Financial Management, 13(10), 233. https://doi.org/10.3390/jrfm13100233
Unb, Dhaka. (April 13, 2020). Tk 5,000cr for farmers,PM unveils fresh stimulus package. The Daily Star. Retrieved from https://www.thedailystar.net/frontpage/news/tk-5000cr-farmers-1892389
Varshney, D., Kumar, A., Mishra, A. K., Rashid, S., & Joshi, P. K. (2021). India’s COVID-19 social assistance package and its impact on the agriculture sector. Agricultural Systems, 189 (July 2020), 103049. https://doi.org/10.1016/j.agsy.2021.103049
World Economic Outlook update. (June, 2020). A crisis like no other, An uncertain Recovery. Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020
Zabir, A. Al, Mahmud, A., Islam, M. A., Antor, S. C., Yasmin, F., & Dasgupta, A. (2021). COVID-19 and Food Supply in Bangladesh: A Review. South Asian Journal of Social Studies and Economics, 10(1), 15–23. https://doi.org/10.9734/sajsse/2021/v10i130252
Islam, M. A., Barna, S. D., Raihan, H., Khan, M. N. A., & Hossain, M. T. (2020). Depression and anxiety among university students during the COVID-19 pandemic in Bangladesh: A web-based cross-sectional survey. PLoS ONE, 15(8 August), 1–12. https://doi.org/10.1371/journal.pone.0238162
Asian Development Outlook Update (ADOU). (September 2021). Economic indicators for Bangladesh. Retrieved from https://www.adb.org/countries/bangladesh/economy
Ain o Salish Kendra. (ASK). (2020). Violence Against Women – Domestic Violence Jan-June 2020. Retrieved from http://www.askbd.org/ask/2020/07/06/violence-against-women-domestic-violence-jan -june-2020/
Bashar, R., & Atik, F. (2020). Dairy farmers hit hard by coronavirus lockdown in Bangladesh. Retrieved from https://bdnews24.com/banglades h/2020/04/13/dairy-farmers-hit-hard-bycoronavirus-lockdown-in-bangladesh
Dhaka Tribune. (August 19, 2021). Bangladesh unlocks tourism. Retrieved from https://www.dhakatribune.com/bangladesh/2021/08/19/bangladesh-eases-restrictions-on-tourism-as-coronavirus-rates-decline
Deb, S. & Nafi, S. (2020). Impact of COVID-19 Pandemic on Tourism: Perceptions from Bangladesh. SSRN Electronic Journal. 10.2139/ssrn.3632798.
Dutta, S., & Smita, M. K. (2020). The Impact of COVID-19 Pandemic on Tertiary Education in Bangladesh: Students’ Perspectives. Open Journal of Social Sciences, 08(09), 53–68. https://doi.org/10.4236/jss.2020.89004
Das, D.N.C., Rahman, S., & Islam, M.S. (2020). Protection and Revival of the Agriculture Sector From the COVID-19 Induced Economic Crisis. Brac Institute of Governance and Development. Retrieved from https://bigd.bracu.ac.bd/study/protection-and-revival-of-the-agriculture-sector-from-the-covid-19-induced-economic-crisis/#
Gray, R. S. (2020). Agriculture, transportation, and the COVID-19 crisis. Canadian Journal of Agricultural Economics, 68(2), 239–243. https://doi.org/10.1111/cjag.12235
Gregorio, G., & Ancog, R. (2020). Assessing the Impact of the COVID-19 Pandemic on Agricultural Production in Southeast Asia: Toward Transformative Change in Agricultural Food System. Asian Journal of Agriculture and Development, 17(1), 1–14. https://doi.org/10.37801/ajad2020.17.1.1
Hossain, M. J., Ahmmed, F., Rahman, S. M. A., Sanam, S., Emran, T. Bin, & Mitra, S. (2021). Impact of online education on fear of academic delay and psychological distress among university students following one year of COVID-19 outbreak in Bangladesh. Heliyon, 7(6), e07388. https://doi.org/10.1016/j.heliyon.2021.e07388
Hossain, M. M., Mazumder, H., Tasnim, S., Nuzhath, T., & Sultana, A. (2020). Geriatric Health in Bangladesh during COVID-19: Challenges and Recommendations. Journal of Gerontological Social Work, 63(6–7), 724–727. https://doi.org/10.1080/01634372.2020.1772932
Hossain, T., Ahammed, B., Chanda, S. K., Jahan, N., Ela, M. Z., & Islam, N. (2020). Social and electronic media exposure and generalized anxiety disorder among people during COVID-19 outbreak in Bangladesh: A preliminary observation. PLoS ONE, 15(9 September), 1–13. https://doi.org/10.1371/journal.pone.0238974
Imran, M. A., & Ahmed, I. (2020). Job Insecurity in Private Education Sector Considering COVID-19 Pandemic: Bangladesh Panorama. American International Journal of Business and Management Studies, October, 41–51. https://doi.org/10.46545/aijbms.v2i2.245
Islam, M. R., Hassan, M. A., Hassan, M. S., Rahman, S., & Nargis, N. (2020). Impact of Covid-19 Pandemic on Readymade Garments (Rmg) Industry of Bangladesh. International Journal of Management (IJM), 11(7), 1125–1132. https://doi.org/10.34218/IJM.11.7.2020.100
Islam, R. (2020). The impact of Covid-19 on employment in Bangladesh: Pathway to an inclusive and sustainable recovery. Bangladesh Institute of Labour Studies-BILS
Islam, S. M. D. U., Bodrud-Doza, M., Khan, R. M., Haque, M. A., & Mamun, M. A. (2020). Exploring COVID-19 stress and its factors in Bangladesh: A perception-based study. Heliyon, 6(7), 1–10. https://doi.org/10.1016/j.heliyon.2020.e04399
ILO. (January 25,2021). ILO Monitor: Covid-19 and the world of work. Seventh edition.
Islam, M. S., Sujan, M. S. H., Tasnim, R., Ferdous, M. Z., Masud, J. H. B., Kundu, S., Mosaddek, A. S. M., Choudhuri, M. S. K., Kircaburun, K., & Griffiths, M. D. (2020). Problematic internet use among young and adult population in Bangladesh: Correlates with lifestyle and online activities during the COVID-19 pandemic. Addictive Behaviors Reports, 12(July), 100311. https://doi.org/10.1016/j.abrep.2020.100311
Kabir, H., Maple, M., & Usher, K. (2021). The impact of COVID-19 on Bangladeshi readymade garment (RMG) workers. Journal of Public Health (Oxford, England), 43(1), 47–52. https://doi.org/10.1093/pubmed/fdaa126
Khan, M. S. H., & Abdou, B. O. (2021). Flipped classroom: How higher education institutions (HEIs) of Bangladesh could move forward during COVID-19 pandemic. Social Sciences & Humanities Open, 4(1), 100187. https://doi.org/10.1016/j.ssaho.2021.100187
Mala, D.A. (July 15, 2021). Bangladesh's tourism industry devastated by Covid-19 fallout. The Financial Express. Retrieved from https://thefinancialexpress.com.bd/trade/bangladeshs-tourism-industry-devastated-by-covid-19-fallout-1626230592
Manusher Jonno Foundation (MJF). (2020). Violence against Women and Children: COVID 19 A Telephone Survey: Initiative of Manusher Jonno Foundation Survey Period: June 2020. Retrieved from http://www.manusherjonno.org/wp-content/uploads/2020/03/Final-Report-of-Telephone-Survey-on-VAW-June-2020.pdf
Mahmud, A., & Islam, M. R. (2021). Social Stigma as a Barrier to Covid-19 Responses to Community Well-Being in Bangladesh. International Journal of Community Well-Being, 4(3), 315–321. https://doi.org/10.1007/s42413-020-00071-w
Shaminnta, L., Gope, H., & Sumaiya, I. (2020). Readymade Garments Sector and Covid-19 in Bangladesh. June, 1–17. https://doi.org/10.20944/preprints202006.0336.v1
Majumder, F. H. (2021). Covid-19 and the RMG Industry: The Pandemic effect. The Apparel Story(JanuaryFebruary 2021). Bangladesh Garment Manufacturers and Exporters Association(BGMEA). Retrieved from www.bgmea.com.bd
Meo, S. A., Abukhalaf, A. A., Alomar, A. A., Sattar, K., & Klonoff, D. C. (2020). COVID-19 Pandemic: Impact of Quarantine on Medical Students’ Mental Wellbeing and Learning Behaviors. Pakistan Journal of Medical Sciences, 36, S43-S48. https://doi.org/10.12669/pjms.36.COVID19-S4.2809
Poudel, P.B., Poudel, M.R., Gautam, A., Phuyal, S., Tiwari, C.K., Bashyal, N., & Bashyal, S. (2020). COVID-19 and its Global Impact on Food and Agriculture. Journal of Biology and Today’s World, 9(5).
Rahman, M. M., Khan, S. J., Sakib, M. S., Chakma, S., Procheta, N. F., Mamun, Z. Al, Arony, A., Rahman, F., & Rahman, M. M. (2021). Assessing the psychological condition among general people of Bangladesh during COVID-19 pandemic. Journal of Human Behavior in the Social Environment, 31(1–4), 449–463. https://doi.org/10.1080/10911359.2020.1848688
Sakamoto, M., Begum, S., & Ahmed, T. (2020). Vulnerabilities to COVID-19 in Bangladesh and a reconsideration of sustainable development goals. Sustainability (Switzerland), 12(13), 1–15. https://doi.org/10.3390/su12135296
Shoaib, J. U. M, & Arafat, M. F. (2020). IMPACTS OF COVID-19 ON AGRICULTURE IN BANGLADESH.Covid-19 – Dispatches from the Ground, WOCAT.
Salmi, J., Arnhold, N., & Bassett, R. M. (2020, June 24). The big bad wolf moves south: How COVID19 afects higher education fnancing in developing countries. World Bank Blogs. Retrieved from https://blogs. worldbank.org/education/big-bad-wolf-moves-south-how-covid-19-afects-higher-educationfnancing-developing.
Smith, M., & Diaz, A. W. (2004). Increasing students' interactivity in an online course. The Journal of Interactive Online Learning, 2(3), 1–26.
Townsend, E., Campbell, C., Curran-Smith, J., McGinn, F., Persaud, D., & Peters, P. (2002). Accessibility and interactivity in distance education programs for health professions. Journal of Distance Education, 17(2), 1–24.
Thorbecke, W. (2020). The Impact of the COVID-19 Pandemic on the U.S. Economy: Evidence from the Stock Market. Journal of Risk and Financial Management, 13(10), 233. https://doi.org/10.3390/jrfm13100233
Unb, Dhaka. (April 13, 2020). Tk 5,000cr for farmers,PM unveils fresh stimulus package. The Daily Star. Retrieved from https://www.thedailystar.net/frontpage/news/tk-5000cr-farmers-1892389
Varshney, D., Kumar, A., Mishra, A. K., Rashid, S., & Joshi, P. K. (2021). India’s COVID-19 social assistance package and its impact on the agriculture sector. Agricultural Systems, 189 (July 2020), 103049. https://doi.org/10.1016/j.agsy.2021.103049
World Economic Outlook update. (June, 2020). A crisis like no other, An uncertain Recovery. Retrieved from https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020
Zabir, A. Al, Mahmud, A., Islam, M. A., Antor, S. C., Yasmin, F., & Dasgupta, A. (2021). COVID-19 and Food Supply in Bangladesh: A Review. South Asian Journal of Social Studies and Economics, 10(1), 15–23. https://doi.org/10.9734/sajsse/2021/v10i130252
Published
2021-11-05
How to Cite
Akter, M. (2021). IMPACT OF COVID-19 ON THE OVERALL SECTOR OF BANGLADESH ECONOMY: AN OVERVIEW. Bangladesh Journal of Multidisciplinary Scientific Research, 4(1), 40-52. https://doi.org/10.46281/bjmsr.v4i1.1421
Issue
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2021 Marina Akter
This work is licensed under a Creative Commons Attribution 4.0 International License.
