Literature review assignment assignment (approx. 1000 words)
Name: Sharmin Akter
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The impact of the COVID-19 pandemic on economic growth in Bangladesh
Introduction:
The purpose of this literature review is to assess the COVID-19 pandemic's effects on Bangladesh's
economic development critically. Bangladesh's economy is not an exception to the major effects of the
COVID-19 pandemic on the world economy. In addition to other problems, the pandemic has caused
supply chain interruptions, decreased demand for goods and services, and job losses.
Literature Review:
As we know, the study established that the outbreak had a detrimental impact on several industries,
including manufacturing, services, and animal husbandry. According to Shahriar et al., (2021), study
examined COVID-19 effects on Bangladeshi frugalness. The analysis established that the outbreak had
caused an increase in severance rates and a decrease in good conditioning. COVID-19 has had a
disastrous effect on Bangladesh's labour market, and many individuals have lost their jobs due to
economic downturns and tight regulations. According to the International Labor Organization
prediction, more than 85% of Bangladesh's informal workers are vulnerable, affecting low-income selfemployed
or day Laboure’s on the margins (Mohiuddin, 2020). Due to difficulties finding employment
for fresh graduates, this circumstance significantly impacts civic careers, contributing to poverty,
reverse migration, and inequality. About 24% of businesses said they would have to stop operating,
while 50% reported a revenue loss. A loss of $53 million is expected annually by 2020 (Ferdous et al.,
2020) which is problematic for the 1.5 million employees affected by the lockdown's 60% business
closure rate in the first three months.
The analysis discovered that the outbreak had caused a sizable fall in garment exports, leading to job
losses and decreased labour inflows. According to Islam (2020) who looked into how COVID-19 affected
the garment sector, a vital driver of the Bangladeshi economy. Most of the orders were cancelled by the
American and British brands. Other well-known retailers, including Walmart, GAP, H&M, Primark, JC
Penney, etc., had also cancelled their orders. The Ready-made Garment industries of Bangladesh must
endure financial losses totaling more than 3 billion USD for outstanding work orders, according to
reports from the Bangladesh Garment Manufacturers and Exporters Association.
In my point of view, the investigation established that the outbreak had decreased agricultural
productivity because of supply chain disruptions and decreased demand for agricultural products. Md.
S. Rahman & Chandra Das (2021) conducted a study to evaluate COVID-19 effects on Bangladesh's
husbandry industry. The research also recommended that the government assist growers in coping with
the epidemic's effects. According to the Bangladesh Rural Advancement Committee Institute of
Governance and Development, COVID-19 decreased the anticipated "Boro rice" output for 2020 by 7%,
costing the nation BDT 3.87 million in lost revenue. In 2020, Boro farmers suffered a 40% loss due to
low demand, reduced product, and excessive input prices. According to Zabir et al., (2020) conducted
research that found the main barriers to the country's ability to meet its food needs to be insufficient
monitoring systems and limited transportation. Ranch sloggers, who often must shift from job to job in
order to earn a pay packet, are negatively impacted by the lockdown's severe restrictions on movement
in the husbandry community. The research findings revealed several impacts of COVID-19 on various
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enterprises, including decreased labor mobility, rising labor expenses, constrained transportation,
decreased food security and beneficial diversity, decreased inflows, and increased consumer inquiries
(Rahman et al., 2021). Furthermore, Kumar et al. (2021) conducted a study on the effects of COVID-19
on Bangladesh's banking sector where they revealed the factors which led to a decline in credit growth
and an increase in loan performance.
As I see it, the investigation established that the virus had caused a considerable fall in tourism,
resulting in job losses and decreased worker inflows. Due to this, employers lose plutocrats, and
employees lose their jobs (Deb & Nafi, 2020). Furthermore, a study by Bagchi (2021) analyzed COVID-
19 effects on Bangladesh's tourism industry. According to tourism experts, more than four billion
people are employed by the airlines, hotels, hospices, resorts, and food companies currently trying to
stay open. During the previous financial year, the National Board of Revenue, Bangladesh collected
trip duty about BDT 3.28 billion, less than half of what was collected the previous year. Trip duty
revenue for the fiscal year 2020 was BDT 7.66 billion. According to an International Civil Aviation
Organization assessment released on January 2021, the airline industry might loss about US$ 370
billion due to the epidemic.
Conclusion
In conclusion, my discussion shows that the COVID-19 pandemic has significantly impacted Bangladesh's
economic expansion. The epidemic has affected a number of industries, including agriculture,
manufacturing, services, and tourism, causing supply chain disruptions, decreased demand for goods
and services, job losses, and decreased productivity. The government should put measures into place
to promote a variety of industries, including the apparel industry, agriculture, banking, tourism, and the
informal sector, to lessen the pandemic's effects. The government should also offer assistance to
workers who have lost their job and sources of income due to the pandemic.
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References:
Bagchi, S. (2021). EXPLORING THE IMPACT OF COVID-19 ON TOURISM INDUSTRY OF BANGLADESH: AN
EMPIRICAL STUDY. International Journal of Research -GRANTHAALAYAH, 9, 42–58.
https://doi.org/10.29121/granthaalayah.v9.i8.2021.4141
Deb, P., & Nafi, S. M. (2020). Impact of COVID-19 Pandemic on Tourism: Perceptions from Bangladesh
(SSRN Scholarly Paper No. 3632798). https://doi.org/10.2139/ssrn.3632798
Ferdous, M. Z., Islam, M. S., Sikder, M. T., Mosaddek, A. S. M., Zegarra-Valdivia, J. A., & Gozal, D.
(2020). Knowledge, attitude, and practice regarding COVID-19 outbreak in Bangladesh: An
online-based cross-sectional study. PLOS ONE, 15(10), e0239254.
https://doi.org/10.1371/journal.pone.0239254
Islam, K. (2020). Impact of Covid-19 on Garment Sector in Bangladesh. International Journal of
Scientific and Research Publications (IJSRP), 10.
https://doi.org/10.29322/IJSRP.10.11.2020.p10716
Kumar, D., Bagchi, S., & Ray, S. (2021). COVID-19 AND RISK INVOLVEMENT IN THE BANKING SECTOR
OF BANGLADESH: A STUDY. International Journal of Research -GRANTHAALAYAH, 9(6), 158–
167. https://doi.org/10.29121/granthaalayah.v9.i6.2021.4021
Mohiuddin, A. K. (2020). COVID-19 and 20 Resolutions for Bangladesh. European Journal of
Sustainable Development Research, 4(4), em0139. https://doi.org/10.29333/ejosdr/8433
Rahman, M. M., Ali, M. R., Oliver, M. M. H., Hanif, M. A., Uddin, M. Z., Tamim-Ul-Hasan, Saha, K. K.,
Islam, M. H., & Moniruzzaman, M. (2021). Farm mechanization in Bangladesh: A review of the
status, roles, policy, and potentials. Journal of Agriculture and Food Research, 6, 100225.
https://doi.org/10.1016/j.jafr.2021.100225
Rahman, Md. S., & Chandra Das, G. (2021). Effect of COVID-19 on the livestock sector in Bangladesh
and recommendations. Journal of Agriculture and Food Research, 4, 100128.
https://doi.org/10.1016/j.jafr.2021.100128
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Shahriar, S., Islam, K. M., Zayed, N., Hasan, K. B. M., & Raisa, T. (2021). The Impact of COVID-19 on
Bangladesh’s Economy: A Focus on Graduate Employability. Journal of Asian Finance
Economics and Business, 8, 1395–1403. https://doi.org/10.13106/jafeb.2021.vol8.no3.1395
Zabir, A. A., Mahmud, A., Islam, M. A., Antor, S. C., Yasmin, F., & Dasgupta, A. (2020). COVID-19 and
Food Supply in Bangladesh: A Review (SSRN Scholarly Paper No. 3595967).
https://doi.org/10.2139/ssrn.3595967