1 Million Bangladeshi Garment Workers Lose Jobs Amid COVID-19 Economic Fallout

[Black_cats]

buddy calm down we r doing better then artificial economies
so much so that op was trying to help bangladeshis but u shut him up
now 4 million r about to loose there jobs while u curse pakistan for corona virus
good going

Do you think these job loss are permanent? Government already offered subsidy for the salary of the export oriented industries. As demands pick up in next few month everything will be back to normal. Only thing which will affect is GDP growth. At best growth will be slowed down to 3.5% not more than that. But GDP growth unlike to go below 5% under any circumstancesz

 

[ali_raza]

Do you think these job loss are permanent? Government already offered subsidy for the salary of the export oriented industries. As demands pick up in next few month everything will be back to normal. Only thing which will affect is GDP growth. At best growth will be slowed down to 3.5% not more than that. But GDP growth unlike to go below 5% under any circumstancesz

why u think that
whts the biggest flaw in bangladesh economy is foreign exporting sector which is highly sensitive to u guessed right foreign countries
now u get off from gsp plus u fked u get low growth in europe or america u fkked
u get low supply of cotton u fukked
the ooint is this isn’t something in ur hands
we r talking about a recession biggest ever happend cos supply chains have been broken down and re engineered for vital items or food supplies
Now for example america which u guys export a huge chunk is trying itself very hard to balance this crisis and all remaining funds r being transferred to buying medical supplies
that 6tr package we saw u think from which account it was given
now even bigger matter of concern is low oil and up coming AI revolution which will propellent to next economies along with 5g now u can have a clue where i m taking my discussion more bad news
and besides chinese and indians and pakistanis and veitnam all dying of low orders wht make u think these countries wouldn’t pull of anything they can in this situation to grab wht they can
goras arent ur mama chacha
and besides low remittances r writing on the wall so to speak food shortages
cos covis has done another thing to the world
everyone is stocking shiit whtever they can

 

[Black_cats]

why u think that
whts the biggest flaw in bangladesh economy is foreign exporting sector which is highly sensitive to u guessed right foreign countries
now u get off from gsp plus u fked u get low growth in europe or america u fkked
u get low supply of cotton u fukked
the ooint is this isn’t something in ur hands
we r talking about a recession biggest ever happend cos supply chains have been broken down and re engineered for vital items or food supplies
Now for example america which u guys export a huge chunk is trying itself very hard to balance this crisis and all remaining funds r being transferred to buying medical supplies
that 6tr package we saw u think from which account it was given
now even bigger matter of concern is low oil and up coming AI revolution which will propellent to next economies along with 5g now u can have a clue where i m taking my discussion more bad news
and besides chinese and indians and pakistanis and veitnam all dying of low orders wht make u think these countries wouldn’t pull of anything they can in this situation to grab wht they can
goras arent ur mama chacha
and besides low remittances r writing on the wall so to speak food shortages
cos covis has done another thing to the world
everyone is stocking shiit whtever they can

What Bangladesh export in terms of RMG are basic products that everyone needs. These are not luxury items that people in the west will think number of time before buying. Till 2027 Bangladesh will enjoy duty free benefit in Europe. So corona will not have any impact on that. Where as for USA Bangladesh’s import duty is even higher than India. Still Bangladesh has found its way to export there.

5G, AI whatever your are saying is still years away to have major impact. In fact now this is priority of western countries to diversify from China. In longer term Bangladesh is going to be benefited.

 

[Nike]

Many overseas foreign worker is in threat, as oil prices plunge to the lowest level in decades, coupled with collapse of tourism and services industry and middle East country where many Bangladesh worker stays already take the hits. Remmitance is part of Bangladesh economy actually

 

[mmr]

This is such a dumb post. Well 3 million canadian also lost jobs and counting....usa lost 7 million last week alone....these will all come back once situation is mitigated. Bangladesh is no exception. We need to deal with health crisis for now.

Although certain south asian country with 110 percent public debt will remain screwed regardless of this global crisis. Once this crisis is gone countries with strong balance sheet will recover fast.

And my two cents in oil. Buy oil stock. I did 2 weeks ago it was perfect timing. Trump putin and Saudis will reach deal very soon and this opportunity wont last long to buy some good value stock.

 

[Nilgiri]

why u think that
whts the biggest flaw in bangladesh economy is foreign exporting sector which is highly sensitive to u guessed right foreign countries
now u get off from gsp plus u fked u get low growth in europe or america u fkked
u get low supply of cotton u fukked
the ooint is this isn’t something in ur hands
we r talking about a recession biggest ever happend cos supply chains have been broken down and re engineered for vital items or food supplies
Now for example america which u guys export a huge chunk is trying itself very hard to balance this crisis and all remaining funds r being transferred to buying medical supplies
that 6tr package we saw u think from which account it was given
now even bigger matter of concern is low oil and up coming AI revolution which will propellent to next economies along with 5g now u can have a clue where i m taking my discussion more bad news
and besides chinese and indians and pakistanis and veitnam all dying of low orders wht make u think these countries wouldn’t pull of anything they can in this situation to grab wht they can
goras arent ur mama chacha
and besides low remittances r writing on the wall so to speak food shortages
cos covis has done another thing to the world
everyone is stocking shiit whtever they can

Its best to ignore most posters here spewing their "all is well" "all will be rosy" (when they are not deliberately lieing in first place about US tariffs in first place regd them vs India) and read the analysis for yourself from people actually in the industry:

https://www.thedailystar.net/opinio...e-or-lose-bangladesh-apparel-industry-1890208

As I write this now, there is a very real and serious threat that those 43 years will be wiped out in just three short months. That is the scale of the challenge we are facing. It is without precedent in all our lifetimes.

Against the backdrop of the Covid-19 outbreak, orders are being placed on hold by buyers and retailers at a rate that we have never before witnessed. Business for the Bangladesh apparel industry has fallen off a cliff. Without orders, factories cannot pay their workers' wages. Factories cannot remain operational. Factories will go bust.

Mostafiz Uddin is the Managing Director of Denim Expert Limited. He is also the Founder and CEO of Bangladesh Denim Expo and Bangladesh Apparel Exchange (BAE). He can be reached at mostafiz@denimexpert.com.

=====

Many morons here think it can just be switched on and off and on again (that too with some interim measly support of 600 mil from their govt).....when the whole thing relies on 15% tariff freebie from west (imposed on China, India and other non-LDC developing countries compared to 0 on them) in first place.

The 40 billion dollars BD govt wiped out from their market cap last year by total inaction and incompetence (that is never reported by BD media because it would expose too many in the BAL dynasty and biz connections) is really going to cost them dearly.

Then others think "forex reserves" (which have stagnated too for disturbing reasons) are to be used for this kind of thing...again they understand zilch about the mechanics of that.

Which is frankly stupid of them, given their anemic tax collection (another indication of their largely inflated GDP)...given their own logic would (one would think) be why not use forex reserves to help with that years ago?

Just let this year play out reality wise. Lessons need to be learned by all, some way more than others.

 

[ali_raza]

Its best to ignore most posters here spewing their "all is well" "all will be rosy" (when they are not deliberately lieing in first place about US tariffs in first place regd them vs India) and read the analysis for yourself from people actually in the industry:

https://www.thedailystar.net/opinio...e-or-lose-bangladesh-apparel-industry-1890208

As I write this now, there is a very real and serious threat that those 43 years will be wiped out in just three short months. That is the scale of the challenge we are facing. It is without precedent in all our lifetimes.

Against the backdrop of the Covid-19 outbreak, orders are being placed on hold by buyers and retailers at a rate that we have never before witnessed. Business for the Bangladesh apparel industry has fallen off a cliff. Without orders, factories cannot pay their workers' wages. Factories cannot remain operational. Factories will go bust.

Mostafiz Uddin is the Managing Director of Denim Expert Limited. He is also the Founder and CEO of Bangladesh Denim Expo and Bangladesh Apparel Exchange (BAE). He can be reached at mostafiz@denimexpert.com.

=====

Many morons here think it can just be switched on and off and on again (that too with some interim measly support of 600 mil from their govt).....when the whole thing relies on 15% tariff freebie from west (imposed on China, India and other non-LDC developing countries compared to 0 on them) in first place.

The 40 billion dollars BD govt wiped out from their market cap last year by total inaction and incompetence (that is never reported by BD media because it would expose too many in the BAL dynasty and biz connections) is really going to cost them dearly.

Then others think "forex reserves" (which have stagnated too for disturbing reasons) are to be used for this kind of thing...again they understand zilch about the mechanics of that.

Which is frankly stupid of them, given their anemic tax collection (another indication of their largely inflated GDP)...given their own logic would (one would think) be why not use forex reserves to help with that years ago?

Just let this year play out reality wise. Lessons need to be learned by all, some way more than others.

u summed it up nicely
this is wht i m trying to explain to people
the world we knew will be gone forever
a new game has began with new challenges