World Bank sees massive job loss, dire future for Bangladesh economy

[UKBengali]

Thanks for tagging me. Its hard to predict but one thing I can advice is whether Bangladesh is quick enough to take advantage of its huge tensile industries to switch over to making disposable PPE , mask, gloves under current epidemic. This epidemic will last sometime. Its important to keep industries going since many commercial clothes order are cancelled but definitely demand for disposable medical suit , hear gear and gloves are in huge demand.

Yes BD is already doing it and has already supplied Kuwait with medical supplies.

Orders have come in from other countries like USA which it is rushing to fulfil as soon as possible.

This may be why ADB thinks that BD growth this year will be hardly affected at 7.8%.

 

[Bilal9]

Thanks for tagging me. Its hard to predict but one thing I can advice is whether Bangladesh is quick enough to take advantage of its huge tensile industries to switch over to making disposable PPE , mask, gloves under current epidemic. This epidemic will last sometime. Its important to keep industries going since many commercial clothes order are cancelled but definitely demand for disposable medical suit , hear gear and gloves are in huge demand.

Thanks Brother - the textile units are already gearing up with non-woven items like disposable masks and PPE. Even if we don't export, there is enough demand locally and also in the subcontinent for some two Billion people.

 

[Beast]

Thanks Brother - the textile units are already gearing up with non-woven items like disposable masks and PPE. Even if we don't export, there is enough demand locally and also in the subcontinent for some two Billion people.

If that is the case, I am sure Bangladesh can achieve a positive growth for this year. A negative growth is not on the pipeline. It just a matter of how much positive growth can Bangladesh achieved for 2020.

 

[mmr]

wow 2 percent gdp for next three years? lol good going. will it force our inefficent and BAL to finally do the reform that is needed? NOPE.

 

[Black_cats]

Finance minister disagrees with World Bank forecast

ECONOMY
TBS Report
13 April, 2020, 03:45 pm
Last modified: 13 April, 2020, 04:33 pm

https://tbsnews.net/economy/finance-minister-disagrees-world-bank-forecast-68620

“Though our industrial and service sectors might face a negative impact, but the effect is relatively less in agricultural side. Even though, due to those losses, there is no reason to say our growth will drop at a “shameful" status of 2 to 3 percent"

Finance Minister AHM Mustafa Kamal has disagreed with the World Bank's forecast that said Bangladesh's economic growth may slump to 2 to 3pc due to the dire situation from Covid-19.

The World Bank made the forecast on Bangladesh's economic growth in its report on "South Asia Economic Focus Spring 2020: A Cursed Blessing of Public Banks" on Sunday.

"According to the eight months' data that we had available before the coronavirus outbreak, our growth saw 7.8 percent growth," the finance minister told The Business Standard.

"No economist or think-tank can give any accurate forecast in this crisis time, because the world is in an uncertain situation because of this novel coronavirus outbreak," he added.

"Though our industrial and service sectors might face a negative impact, but the effect is relatively less in agricultural side. Even though, due to those losses, there is no reason to say our growth will drop at a "shameful" status of 2 to 3 percent," he added.

He continued, "Bangladesh has been doing better than India in the past few years. Bangladesh is the best growing country in the last financial year."

 

[Nilgiri]

WB's blatant disregard for the hard work and economic contribution of BBS personnel has become strikingly evident by this forecast.

BBS will prove them wrong in no time.

wow 2 percent gdp for next three years? lol good going. will it force our inefficent and BAL to finally do the reform that is needed? NOPE.

Yup, and as you can see some typical dweeb here is already dismissing it....because it doesnt fit in with his feelings.

Probably exactly the kind of person BBS employs on the cheap. Head nod while inflation fudging....and doesnt know basic difference in base years used by ADB (goes with govt of country) compared to WB (and why WB uses theirs).

EDIT: looks like there has been a BAL-ocracy response on predicted lines too.

 

[ali_raza]

Well this is happening all over the world and BD has a lot of fiscal headroom and is self-sufficient in a lot of the stables like rice, potatoes, fish and meat.

BD will do just fine as long as it keeps doing the sensible things it has been doing.

last week u were saying there is no chance we grow less then 7% this year
and u were also saying that all lost jobs will be back next week

 

[Nilgiri]

last week u were saying there is no chance we grow less then 7% this year
and u were also saying that all lost jobs will be back next week

Operating on feelings over facts tends to that kind of thing.

Check in here every now and again...and see how some stories change (when they shouldnt), but others do not (even though they should). Its tells you more than enough.

 

[ali_raza]

Operating on feelings over facts tends to that kind of thing.

Check in here every now and again...and see how some stories change (when they shouldnt), but others do not (even though they should). Its tells you more than enough.

true buddy and i appreciate always reading ur to the point analysis
its actually very depressing situation we might not see the world we use to know for ages
might take a decade to fill up the voids this covid19 would leave behind

 

[Nilgiri]

true buddy and i appreciate always reading ur to the point analysis
its actually very depressing situation we might not see the world we use to know for ages
might take a decade to fill up the voids this covid19 would leave behind

Yup a decade at very least, it could be 2 decades, there is lot of stuff that is in the churn right now and hard to say how it will shape out in end.

World very likely wont be the same "operating system" from next year on.

We can only hope and pray for the best.

 

[mmr]

Yup a decade at very least, it could be 2 decades, there is lot of stuff that is in the churn right now and hard to say how it will shape out in end.

World very likely wont be the same "operating system" from next year on.

We can only hope and pray for the best.

Do you think this will be the end of globalization? I have a feeling this virus will shake up the global supply chain. Lot of ppl in west now worried how vulnerable they are because of global supply chain which is heavily dependent on china and some other asian countries. I think usa and canada will become more protectionist country after this.

 

[Nilgiri]

Do you think this will be the end of globalization? I have a feeling this virus will shake up the global supply chain. Lot of ppl in west now worried how vulnerable they are because of global supply chain which is heavily dependent on china and some other asian countries. I think usa and canada will become more protectionist country after this.

It wont be end of globalization per se....but it will be drastically changed from how we know it. There will definitely be more nation-side controls/frictions/standards/protections put from all countries (in far more bilateral driven way compared to multilateral)....largely dictated by populism (on ground).... rather than trust with elitism to have the best interests of everyone in country.

How exactly that will shape up in each country (esp politically and institutionally), we will have to wait and see.

This is frankly a spark for kindling that had long been gathering a while....because 30 years (after cold war ended) the world just operated on a kind of enforced status quo mode (operating in early cold war norms in many organisations but world was very very different and altered from those conditions a long time by the cold war and now post-cold war itself).

But how much of that kindling can hold a flame, and how much is damp etc, we got to see.

Silver lining is maybe it was better it did happen now rather than later....but again thats hard to say...since we are just all one speck out of so many.

Everything that transpires ultimately is in HIS plan, and has a purpose. We can only do our best as individuals, we only have the individual perspective after all. I find reminding oneself of that keeps calmness and stability, so we may find proper direction to the truth (HIM) in the end.

 

[KaiserX]

It wont be end of globalization per se....but it will be drastically changed from how we know it. There will definitely be more nation-side controls/frictions/standards/protections put from all countries (in far more bilateral driven way compared to multilateral)....largely dictated by populism (on ground).... rather than trust with elitism to have the best interests of everyone in country.

How exactly that will shape up in each country (esp politically and institutionally), we will have to wait and see.

This is frankly a spark for kindling that had long been gathering a while....because 30 years (after cold war ended) the world just operated on a kind of enforced status quo mode (operating in early cold war norms in many organisations but world was very very different and altered from those conditions a long time by the cold war and now post-cold war itself).

But how much of that kindling can hold a flame, and how much is damp etc, we got to see.

Silver lining is maybe it was better it did happen now rather than later....but again thats hard to say...since we are just all one speck out of so many.

Everything that transpires ultimately is in HIS plan, and has a purpose. We can only do our best as individuals, we only have the individual perspective after all. I find reminding oneself of that keeps calmness and stability, so we may find proper direction to the truth (HIM) in the end.

Funny that India stood to benefit the most from the status quo of the last 30 years but did not make any use of it. Instead the nation has many billionaires but more than half a billion who lives in poverty unseen in the world. Your nation benefitted immensley from cheap money and cheap debt and made literally no use of it other than non-performing loan after another. India is a huge consumption driven economy with 0 backing of a global currency unlike the US. Instead of investing its $$$ into infrastructure or helping its poor India chose to invest billions into weapons that to imports that it barely even knows how to use.

Your economy is about to collapse like a house of cards. Better late than never

 

[Nilgiri]

Just heads up... to get a counter-reply (especially when trying to bait OT stuff), one needs to meet a few basic requirements:

a) Real flags used on account, esp given previous obsessed false flaggers (using US flags) like d00d0000 et al.
b) Post and rating count of actual sustenance
c) Prior interaction of relevance and quality on the subject (related to b) or actual established identity/cred with me

Otherwise eyes just glaze over.

 

[Black_cats]

Kamal differs with WB’s GDP growth projections

https://www.bssnews.net/?p=375522


DHAKA, April 13, 2020 (BSS) – Finance Minister AHM Mustafa Kamal today differed with the latest GDP growth projections made by the World Bank saying that the lending agency’s projection do not have consistency.

“The projection made by the World Bank over Bangladesh’s GDP growth is not consistent and time has not come yet to say such thing, especially it’s not the high time to predict over GDP projection,” he said.

The World Bank in its latest ‘South Asia Economic Focus’ released yesterday said that the GDP growth of the country in the current fiscal year would come down at 2 to 3 percent.

The Finance Minister said the government already has its data and information of the last eight months and based on those, the Asian Development Bank (ADB) has recently projected the country’s GDP growth to reach 7.8 percent.

“So, I don’t consider the projection of the World Bank, neither it is time-befitting nor a matured one,” he said.

Mentioning that the GDP growth rate of the country would come down like other countries of the world, Kamal said, but for Bangladesh, the growth rate would not make a sharp fall, rather it would remain at least over 6 percent.

Clarifying this, he said the country had past eight months of the current fiscal year before the Novel Coronavirus made its strike and based on the performance of those eight months, the GDP growth rate would be over 6 percent. “Even if there is zero growth or negative growth in the next four months of this fiscal year, it won’t be a matter as the growth will still remain over 6 percent.”



The Finance Minister said the priority of the government is now to save the lives of country’s people from COVID-19 alongside ensuring their food and other amenities.



Noting that the three major sectors of the country are – agriculture, industry and services, he said there was no such impact on the country’s agriculture sector and it would be able to gain its full fiscal growth target if the crisis does not persist long.



He said the government has taken various initiatives to overcome the impact of the COVID-19 over the industry and the services sector.



“I accept the notion that the growth will be reduced. But, it won’t decline to such level,” he said hoping that the people of the country and also the world would be able to overcome this crisis by the grace of Almighty Allah.