Mahfuzur Rahman Manik
World economic recession & Bangladesh (30 April 2009, Financial Express)
মার্চ 18, 2010


World economic recession is going on since 2007. The main reason of this recession is the crisis of mortgaged loan of USA which has started in housing sector where sub prime were lending verily. The economists identified two prime reasons of this recession one is subprime lending & another is uncontrolled credit default. Its also true that, this world recession increasing also for environmental disaster e.g. conflagration of Australia & draught in California. Many people lost their jobs & back to their country as the starting of this recession is in America. About 6 lakhs & 51 thousands people lost their job in February 2008 & in January this number was 6 lakhs 55 thousands. To face this problem many companies cut their workers. Almost 1 crore people of the world lost their job in 2008. The effect of this recession is coming in small companies. On 26 January 2009 heavy machinery company CATARPILLAR, medicine company FIZER, telecom company SPRINT NEXTOR CORPORATION & infrastructure company HOME DIPO took decision to cut their workers. Bankrupt companies are increasing in number in USA. The export market of China fallen on because of Banking crisis and many people are losing work. In Japan, Spain, England, Russia, Germany, Mexico, Latin America and also Caribbean's countries contracted their job market. Bangladesh is not free from this recession. Its telling that 3 million people can loss their job of Bangladesh in this year, side by side poverty is increasing here. This recession affected on our export. According to export development bureau during last 7 months the exporting of raw jute decreased 15.20%, jute goods 19.80%, leather 31.80% & refrigerated foods 5%. BGMEA said their export decreased in January by 4.98% in February by 17.58% as our cloth mostly goes in USA & Europe so it greatly affects our industry. This recession greatly affected our manpower export as well. In the meantime Malaysia, Kuwait, Dubai, & Saudi Arabia returned back our workers. Malaysia cancelled the visa of 55 thousands workers. All the countries who are importing our manpower are going to cut our workers. Whenever this world recession affected in our manpower exporting it also affects our remittance. It is shown that the income from remittance decreased 250 crore in February than January 2009 from Middle East. This recession also greatly affected our industry where jute, sugar, spinning mills are about to die. Our textiles are also falling in danger. From the 80 mills of jute products 17 are fully stopped, 11 of these mills are working partially & other mills also are in the way to stop. Out of 25 lakhs workers, 1 lakhs labor has lost their job in spinning mills, 50 thousands labor are jobless. The unsold goods of spinning mills are tk 30 thousands crore. To protect this recession government, already took many steps. Our minister went to Malaysia to save visa of 55 thousands labor. Prime minister went to Saudi Arabia to solve the problem of Bangladeshi workers. Finance minister A M A Muhit declared a stimulus package. This package is of 3424 crore tk where 13% is for export, 43% for agriculture, 18% for power, 11% for food & 15% for agriculture loan. In this package there is no stimulus for RMG sector which is urgently needed. Though almost all economists welcomed this package but they said there is no definite guidance there. Its true that this package is not enough to check our problem but it is a stimulus package. It requires more steps. We think this package will be implemented perfectly & Bangladesh will be succeeded to free from this ongoing recession.

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