Bangladesh’s economy is turning constantly: WB
Published: 09:43 AM, 22 April 2021 Updated: 12:48 PM, 22 April 2021
World Bank; Photo: Collected
The economy of Bangladesh, which was severely hit by the coronavirus (Covid-19) pandemic, is turning constantly. This is likely to be due to increased exports, strong remittance inflows and ongoing vaccination programs in the country.
This information was given by the World Bank (WB) in the recently published report titled “Bangladesh Development Update – Moving Forward: Connectivity and Logistics to Strengthen Competitiveness”.
According to the WB, Bangladesh is showing signs of economic recovery amid the second wave of the coronavirus. In the first half of the 2021 fiscal year, the factories of Bangladesh have been re-opened, as a result, exports have started rising again.
Mercy Miyang Tembon, the WB’s Country Director for Bangladesh and Bhutan, said despite the uncertainty caused by the coronavirus, Bangladesh’s economy looks positive. “The World Bank will help Bangladesh achieve green, smart and inclusive growth for a sustainable recovery,” she added.
According to the World Bank, recent surveys conducted in Dhaka and Chattogram, the two largest cities in Bangladesh, indicate a recovery in the labor market in the first half of the current fiscal year. This progress is being made gradually through the restoration of livelihoods and ensuring food security in poor and slum areas. In Chattogram, the rate of adults’ return to work has reached almost pre-COVID period since last February.
The WB publishes the “Bangladesh Development Update” report twice a year. The report examines the economic development and prospects in the South Asian region and analyzes the policy challenges of different countries.