IJSSER

Title: ECONOMIC CRISIS OF A MIDDLE INCOME COUNTRY AS AN AFTERMATH OF COVID-19 PANDEMIC
Authors: Mohammad Tahsin Islam , Dr Irin Hossain , Dr Ashekur Rahman Mullick
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Mohammad Tahsin Islam1 , Dr Irin Hossain2 , Dr Ashekur Rahman Mullick2 1. Gerico France, Paris, France 2. National Institute of Preventive and Social Medicine (NIPSOM), Dhaka, Bangladesh
MLA 8 Islam, Mohammad Tahsin, et al. "ECONOMIC CRISIS OF A MIDDLE INCOME COUNTRY AS AN AFTERMATH OF COVID-19 PANDEMIC." Int. j. of Social Science and Economic Research, vol. 5, no. 7, July 2020, pp. 1960-1969, ijsser.org/more2020.php?id=135. Accessed July 2020. APA 6 Islam, M., Hossain, D., & Mullick, D. (2020, July). ECONOMIC CRISIS OF A MIDDLE INCOME COUNTRY AS AN AFTERMATH OF COVID-19 PANDEMIC. Int. j. of Social Science and Economic Research, 5(7), 1960-1969. Retrieved from ijsser.org/more2020.php?id=135 Chicago Islam, Mohammad Tahsin, Dr Irin Hossain, and Dr Ashekur Rahman Mullick. "ECONOMIC CRISIS OF A MIDDLE INCOME COUNTRY AS AN AFTERMATH OF COVID-19 PANDEMIC." Int. j. of Social Science and Economic Research 5, no. 7 (July 2020), 1960-1969. Accessed July, 2020. ijsser.org/more2020.php?id=135.
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Abstract: The economic situation of Bangladesh as a middle income country due to Covid-19 however depends on the extent of the crisis. Its economic fate is closely tied to the fate of ready-made garments (RMG) and inward remittance. RMG sector accounts for around 80% of the country's total export earnings. A reduction in exports of as much as 84% in April 2020 compared with that of the previous year. More than 1,000 factories have been closed and 2.19 million out of 4 million workers lost their jobs. Remittances from Bangladeshi migrant workers are expected to fall by 25% this 2020. SME's are usually the worst hit at the times of economic disorder. Banks are trying to come to terms with the Ministry of Finance directive of 6% and 9% caps to interest rates on deposits and loans; vulnerable asset quality; moribund capital markets; and a struggling microfinance sector. The economy is now almost coming to a grinding halt with weakening effects on all sectors like educational systems, Banks, FDI, small business, tourism industries, dairy and vegetable producers etc. Daily wage earners are unable to buy food for their families. Hunger, malnutrition, and other problems that have always plagued Bangladesh are poised to intensify as a result of the lockdown. The current economic state may seriously undermine the livelihood of the underprivileged cohort of the population. Lack of access to basic healthcare, knowledge of hygiene and a social safety net have always been a challenge for this cohort.

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