Global Journal of Management and Business Research, B: Economics and Commerce, Volume 23 Issue 1

Impact of COVID-19 on the Economy of Bangladesh Md. Rasel Molla Abstract- The study explores the impact of COVID-19 on the Bangladeshi economy. The researcher found that In Bangladesh, there were huge impacts of COVID-19 on various sector. There was a substantial impact on Readymade Garments Sector for spreading of corona virus diseases, losses of the RMG sector was gradually increasing in the COVID-19 pandemic, SME had also adversely effected by COVID-19, many enterprises closed their business activities during shutdown of industries for minimizing the spread of corona virus, Tourism sector also effect by the corona virus, lockdown of all cities provided restrictions on moving one city to another even one country to another, All the educational institutions closed during the pandemic, Capital market, Remittance, and GDP also fall down due to COVID-19. By seeing the before COVID-19 and during COVID-19 trends, the researcher concluded that there was a huge impact of COVID- 19 on various sector. Government and Non-government institutions help people to fight this virus. We give some recommendations, which are given by researchers, policymakers, or international organizations. We do not know when this virus goes forever. We may live with this virus for a long term. We can minimize the impact of corona virus in our economy. I. I ntroduction t the end of December 2019, Public health officials from China notify the World Health Organization that they are suffering a serious problem. People are suffering from an unknown virus was causing pneumonia like illness in Wuhan City (Verge media). They quickly identified that it was a coronavirus. They also said it was rapidly spreading through outside of the Wuhan. This virus now spreading all over the world. In Bangladesh there is a huge problems arises for this virus. The Bangladesh government lockdown many cities when they see that there are many people spreading this virus. All the educational, governmental and nongovernmental institutions and RMG sectors are temporarily shut down. The Asian Development Bank (ADB) anticipated that GDP of the world may lose from 0.089% to 40% due to COVID-19. Besides the developed countries, underdeveloped countries may suffer from this virus. Bangladesh is one of them. There are huge effect by this COVID-19 situation such as national and international trade, Transport, Remittance, Private Job sectors and many more. The aim of this paper is to explore the impact of COVID-19 on Readymade Garments, Small and Medium Enterprise sector, Tourism sector, Educational sector, Capital market, Remittance, and GDP growth. Research Objectives: The main objectives of the paper is to determine the impact of COVID-19 on the economy of Bangladesh. Various objectives are given below: • To show the scenario of COVID-19 impact on the economy in Bangladesh. • To overview the solution given by Policymaker, Researcher, and International Organization. • To propose some recommendation about minimizing the impact of COVID-19. II. L iterature R eview Many researches was conducted by the researcher of various country about the impact of COVID-19 on the economy. Siddiquee and Faruk (2020) Shahriar et al. (2021)Hassan et al. (2020, Hina et al. (2021), Indrajith (2021) and many other researcher found that there was a significant effect of COVID-19 on the economy. Siddiquee and Faruk (2020) conducted a research about impact of corona virus (COVID-19) on the economy of Bangladesh. They revealed many sector that were influenced by corona virus such as investments, production, price levels, bills, advances, wages, foreign trade and remittances. The researcher used secondary data which was collected from Bangladesh Bank (BB) Bangladesh Bureau of Statistics (BBS), and the Ministry of Finance (MoF). They found that the local and foreign demand decreased, production reduced, Wages Rate index in the service and industry sector fall down that time due to COVID-19. Advances had no impact of COVID-19 but investment and bills have effected by the COVID-19. RMG sector also had an impact. According to Shahriar et al. (2021), there is additional strain on the labor market because of the outbreak of COVID-19. Due to the pandemic, several organizations have halted their recruitment processes to save money and so increase the number of Bangladeshi graduates who are out of work. As a result, the goal of this research is to find out how COVID-19 influences the employability of Bangladeshi graduates, which has a knock-on effect on household budgets and the overall A Author: Lecturer, Department of Management, Govt. Edward College, Pabna, Bangladesh. e-mail: raselmgt99@gmail.com 19 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( ) B © 2023 Global Journals Keywords: COVID-19; economic shock; pandemic; RMG; SME.