The COVID-19 pandemic has severely impacted Bangladesh's economy, especially the critical readymade garment (RMG) industry. Exports from the RMG sector declined by nearly 17% in 2020 due to canceled orders from major importing countries in Europe and America. Millions of RMG workers lost their jobs or were furloughed as factories closed during lockdowns. While garment exports rebounded somewhat in mid-2020, the long-term impacts of the pandemic on the RMG industry and Bangladesh's economy remain uncertain. The study recommends government assistance and policy responses to mitigate damage to the RMG sector and prevent broader economic and social crises.
Economic impact of COVID-19 lock down on small medium enterprise (smes) in la...SubmissionResearchpa
The effect of COVID-19 has negative consequence which has been an invisible enemy raging the entire world populace leading to a global economic crisis. Business across the globe are feeling the negative outcome of the COVID 19 pandemic threatening their ongoing economic daily activities. SMEs in Nigeria are not left out in the share of this negative pandemic, limiting their survival existence. The shutdown of economic activities has greatly affected SMEs in Nigeria. This has led to employees under SMEs lose their jobs. It was concluded that adequate measures needs to be taken by government to cushion the negative effect of COVID 19 in collapsing the existence of SMEs. by Aribisala, and Oluwadamilare Olufolarin 2020. Economic impact of COVID-19 lock down on small medium enterprise (smes) in lagos state. International Journal on Integrated Education. 3, 7 (Jul. 2020), 62-68. DOI:https://doi.org/10.31149/ijie.v3i7.490. https://journals.researchparks.org/index.php/IJIE/article/view/490/467 https://journals.researchparks.org/index.php/IJIE/article/view/490
One of the most burning issues that have dominated the public sphere in Nigeria and other oil exporting countries is the covid-19 pandemic and its attendant challenges. This pandemic is a shock on real economic fundamentals and frictionless of the market. It introduces a barrier between the market forces with strong complementary feedbacks in the real economy. The absence of precise vaccine or medication for the virus has necessitated the adoption of several precautionary measures with the aim of containing its wide spread. Critical among which are the travel restrictions, lockdown measures as well as social and physical distancing. These measures have detrimental effect on the demand and price of oil in the international market. In view of that, this study evaluates the social and economic impact of covid-19 in Nigeria taking into cognisance the effect on certain critical macroeconomic indicators. The study adopted an analytical approach to supplement the much ongoing documentations on the subject matter. Result shows that virtually all essential macroeconomic indicators are grossly affected with tax, remittances and employment exhibiting severe consequences. Also, uncertainty, panics and lockdown measures are key to motivating higher decrease in world demand. The supply disruptions and huge death toll generates a heightened uncertainty and panic for household and business. This uncertainty and panic leads to drop in consumption and investment thereby causing a decrease in corporate cash flows and triggered firm’s bankruptcy. Also, lay-off and exiting firms produce higher unemployment while labour income decreased significantly. Since it entails a large amount of government expenditure especially in the health sector which is required to contain the spread of the virus, there is needs for government to diversify its revenue sources and thus drop over dependency on the oil remittance. Furthermore, there is a need to support the financial system to avoid the health crisis becoming a financial crisis in the long-run.
Economic impact of COVID-19 lock down on small medium enterprise (smes) in la...SubmissionResearchpa
The effect of COVID-19 has negative consequence which has been an invisible enemy raging the entire world populace leading to a global economic crisis. Business across the globe are feeling the negative outcome of the COVID 19 pandemic threatening their ongoing economic daily activities. SMEs in Nigeria are not left out in the share of this negative pandemic, limiting their survival existence. The shutdown of economic activities has greatly affected SMEs in Nigeria. This has led to employees under SMEs lose their jobs. It was concluded that adequate measures needs to be taken by government to cushion the negative effect of COVID 19 in collapsing the existence of SMEs. by Aribisala, and Oluwadamilare Olufolarin 2020. Economic impact of COVID-19 lock down on small medium enterprise (smes) in lagos state. International Journal on Integrated Education. 3, 7 (Jul. 2020), 62-68. DOI:https://doi.org/10.31149/ijie.v3i7.490. https://journals.researchparks.org/index.php/IJIE/article/view/490/467 https://journals.researchparks.org/index.php/IJIE/article/view/490
One of the most burning issues that have dominated the public sphere in Nigeria and other oil exporting countries is the covid-19 pandemic and its attendant challenges. This pandemic is a shock on real economic fundamentals and frictionless of the market. It introduces a barrier between the market forces with strong complementary feedbacks in the real economy. The absence of precise vaccine or medication for the virus has necessitated the adoption of several precautionary measures with the aim of containing its wide spread. Critical among which are the travel restrictions, lockdown measures as well as social and physical distancing. These measures have detrimental effect on the demand and price of oil in the international market. In view of that, this study evaluates the social and economic impact of covid-19 in Nigeria taking into cognisance the effect on certain critical macroeconomic indicators. The study adopted an analytical approach to supplement the much ongoing documentations on the subject matter. Result shows that virtually all essential macroeconomic indicators are grossly affected with tax, remittances and employment exhibiting severe consequences. Also, uncertainty, panics and lockdown measures are key to motivating higher decrease in world demand. The supply disruptions and huge death toll generates a heightened uncertainty and panic for household and business. This uncertainty and panic leads to drop in consumption and investment thereby causing a decrease in corporate cash flows and triggered firm’s bankruptcy. Also, lay-off and exiting firms produce higher unemployment while labour income decreased significantly. Since it entails a large amount of government expenditure especially in the health sector which is required to contain the spread of the virus, there is needs for government to diversify its revenue sources and thus drop over dependency on the oil remittance. Furthermore, there is a need to support the financial system to avoid the health crisis becoming a financial crisis in the long-run.
The economies are integrate with each other and nations need cooperation and coordination among themselves to overcome the economic crisis. Moreover, the nations should co-operate, coordinate and help each other to fight against Coronavirus. Subject to immediate relief from pandemic, the economic recovery from this fatal disease is only possible by 2021. It has already left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition.
Impact of covid 19 on Indian Economy & Banking SectorDr Praveen S
Impact of Covid-19 on indian Economy & Banking Sector
Topics covered:
- What is Covid-19 ((Corona Virus Disease) ?
- Socio - Economic Effects of Covid-19 on global society.
- How Covid-19 hit India?
- Impact of COVID-19 on Indian Economy.
- Impact of COVID-19 on Indian Banking Sector.
- Steps to be taken by Indian Banks.
The Covid-19 Pandemic and Economic Fallout in South Asia.
Coherent national strategies, backed by regional cooperation efforts, offer a way forward for economic recovery in South Asia, which is rapidly becoming the next COVID-19 global hotspot. Challenges and policies relating to macroeconomics, health, economic sectors, stimulus measures, and reforms, which are all crucial for the region’s recovery are discussed.
With the global pandemic affecting economies throughout the globe its necessary to understand the scenario and paint a picture of the near future to handle it better
Covid-19 Following Up On The Immediate Economic Responseaakash malhotra
With india going under a complete lockdown for over a month now, industries and government needs to brace themselves in order to fight against the consequences of covid-19. Right from protecting jobs to supporting different sectors to minimise the impact, there are a lot of preparatory measures that are already under process.
The negative consequences of Covid-19 pandemic from lockdowns of whole countries, travel bans,
and the closure of shops and service points have disrupted the economic and social balance of the whole world.
Consequently, consumer’s buying behavior and their shopping criteria has been negatively affected. In this
research paper we try to find out the changes
Detailed write up on the impact of COVID on various aspects of life. This was published in the Mumbai university Research Journal in the month of June 2020.
ANALYSIS OF ALL SECTORS OF INDIAN ECONOMY.
An analysis of the consumer retail sector (including food and beverage, apparel and footwear, beauty), automotive, travel, and hospitality services.
An overview OF Issue and challenges of covid 19 on Indian regional developmen...SudipDey40
The COVID-19 pandemic in India is part of the worldwide
pandemic of coronavirus disease 2019. The first case of COVID19 in India was reported on 30 January 2020 originating from China since now the virus is trending in almost every part of the country with the largest number of confirmed cases in world as well as India.Also
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive,EDUCATION,FOOD DISTRIBUTION,EMPLOYEMENT strategy are going from here dynamically change.
The impact of covid-19 in Bangladesh a case study on economic sectorShaksly Snail
The impact of covid-19 in Bangladesh a case study on economic sector
Our Team~
Leader
Shakila Ahmed
Members
Mahfuja Alam, Fatema Tuz Zohora, Juma Akter
Supervisor ~
Ashiqun Nabi
Assistant Professor, Department of
Business Administration
Manarat International University
Here is the detailed analysis on economic impact of Covid-19 on India. You'll get enlightened about the losses and impacts incurred on different sectors of society due to lockdown.
And also the mitigation steps by the govt. to fight the invisible foe which entered the human paradise.
Furthermore, Covid may have worst economic recession on India, but every coin has two sides, so as here - the Bright Side, like Atmanirbhar Bharat Abhiyan, Digital India and hundreds of other new opportunities are raised.
Summary on Sections -
slide 1 : Topic
slide 2-5 : Introduction
slide 6-16 : Knowledge Content/Research Work
slide 17-19 : Conclusion
slide 20 : Bibliography
slide 21 : Outro
Impact of covid 19 on the rmg export scenario of bangladeshMosaibur Rahman
The study has made on descriptive research, is conducted to identify different dimension of Impact of Covid-19 on the RMG export scenario of Bangladesh. To come up with the result, researchers were not required to visit the factory. For this reason, researchers have ignored the direct data collection and surveys. Consequently, the research technique has relied based on information from secondary sources. Those data collected through Journals, Research articles, Thesis papers, newspapers case studies, online news paper and survey reports, garments Manufacturing Industries Annual reports, BGMEA Yearly report and Files. The data was collected basically through skimming ad scanning out the findings of different secondary source. After the completion of the data collection descriptive analyses was used illustrate the data. This study did not use any unethical means to collect information.
The economies are integrate with each other and nations need cooperation and coordination among themselves to overcome the economic crisis. Moreover, the nations should co-operate, coordinate and help each other to fight against Coronavirus. Subject to immediate relief from pandemic, the economic recovery from this fatal disease is only possible by 2021. It has already left severe impacts on the global economy and the countries face multiple difficulties to bring it back in a stable condition.
Impact of covid 19 on Indian Economy & Banking SectorDr Praveen S
Impact of Covid-19 on indian Economy & Banking Sector
Topics covered:
- What is Covid-19 ((Corona Virus Disease) ?
- Socio - Economic Effects of Covid-19 on global society.
- How Covid-19 hit India?
- Impact of COVID-19 on Indian Economy.
- Impact of COVID-19 on Indian Banking Sector.
- Steps to be taken by Indian Banks.
The Covid-19 Pandemic and Economic Fallout in South Asia.
Coherent national strategies, backed by regional cooperation efforts, offer a way forward for economic recovery in South Asia, which is rapidly becoming the next COVID-19 global hotspot. Challenges and policies relating to macroeconomics, health, economic sectors, stimulus measures, and reforms, which are all crucial for the region’s recovery are discussed.
With the global pandemic affecting economies throughout the globe its necessary to understand the scenario and paint a picture of the near future to handle it better
Covid-19 Following Up On The Immediate Economic Responseaakash malhotra
With india going under a complete lockdown for over a month now, industries and government needs to brace themselves in order to fight against the consequences of covid-19. Right from protecting jobs to supporting different sectors to minimise the impact, there are a lot of preparatory measures that are already under process.
The negative consequences of Covid-19 pandemic from lockdowns of whole countries, travel bans,
and the closure of shops and service points have disrupted the economic and social balance of the whole world.
Consequently, consumer’s buying behavior and their shopping criteria has been negatively affected. In this
research paper we try to find out the changes
Detailed write up on the impact of COVID on various aspects of life. This was published in the Mumbai university Research Journal in the month of June 2020.
ANALYSIS OF ALL SECTORS OF INDIAN ECONOMY.
An analysis of the consumer retail sector (including food and beverage, apparel and footwear, beauty), automotive, travel, and hospitality services.
An overview OF Issue and challenges of covid 19 on Indian regional developmen...SudipDey40
The COVID-19 pandemic in India is part of the worldwide
pandemic of coronavirus disease 2019. The first case of COVID19 in India was reported on 30 January 2020 originating from China since now the virus is trending in almost every part of the country with the largest number of confirmed cases in world as well as India.Also
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive,EDUCATION,FOOD DISTRIBUTION,EMPLOYEMENT strategy are going from here dynamically change.
The impact of covid-19 in Bangladesh a case study on economic sectorShaksly Snail
The impact of covid-19 in Bangladesh a case study on economic sector
Our Team~
Leader
Shakila Ahmed
Members
Mahfuja Alam, Fatema Tuz Zohora, Juma Akter
Supervisor ~
Ashiqun Nabi
Assistant Professor, Department of
Business Administration
Manarat International University
Here is the detailed analysis on economic impact of Covid-19 on India. You'll get enlightened about the losses and impacts incurred on different sectors of society due to lockdown.
And also the mitigation steps by the govt. to fight the invisible foe which entered the human paradise.
Furthermore, Covid may have worst economic recession on India, but every coin has two sides, so as here - the Bright Side, like Atmanirbhar Bharat Abhiyan, Digital India and hundreds of other new opportunities are raised.
Summary on Sections -
slide 1 : Topic
slide 2-5 : Introduction
slide 6-16 : Knowledge Content/Research Work
slide 17-19 : Conclusion
slide 20 : Bibliography
slide 21 : Outro
Impact of covid 19 on the rmg export scenario of bangladeshMosaibur Rahman
The study has made on descriptive research, is conducted to identify different dimension of Impact of Covid-19 on the RMG export scenario of Bangladesh. To come up with the result, researchers were not required to visit the factory. For this reason, researchers have ignored the direct data collection and surveys. Consequently, the research technique has relied based on information from secondary sources. Those data collected through Journals, Research articles, Thesis papers, newspapers case studies, online news paper and survey reports, garments Manufacturing Industries Annual reports, BGMEA Yearly report and Files. The data was collected basically through skimming ad scanning out the findings of different secondary source. After the completion of the data collection descriptive analyses was used illustrate the data. This study did not use any unethical means to collect information.
IMF World Economic Outlook - April 2020 (as updated by June 2020 Forecast)DVSResearchFoundatio
Key Takeaways:
- Global Prospects and Policies
- Deep Downturn in 2020 and Uncertain Recovery in 2021
- Policy Tracker on Responses to COVID-19
- Commodity Market Development and Forecasts
- Global Government Debt and Fiscal Deficits
Global economic outlook due to covid 19M S Siddiqui
Global coordination and cooperation-of the measures needed to slow the spread of the pandemic, and of the economic actions needed to alleviate the economic damage, including international support-provide the greatest chance of achieving public health goals and enabling a robust global recovery.
Covid 19 How to Minimize Uncertainties, Increase Confidence and Achieve Econo...ijtsrd
COVID 19 pandemic has caused the economic slowdown, worldwide. The contraction into the economy has been experienced. To revive the economy from current economic crisis due to the pandemic, monetary and fiscal policies both have important role. In this paper, some suggestions and solutions are given to revive the economy from this economic crisis. Some Monetary and fiscal policies are already in practice to stabilize the economy. Those policies are also analyzed. Increasing confidence among the producers and the investors is important to revive the economy. Kirti Devi "Covid-19: How to Minimize Uncertainties, Increase Confidence and Achieve Economic Stability in India?" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33565.pdf Paper Url: https://www.ijtsrd.com/economics/other/33565/covid19-how-to-minimize-uncertainties-increase-confidence-and-achieve-economic-stability-in-india/kirti-devi
Effects of Covid 19 Pandemic on International Financial ManagementYogeshIJTSRD
The COVID 19 pandemic and the oil crisis have caused the constant depreciation of the currency in emerging countries to accelerate cause instability in the global financial market. Prices of risk assets have dropped harshly ever since the pandemic’s eruption. However, COVID 19 measures have brought about some positive effects on stakeholders of international financial management. Central banks will remain crucial to safeguarding the stability of global financial markets and maintaining the flow of credit to the economy. Financial, monetary, and fiscal policies should aim to reduce the impact of the coronavirus COVID 19 and ensure a stable, sustainable recovery once the epidemic is controlled. Ongoing international coordination will be essential to support vulnerable countries, restore market confidence, and reduce financial stability risks. Chi-Koffi Linda Christelle Yapo | Wang Weidong "Effects of Covid-19 Pandemic on International Financial Management" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-3 , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd39798.pdf Paper URL: https://www.ijtsrd.com/economics/international-economics/39798/effects-of-covid19-pandemic-on-international-financial-management/chikoffi-linda-christelle-yapo
The COVID-19 pandemic has given the biggest blow to the world economy after the great depression
1930s.Around 60% of the world population is either under severe or partial lockdown without having medical
solution to the coronavirus and affected the industrial sector severely.The impact is severe on
trade,manufacturing and MSMEs.Manufacturing sector may shrink from 5.5%to 20%,exports from 13.7% to
20.8%,imports from 17.3% to25%and MSMEs net value added (NVA) from 2.1%to5.7% in 2020
Not a few countries that are experiencing stuttering when facing of the COVID-19pandemic, the high number of victims and the decline in the economy can be regarded as the state's stuttering in responding to the global health crisis. Stuttering that cannot be overcome has the potential to manifest as a failed state.
The COVID-19 pandemic not only caused numerous casualties in almost the entire world, but also caused a very fundamental global transformation, overhauled patterns of human interaction and relations between nations in the world system, and changed the increasingly loose direction of global geopolitics, making each country have sovereignty in looking at the urgency of global collaboration and collaboration. There are at least three transformations that will change the face of the world going forward, namely economic and trade transformation, and international relations and geostrategy.
The IMF also released the countries with the worst economic growth in 2020. Countries in Europe, Latin America, Africa and even the United States were included in the ranks of the list. This poor economic growth is parallel to the uncontrolled spread of the COVID-19 pandemic in these countries. Poor economic growth in 2020 is a form of stuttering in handling COVID-19.
Similar to Financial Management Research on BD Economy (20)
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The WhatsPump Pseudonym Problem and the Hilarious Downfall of Artificial Enga...
Financial Management Research on BD Economy
1. Page | 1
Assignment On
COVID-19 IMPACT ON BD ECONOMY: STUDY FOCUS ON
READYMADE GARMENT (RMG) INDUSTRY
Course Title:
Financial Management (BUS 404)
Submitted To:
Ms. Amreta Biswas
Lecturer
Department of Business Administration
Central Women’s University
Submitted By:
Farjana Akhter
ID: 2018-2-16-005
Department of Bachelor of Business Administration
Spring-2021
Date of Submission
May 22, 2021
2. Page | 2
INTRODUCTION
The novel coronavirus disease that was first reported in Wuhan, China in
December 2019 (COVID-19) is quickly spreading around the world. As of March
27, 2020, the total number of cases exceeds 460,000 and the disease has claimed
more than 20,000 lives globally. Since March 2020, while new cases in China
appear to have settled down, the number of cases is exponentially growing
in the rest of the world(Toda, 2020). COVID-19 pandemic is economically
speaking hit nations both economically dominant nations as well as economically
dependent nations. The number of COVID-19 case is already many fold larger
than the number of SARS cases in the previous pandemic (Baldwin et al., n.d.).
This already focused on that COVID-19 is spreading human suffering worldwide.
As the public health crisis is highly associated with economic affairs as like as
global public health, economy, and livelihood issues, it has grappled the global
economy exponentially towards the dramatic downturn that pushed it into the
worst recession after the great depression of the 1930s (Ali, Bhuiyan, Zulkifli, &
Hassan, 2020). It is most definitely spreading economic suffering worldwide.
The virus may be as contagious economically as it is medically (Baldwin et al.,
n.d.). The potential impact of COVID-19 on global monetary poverty through per
capita household income or consumption contraction. The impact will spread on
among low, medium, and high-income people (Sumner et al., 2020). The other
influential discussions over monetary and fiscal policy responses to the COVID-
19 epidemic and the ensuing economic fallout (Guerrieri et al., 2020). The
looming economic crisis may create panic, mass unemployment, poverty,
and homelessness. The coronavirus disease (COVID-19) has critically impacted
global health systems and economies, especially in developing countries.
The economic implications related to COVID-19 in those countries include a high
cost of care, market failures in pluralistic health systems, high out-of-pocket
expenses, the added burden of non-communicable diseases, missed economic
opportunities, and socioeconomic consequences like unemployment and poverty
(Rodela et al., 2020). The global pandemic has also made an impact on the
overpopulated developing country Bangladesh. In Bangladesh, the Institute of
Epidemiology, Disease Control and Research (IEDCR) has reported the first 3
cases of coronavirus on 8 March 2020. Currently, the country has a total of
3,37,520 coronavirus cases with 4,733 deaths (September 14, 2020)(IEDCR).
To combat, Bangladesh has employed international travel bans and a gradual
lockdown. However, countries like Bangladesh are at a greater risk because of
large population density, inadequate infrastructure, and healthcare systems to
3. Page | 3
provide the required support(Ma et al., 2020). Bangladesh is one of the most
vulnerable countries due to high population density (170 million people in
147,000 sq.km), poor health care systems, and a weak economy. In recent years,
Bangladesh's economy has been growing well with a GDP growth rate of more
than 7.5%, however, 20% of the population is poor. Nevertheless, because of
the rapid spread of the COVID-19, Bangladesh's economy has already started
taking a big hit. The nationwide shutdown has already suspended almost all
economic activities except agriculture and made thousands of employments at
risk. International trade orders, especially in ready-made garments industries,
are being greatly canceled (M. T. Islam et al., 2020). Most of the people in our
country live below the poverty line. Due to lockdown since March 8, 2020, the
people are passing an overwhelmingly stressful moment. If the lockdown process
continues for longer many people would face severe starvation. The economic
strength of the country is also deteriorating day by day. The rate of
unemployment increases day by day. Though govt. takes initiatives to tackle
these pandemic situations by various promotional packages to the entrepreneur,
but the recent situation has not improved so much because of banning
international trade. Our most promising export sectors e.g. labor; garments, fish,
etc. are passing hazardous moments. In such circumstances, this paper tries to
summarizes of available resources to review of possible impacts of Covid-19 on
the economic indicators in Bangladesh, especially readymade garments, foreign
remittance, local trade, international trade, government revenue, employment,
financial institutions, production, and distributions due to the isolation,
quarantine, distancing, and shutdown measures. Therefore, the main purpose
of this study is to make review and evaluations of the potential impact of
COVID-19 on the economy of Bangladesh.
BACKGROUND
The first case of COVID-19 was identified in Bangladesh on March 8, 2020, and
the first death from the virus was recorded on March 18. COVID-19 has severely
damaged the global economy in addition to taking its toll on health and human
life. The world is going through a deep recession, which is expected to leave
lasting scars on the economic and financial indicators. The World Bank (2020a)
predicts that most countries are expected to plunge into recession in 2020
because of COVID-19. The advanced economies are expected to contract by 7
percent. The emerging and developing economies are anticipated to contract by
2.5 percent, which is the first contraction for these countries as a group in the
4. Page | 4
last sixty years. In fact, the world has already experienced the fastest and
steepest downward adjustments in its growth projections since the 1990s.
Therefore, governments across the world are undertaking urgent actions to
cushion the pandemic’s immediate economic consequences and comprehensive
reform programs for long-term economic recovery alongside health recovery.
Like other countries, the immediate response of the Bangladeshi government to
prevent the spread of COVID-19 was to shut down the economy. The
simultaneous responses of the governments across the world resulted in a partial
shutdown of the global economy, which brought this unprecedented global
recession. Recent global economic trends indicate a fragile and uneven recovery
from the impact of the pandemic. As the economy of Bangladesh heavily relies on
the global supply chains, particularly ready-made garments (RMG) and foreign
remittance, the country has faced a severe impact of the global economic
meltdown (Amit, 2020).
More specifically, the exposed vulnerabilities of the cross-country supply
chain of RMG has hard hit the economy of Bangladesh because this sector brings
more than 80 percent of the export earnings. As the banks in Bangladesh heavily
depend on the business brought by the RMGs, COVID-19 has also seriously
affected the banking sector. Similarly, remittance sent by the Bangladeshi
diaspora, around 10 million workers, is another important pillar of the country’s
economy. This sector has already been hit by COVID-19 and recovered smoothly.
However, it is expected to be hit harder due to the second wave of the pandemic
and resultant travel restrictions, economic showdowns, and curfews in host
countries. Because of the close connection of the economy of Bangladesh with the
US and EU economies, the slowdown in those economies has long had ripple
effects on the Bangladesh economy (Rabbi, 2020). During the global financial
crisis in 2008, the correlation between the GDP growth rate of the Bangladesh
economy with those of US and EU economies was evident; it mirrored the growth
rate in those economies, though to a lesser extent. In addition to the recent
impact of the global economic meltdown, Bangladesh also experienced severe
demand contraction in the local economy; this exacerbated the overall economic
crisis of the country. Considering the duration and severity of COVID-19, we
examine its impact on major economic and financial indicators of the Bangladesh
economy and recommended policy responses for recovery, based on the analysis.
The paper’s outline is as follows. The following section provides an update on the
COVID-19 situation with a contextual perspective of Bangladesh. We then
provide a structure of the Bangladesh economy, followed by data, discussion and
conclusion respectively.
5. Page | 5
BEFORE COVID-19 SITUATION OF RMG SECTOR
RMG exports have contributed $34.13 billion to Bangladesh’s total export
earnings this year, growing by 11.49% compared to last fiscal year. According to
Export Promotion Bureau (EPB) data, the RMG sector has contributed 84.21% to
Bangladesh’s total exports of $40.53 billion, growing by 10.55% in FY19. The
figure-1 depicts that in last
5 years the RMG exports
added additional 10 billion
dollars in the export basket
that means growing at a rate
on average 2 billion each
year. Though the growth
rate is impressive it is too
optimistic to reach 50
billion marks by 2021 which
is the target set by the
government.
The export growth rate is 11.49% which was only 8.76% in 2017-18 indicates
the upward trend of RMG export after the disastrous year in 2016-17 when the
RMG export growth was
the slowest in the history
at 0.2%. (Figure-2)
The export of knit and
woven products seems
evens to even growing at
a similar rate, however,
woven export has
surpassed knit export in
terms of value in the past 5-6 years. This year also the woven exports stood at
17.24 billion USD whereas knit exports stood at 16.88 billion USD. (Figure-3)
6. Page | 6
According to Research
Director of CPD, in the
beginning of the year, the
govt. projected single
digit growth but there is
a double digit growth
which is a positive sign
for the RMG sector.
However, if on average
10% growth is predicted
in the upcoming two fiscal
years, the total RMG exports will stand at 37.54 billion in 2019-20 and 41.29
billion in 2020-21 which is shy by 8.71 billion USD compare to the ambitious
target of 50 billion set by the government of Bangladesh.
In terms of textiles
export however, the
scenario isn’t pleasant.
In FY19, the specialized
textile sector has had a
positive growth of
28.51% to $144 million
from 112.15 million
while the home textile
sector saw a negative
growth of 3.07% to
$851.72 million, down
from $878.68 million in the last FY. (Figure-4)
Among other major sectors, Jute and jute goods have contributed 21.83%
negative growth to $695.52 million which was $889.74 million during the same
period in the previous fiscal year of FY19 Negative growth in home textiles and
jute goods is an alarming issue for the country as these industries are more value
adding industries when compared to RMG. Agricultural products exports
meanwhile stood at $722.73 million by 53.05% growths from $472.23 million in
the last year.
7. Page | 7
AFTERCOVID-19 SITUATION OF RMG SECTOR
Bangladesh's garment manufacturers and workers are suffering as the
coronavirus pandemic has soured long-term demand and big fashion brands
continue to cancel orders.
Global demand for clothing plummeted amid the COVID pandemic and big
fashion brands remain reluctant to place big orders, posing a major problem for
Bangladesh's vital textile industry.
A huge drop in the shipment of readymade garments due to declining orders in
the face of the coronavirus pandemic was the biggest factor behind a 14.57
percent fall in exports from Bangladesh last year.
The first lockdown caused unprecedented disruption between March and May,
when billions of US dollars’ worth of exports were cancelled or postponed,
threatening the country's garment industry which is responsible for more than
80 per cent of exports.
In 2020, textile exports from the South Asian nation dropped by nearly 17%.
Shipments to Europe, which is the destination for 60% of Bangladesh's garment
exports, recorded a significant decline of just fewer than 19%.
The RMG sector is on the verge of an unprecedented humanitarian and business
catastrophe. To flatten the coronavirus spread curve, the government declared
nation-wide holidays up to 25 April 2020 and business and industrial activities
have come to a grinding halt except emergency services. Many international
buyers are cancelling or postponing confirmed procurement orders as their retail
8. Page | 8
outlets are substantially closed in Europe, North America, Asia and elsewhere.
According to Bangladesh Garment Manufacturers and Exporters Association
(BGMEA), international buyers have either cancelled or suspended $3.16 billion
worth of shipments involving 1,142
factories affecting 2.26 million
workers as of 18 April 2020. Millions
of workers stare at joblessness as
new orders dried up given the
collapse in global demand for
apparels. Reportedly, 1 million
workers have already been fired or
furloughed. According to a survey
conducted by the BRAC University,
47% RMG workers reported not
receiving their wages and felt
uncertain about their current job
status with their respective employers.
Defying government lockdown, thousands of RMG workers have demonstrated
on the streets throughout the country demanding arrear wages.
In the export figures of July when
Bangladesh earned $3.24 billion
from apparel shipment though the
amount is 1.98% lower than a year
earlier. However, garment export
receipts in July are 14.18% higher
than the monthly target of $2.84
billion. Of the total garment
shipment, knitwear exports grew
4.30% year-on-year to $1.75 billion
while woven exports fell 8.43% to
$1.49 billion, according to data from
the Export Promotion Bureau. Earnings from apparel shipment in April, May and
June stood at $0.37 billion, $1.23 billion and $2.28 billion respectively.
New figures from the Export Promotion Bureau reveal that the country’s export
earnings in 2020 fell to US $33.60 billion from US $39.33 billion in the previous
year as the COVID-19 outbreak hit the global economy. Bangladesh is hugely
dependent on the export of textiles for its national income as the industry
accounts for more than 80% of overall exports.
9. Page | 9
RECOMMENDATIONS
The RMG industry is a key contributor to other economic sectors, such as,
banking, insurance, real estate, packaging, hotels, recycling, consumer goods,
utility services and logistics. A World Bank survey revealed that 98% of RMG
factories are clients of commercial banks. All machines and plants are insured
with insurance companies and, additionally, 87% importers and 15% exporters
get their imports/exports insured with insurance companies. It is estimated that
port usage fees earned from the RMG sector account for more than 40% of the
income of the port authority. The 4.1 million workers in the industry have also
created a large demand for low-cost consumer goods, such as cosmetics, dresses,
footwear, utensils and other products. The looming crisis in the RMG industry
will have a multiplied chain reaction on the whole economy and salvaging this
industry will be beneficial to other sectors as well.
CONCLUSIONS
The impact of COVID-19 has just started to unfold and will evolve fast. The full
impact will be more visible in the next few months or beyond. In order to
mitigate the impending economic and potential social crisis, it is needed to stay
ahead of the curve and get ready with appropriate emergency assistance and
post-crisis assistance in different forms as appropriate. The impact of COVID-19
extends well beyond the RMG industry to other economic sectors. Assistance to
the RMG industry, which is the largest contributor to urban poverty reduction,
may help other associated sectors in the supply chain and normalize the
economy significantly and faster.
The study revealed that the magnitude of the economic losses will depend on
how the outbreak evolves as any pandemic diseases and its economic
consequences are vastly ambiguous which makes it challenging for
policymakers to work out an axiomatic and appropriate macroeconomic
policy guideline. Therefore, right and effective policies, initiatives, coordination
and awareness buildup are inevitable to avert the severity of the crises to
overcome this pandemic, and an unprecedented wake-up call and
coordinated efforts are inevitable governments, and private organizations.
Finally, the study suggested that as Covid-19 still surfacing all over the world
so some steps should be ensured by the government agencies of Bangladesh to
mitigate possible threats for the economy.