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

of total Chinese exports. Due to the COVID-19 outbreak in January-December this year. Bangladesh’s tourism industry could suffer 60 billion trail losses as the sector is most affected by the pandemic. The TOAB reports on April, 2020 that Travel agencies lost nearly 15 billion taka and sack 5,000 people to their job. However, it was reported to have lost 3.40 trillion Taka and had a ticket value of 3.05 trillion Taka. Losses over the past three months have been 1.86 trillion Taka and 1 billion Taka (TOAB, 2020). In Bangladesh, about 4 million people are directly or indirectly involved in tourism and travel. PATA (2020) estimates that COVID-19 currently provides around 300,000 jobs in industry. Figure 2 shows the number of risk assessment jobs faced by the tourism sector (Santusand Sohel, 2020). g) Impact on Small and Medium Enterprise The COVID-19 mandate and changes in health- related needs continue to affect business owners. From 2020 May (Second month after the introduction of restrictions on social exclusion), CPS data estimates from national representatives show that small business activity has declined sharply. From February 2020 to May2020, the number of active business owners in the U.S. has dropped from $ 15 million. Up to 12.8 million, i.e. 15%.The amount of Business owner in May 2020 actually rebounded a little from the April low of 11.7 million. The partial recovery increased 1.1 million business owners, or 7%, in February. While the return is encouraging, it still shows a significant short-term decline in business activity. In contrast, between the beginning and the end of the Great Recession, the number of active business owners fell by 730,000, or 5%. Overall, business ownership is relatively stable throughout the business cycle (Fairlie 2013; Parker 2018). Between February and May, Business owners were lost2.2 million(15 percent), including a significant decrease in subgroups such as owners who worked about two days a week (19 percent), and owners who worked four days a week (21 percent) incorporated businesses (11%). Judging from the total working time of all business owners, it decreased by 20 percent. Because of all these measures, May has been quite renewed from April’s losses, but continues to show big losses.( Fairlie, 2020) Small and medium-sized enterprises are the major point in the Bangladeshi economy and have directly created 7.8 million jobs, of which 31.2 million providing the livelihood. The COVID-19 pandemic has affected all walks of life and businesses, but those most affected by the shortest cash cycle, supply chain disruption and loss of sales are already vulnerable SMEs. In order to gain a comprehensive understanding of the current impact of the crisis on SMEs, Light Castle Partners & Sheba collaborated on an independent study on the impact of COVID-19 on Bangladeshi SMEs. The study was conducted in late April. More than 230 respondents from SMEs in total in Bangladesh were involved in Trading and Production (48.4%), including perishable and cereals, poultry, dairy products, fisheries, jute and various industries and Service industry (51.6%), including food and catering, electrical services, laundry, beauty salons, MFS agencies and restaurants. They found Small and medium Enterprises locks hung over the business and generating 0 revenue. 28% of Small and medium Enterprises revenue drop at least 50%. Two-thirds of the Small and medium Enterprises have window of less than 4 months to survive in present situation. 40 percent of Small and medium Enterprises from service industry took a big hit and losses more than 50% percent (Light Castle Partner). Recovery Ideas Given by Policymaker, Researcher and International Organization: Shang-Jin Wei gives ten key to minimize the effect of Covid-19 on the book of Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes. 1. Accelerate the preparation before an outbreak hit. There will be a huge demand of testing kits, masks, protective cloths, hospital beds, and ventilator. Every country should collect this materials as soon as possible. Because these material is the major element to reduce and track the virus. 2. If the supply of local health products is limited, consider increasing imports from China, Japan, and other countries with related potential. Bangladesh need to import this material because some elements are rare in this country. 3. Develop appropriate emergency management plans to ensure that there are sufficient hospital beds used for infectious diseases, especially large-scale outbreaks, especially ICU beds. 4. Give advice to the normal people early, clearly, and forcefully to reduce the spread of the virus. 5. If there is, any sign of outbreak take necessary step to ensure social distancing as soon as possible. 6. The need for immediate assistance to employee, businesses and financial companies settles quickly. 7. Make a better use of technology such as offline retail shopping changed by online shopping. 8. Internet use in the all sector should increase that can give enhancement of long term economic growth. 9. A worldwide cooperative economic stimulus plan will be more effective than taking individual action to reduce the pressures of a global recession. 10. Minimizing the tariffs and non-tariff trade barriers in this situation can also assist a country to fight a pandemic-induced recession Coronavirus pandemic give huge losses in various sector in the economy. Readymade garments, Education, Tourism, Capital Market etc are mostly Impact of COVID-19 on the Economy of Bangladesh 24 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( ) B © 2023 Global Journals