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

health of the country's economy. These studies also show that graduates' lack of employability is primarily due to a lack of demand for qualified workers and an abundance of qualified candidates on the job market, as well as a weak educational system. Hassan et al (2020, examine the impact of COVID-19 on the economy especially on Agriculture. The article contains a concise overview of the COVID-19 situation worldwide, its effects on fisheries, aquaculture, the agriculture of fruits, vegetables, and ornamental plants, as well as the status of the global and Bangladeshi food supply at the present time. The COVID-19 outbreak slowed down the GDP as well as other important economic sectors and indicators in Bangladesh as well as around the world, according to the cause-effect relationship theory. In addition to the economic blow, it is dealing with an uneven supply of food in all of its outlets. The short- and long-term projected scenario revealed that, in all South Asian nations, the service and manufacturing sectors are more severely impacted than the agricultural sector. Indrajith (2021) studied about the Gross Domestic Product (GDP), tourism, employment, poverty, inflation, and export earnings in relation to Sri Lanka's economic crisis caused by COVID-19. Additionally, it is disclosed that the COVID-19 has a negative impact on employment and GDP. Due to customers' panicked purchases and disruptions in domestic production and distribution, the economy is put under further inflationary pressure. The government's further import restrictions drastically decrease imports, and the severe devaluation of the Sri Lankan Rupee raises the cost of imported goods. Additionally, the COVID-19 epidemic has had a severe impact on the textile and apparel industries as well as tourism. Lack of interest in working was a contributing factor to the rising unemployment rate, which was brought on by health concerns and a lack of job openings. Another study on USA conducted by Klein and Smith (2021), found that cities with core industries based on the mobility of information would experience higher unemployment rates at the end of 2020. Furthermore, they also find that the Hispanic or Latino populations are larger in the hardest-hit locations, which reflects the demographics of the workforce in the industries that are most affected and in the vulnerable areas. Shang and Zhang (2021) concluded a study about COVID-19 and it’s impact on global economy. The goal of the study was to compare the effects of different types of capitalist systems on the economy when disease outbreaks like the current coronavirus epidemic occur. With regard to the coordinated market economies of Germany, Sweden, and Japan as well as the liberal market economies of Australia, New Zealand, the United Kingdom, and Australia, the data analysis included an evaluation of the effects of the SARS, H1N1, and COVID19 viruses. According to the analysis, the LME economies were more susceptible to the effects of disease epidemics than the CME economies, where the disease's effects were tempered by government interference. III. M ethodology of the S tudy Secondary was the vital sources to collect the data. Secondary data were collected from newspaper, articles, magazines and COVID-19 related website. Various books and article related to COVID-19 were also the valuable resource. For the aim of the literature review of the study, we studied various kinds of articles, journals, newspaper etc. After collecting information from reliable source this information are analyzed, and depict tables and graphs to acquire best results. The results showed impact of COVID-19 on various sectors by using the previous to recent years trend of all the sector. To illustrate data MS Office package is used here systematically. IV. C ovid-19 and its I mpact on the E conomy of B angladesh a) Readymade Garments Sector The readymade garments (RMG) sector in Bangladesh is the largest foreign currency earning industry. This is a hard time for Bangladesh as well as the whole world due to Coronavirus. Due to COVID-19 RMG sector in Bangladesh is suffering a crisis, with close down new business and cancelation of most of the existing orders. The RMG sector is the most crucial sector of Bangladesh (Maheen Sultan et. al). 3 billion dollars order cancellations occurred in the RMG industry in Bangladesh. Around 2 million workers and 4 million people (backward linkage industries, accessories, packaging factories, and transportation sector are directly involved in the RMG industry. Both export and import and export oriented industries are also at risk. The foreign earning (remittance) will come down so that foreign reserves in our country will also hit. Garment workers are coming back to Dhaka in this shutdown. The risk of COVID-19 diseases is also increased because there are huge numbers of workers working together in garments in Bangladesh (M Shahriar Azad Bhuiyan). According to Rana Dutta (2020), Coronavirus pandemic disrupts the supply chain of raw materials of the garments industry in Bangladesh. China is the most vital country that exports almost 50% of garments related raw material in Bangladesh. If this situation stays for a long time, it will break the entire supply chain management. For the COVID-19 pandemic not only China but also US and EU buyer are not travelling to Asian countries including Bangladesh. On the other hand, Bangladesh is also not travelling to any country, which they depend on for both import and export. In this situation, no business in our country cannot properly do their work. Almost every business is going to be static if this crisis will be continuing. This makes a huge loss in Impact of COVID-19 on the Economy of Bangladesh 20 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( ) B © 2023 Global Journals