Socio-Economic Impact Assessment of COVID-19 and Policy Implications for Bangladesh

09, October 2020 | Bangladesh

Authors:

Abstract

The Covid-19 pandemic is causing an unprecedented health and economic crisis for global economies, including Bangladesh. The economic and social disruption caused by the pandemic as reflected in a massive loss of human life worldwide, drastic decline in economic activities and employment, huge pressure on public health and other support services, social and physical distancing, etc. has been devastating. Since the first confirmed case of infection in March 2020, Bangladesh, like many other countries, had to consider some extraordinary measures including, amongst others, closure of all educational institutions, enforcement of economic shutdown measures and gradual reopening of economic activities, rolling out a stimulus package for business enterprises, etc. (Figure 1). By the end of September 2020, more than 3.6 million officially confirmed infection cases were reported (Figure 1) along with above 5,000 death due to Covid-19 (Figure 2). The prolonged disruptions in economic activities are being reflected through depressed domestic demand, interrupted supply response in the local economy and slowdown in global economic activities affecting global trade and international financial flows.