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

effected by pandemic. There are some solution given by authorities. World Economic Forum said that the improved stimulus package announced by the Prime Minister is admirable and a step in the proper direction. The package provided nearly $ 2.5 billion in short-term working capital financing for small and medium-sized industries. This is a bold step to protect the livelihoods of workers in this sector. This is the scale of this crisis and even such an incentive plan should be seen as a means of stopping it. What is even more worrying is that data from the Bangladesh Bureau of Statistics show that the informal sector in Bangladesh employs more than 50 million people. While this will have a major impact on the livelihoods of workers in the formal economy, there is no doubt that the informal sector will be hit harder. The Prime Minister rightly saw this as a challenge, and her decision to distribute food aid through Bangladesh’s existing social security programs (such as feeding vulnerable groups and expanding vulnerable groups for six months) was also to be welcomed. World Economic Forum suggest some solution to reduce the effect of this pandemic: Bangladesh government should think about an unconditional cash transfer program is $ 95 per month for the first three months, which equates to a minimum wage in the formal Bangladeshi sector. It will cost the government about $ 14 billion, or 4% of GDP. While such cash transfer programs will always face specific problems, Bangladesh has a very modern network of mobile financial services that can improve the coverage of the program. Coordinated efforts may be made to involve non-governmental organizations working in the informal sector, mobile financial service providers and governments to provide much-needed social assistance. In taking such a positive step, Bangladesh will have to abandon its usual prudent and disciplined fiscal policy to keep its budget deficit below 5% of GDP. Asian Development Bank responses to the COVID-19 outbreak: Asian Development Banks quickly and flexibly give feedback to the members. Some solutions are given by ADB. o Asian Development Banks give 20 billion dollar assistance package for the affected country in Asia and Pacific for saving lives and ensure economies recoveries as fast as possible. o Asian Development Banks delivering grants for food programs who are in crisis and medical needs like PPE, test kits, and laboratories. o Asian Development Banks providing budget support with affordable term for their developing members. o Asian Development Banks analyze the economic impact due to COVID-19 and better plan to recovery. o Asian Development Banks provides finance for trade and supply chain. o Asian Development Banks wages support schemes help to lose job of low-wage worker. o Asian Development Banks cash transfer program and other social security measures are targeted at poor and vulnerable groups and families, as well as women and girls. o Asian Development Banks coordinate with international financial institutions, WHO and UN agencies and development organizations. o Hasanul Banna (2020) an economist give some solution to minimize the effect: o The Government of Bangladesh and the Bangladesh Bank must make sure the troubled economy continues to function during the virus outbreak. In this regard, the government should entrust financial and non-financial institutions, educational institutions, all governments and NGOs need to create a cloud database Work from home so they can continue their work In this case, and it goes smoothly. o Lowering the interest rates by Bangladesh is a possible response because the shock is not just about demand management problems, but a multifaceted crisis that need to respond to monetary, fiscal and health policies. o The government should increase budget in health sector. To prevent the effect of the virus government should initiate health insurance policy. o It is necessary to support vulnerable families and businesses As a means of isolation and fear of infection may suddenly halt economic activity o It is also necessary to increase liquidity reserves for companies in affected industries in order to avoid debt default. In addition, reducing fixed charges, tax and credit tolerance will also reduce the pressure on companies facing a sharp drop in demand. Recommendations: COVID-19 is a serious for our economy as well as our overall life. We do not know how and when this problem will be solved. But for safety of life we should maintain some rules regulation. Prevention is necessary to solve this problem. Here we suggest some recommendations about minimizing the impact of COVID-19 on economy.  General people should aware of this problem. Social distancing is the best solution to stop spreading this virus.  Internet is another major element to continue any kind of business, government and non-government institution. By using internet people can easily doing their work by staying at home.  Educational Institutions should take necessary step to prevent the loss due to shut down all the institutions. Telecommunication Service Provider, Government, and all the educational institution Impact of COVID-19 on the Economy of Bangladesh 25 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( ) B © 2023 Global Journals