Since the onset of the covid-19 pandemic at the beginning of 2020, the world economy has faced a massive shock due to the shutdowns and restrictions on movements imposed to curb the infection rate. This has led to an unprecedented contraction in the world economy with jobs being lost and consumption coming to a halt. The situation in Bangladesh was no different. Due to the rampant infection of various covid-19 variants, the country had to go for measures such as “general holiday”, lockdown etc. This meant that the whole economy was severely impacted. As 87% of Bangladesh’s labour force is employed in the informal sector, they were hit the hardest by the lockdowns. Furthermore, the Cottage, Micro, Small and Medium Enterprises (CMSME) sector also faced a grave crisis as they usually do not have access to capital and savings to survive in situations such as this.
Since the onset of the covid-19 pandemic at the beginning of 2020, the world economy has faced a massive shock due to the shutdowns and restrictions on movements imposed to curb the infection rate. This has led to an unprecedented contraction in the world economy with jobs being lost and consumption coming to a halt. The situation in Bangladesh was no different. Due to the rampant infection of various covid-19 variants, the country had to go for measures such as “general holiday”, lockdown etc. This meant that the whole economy was severely impacted. As 87% of Bangladesh’s labour force is employed in the informal sector, they were hit the hardest by the lockdowns. Furthermore, the Cottage, Micro, Small and Medium Enterprises (CMSME) sector also faced a grave crisis as they usually do not have access to capital and savings to survive in situations such as this.
