In the 21st century we can see globalization is one of the most advantageous process which refers integration or interaction among individual, companies and government, civil societies as well. So globalization considered as multidimensional process which decreasing the global distance by making one global village and giving importance to the transnational actor as well as forces. As it changes the nature of time and space so it’s become easier for getting highly advantageous transportation and communication system. It enriches liberal trade economy, cultural, societal and political interaction as well as it has carries some disadvantageous facts such as COVID-19 which provides infectious diseases, transmitted to one person to another easily. As we know that globalization turns the world into a small village so people are easily get migrate from one part to another which increases the risk of infectious diseases. People carries their diseases with them and following that COVID-19 has affected 213 counties within 6 months though this virus first started affecting people in China, Wuhan city. Now this infected virus disease also infected Bangladeshi people as well. In Bangladesh COVID-19 first identify on 8 March and from that gradually this virus spread out to the hole Bangladesh as well which has a big impact on economy, investment, connectivity, migration and tourism. According to the WHO, Bangladesh as a South Asian Country is in risky position as it is the most densely populated country with poverty, malnutrition. For minimising lose, Bangladesh Government also took lockdown since 17th march.
From this aspects, I just worried about our economy, investment, connectivity, migration and tourism areas
In terms of #economic impact for COVID-19 in Bangladesh which is the most affected area because most of the people are live in hand to mouth. As Bangladesh is a developing country with poverty, higher unemployment rate, malnutrition. COVID-19 has big impact on the millions of livelihoods specially on the informal job sectors for example who works on the restaurants, Rickshaw puller, Hawkers etc. has no income at all.
If we look into the earlier story of financial crisis such as 1997 Asian financial crisis and 2008 financial crisis, Bangladesh could overcome that crisis somehow but this deadly disease which locked the hole economic system of the world. For Bangladesh more profitable work segments are RMGs and foreign labour migrate. But see the current scenario!, a report published by “The Business Standard magazine”, nearly $3 billion order has been cancelled in RMG sectors. Even remittance come down slowly as most of the migrate labours were backed in Bangladesh. For example, on 19 March,2020 Saudi Arabia sends back 406 Bangladeshi workers and Kuwait also sends back 600 migrate workers to Bangladesh. It also increases unemployment rate in Bangladesh. So this kind of challenges Bangladesh is now facing and will be faced. Though Bangladesh government took initiatives to cope with that challenges such as Prime Minister Sheikh Hasina announced in her online conference that her government take $8.5 billion package where $590 million is for garment workers.
This package also covers the social net programs to help poor people who works on informal sectors now have no way to earn .
Another fruitful package has been taken by Bangladeshi Army with the direction of PM Shaikh Hasina which included one-minute free market system where poor people can buy necessary foods by maintaining social distances and this vegetable, groceries etc. are brought from the rural farmers by giving them proper money. On the other hand, government also took unconditional cash transfer which offers 50% wages for the workers in that lockdown. Thus, Bangladesh government changes its policy pattern for minimising its human capital and at the end of the day we will suffer to recover this huge costs of our economy.
COVID-19 also has a huge impact on the #investment sector and plans of Bangladesh. It shows the importance of Bangladesh to invest more in health sector. According to the development budget for the fiscal year 2019-2020, we can see that health sector has got only 4.9% of the total allocation and other sector such as education, technology sector has got 3 time higher than health sector. So, it shows the lacking as well as the importance to get changes in that investment sector of Bangladesh. As Bangladesh is in globalized age so it has some plan of action for development such as Metrorail program, Padma bridge program etc. are now stopped. Even business industry such as RMG which is the biggest export market also being stooped. Following that, Bangladesh government will face difficulties to fulfil its SDG goals which is the incentives for Bangladesh to invest in different kind of sector such as woman empowerment, infrastructural development etc.
now if i look into the #connectivity than i must say COVID-19 brings some changes among the internal as well as external connectivity. As it causes lockdown in every country, every city’s and every area. So, it actually locked the whole world functions. Seemingly, Bangladesh has been locked down since 17th march 2020. Any kind of international flights, transportations were locked down and this is the worst kind of lockdown that have been ever seen by people. Though now people are deals with the area wise lockdown system. However, this lockdown causes disconnection among the external communication along with internal communication also, for instance, internal bus, flight, train etc. has been disconnected even people couldn’t leave Dhaka or couldn’t enter into Dhaka. Domestic business was stooped as the external market connectivity also stooped. As we know that globalized world based on connectivity but this connectivity faces challenges. In the recent policies of Bangladesh which took decision to open limited number of routs to mobile domestic business connectivity but still now faces no external business connectivity as most of the worlds developed countries still restricted on export import market. As we already discussed that multinational companies are stopped investing in RMG sectors in Bangladesh so that garments sectors are facing loss of $3 billions profits.
as a tour lover, i cant resist myself not to talk about #tourist contexts in this situation ! In Bangladesh there are so many tourist areas also suffered by this infectious disease. As government stooped all kind of routes so that tourist places also locked down because these places are the most vulnerable places where all ages peoples are gathering there to enjoy their holidays.
For example, Coxes Bazar is the longest sea beach where most of the tourist usually come here and this place is the most profitable tourist place for Bangladesh.
There are so many residential hotel, different kinds of restaurants and different kinds refreshment areas which earn lots of money but after that lockdown all of these are stooped even we look into the recent scenario as Bangladesh opened some of the routes with limited number of bus, trains and flights. However, the fare of this services has become double than before such as Bus fare become double which also incentives for people not to visit for refreshment because health safety is first. In future it could be possible to overcome this problem if government announced to take low fare of bus, train, flight services and ensure health safety properly.
though situation is not in our hand ! nonetheless, i wanna remind you one thing please stay safe .. nature takes its revenge but at the end of the day we will see a best day in future.. so keep faith on this and stay home! stay good! alongside try to be positive.