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Concerted efforts key to economic recovery
Mohammad Rashedul Alam
The ongoing Covid-19 crisis inspires plenty of comparisons to the 1918 flu, also known as the Spanish flu, that took place more than a century ago and is often referred to as the mother of all pandemics.
However, as per a scholar’s opinion no other pandemic, be it of the past or future, has had such a brutal impact on the economy as the coronavirus, which triggered a near-total shutdown of social, business and economic activities worldwide.
The Covid-19 pandemic is first and foremost a human tragedy, infecting millions of people around the globe while the heart-breaking loss of human life is set to continue ticking upwards.
Considering the disastrous impacts it has had on the global economy while rampaging across the world, the coronavirus is fast becoming the worst pandemic till date.
Bangladesh, a growing South Asian economy, is no exception.
On March 8, the first Covid-19 patient was detected in Bangladesh and since then, the rate of infection has shot upward at an alarming rate.
The ongoing crisis, which is first of its kind for the country, is having a significant impact on public health, the overall economy, business and society.
In a bid to curb the spread of the novel disease, the government declared a two-week general holiday beginning on March 26. However, as the number of coronavirus cases continued to rise, the nationwide closure of all businesses and restrictions on public movement were later extended.
Eventually, the general holiday was brought to an end on March 31 as businesses were allowed to resume operations on their own discretion in a bid to revive the country’s economic activities on a limited scale.
Gradually, more and more factories and offices reopened their doors but when compared to the pre-coronavirus era, operations have still not returned to normal.
However, for a quick recovery from the damage that has already been done to the business sector, economy, society and life, we need a combined effort or else it could take a long period of time.
The ongoing crisis is an opportunity for companies and their employees to reinvent themselves. When it comes to a company’s most valuable asset, a lot of areas come to mind.
R&D, brand value, distribution channels, heritage, business secrets or even a patent might take the top spot. However, this is not even close to a company’s truly most valuable asset.
The answer is the tens or hundreds if not thousands of employees that make up a company’s workforce. It goes without saying, but employees cannot be given a monetary value for the effort they put in to help the business earn profits.
It is their abilities, knowledge, and experience that can’t be replaced. So first of all, business organisations should treat and value their employees as their most important asset and see spending money on their employees as an investment rather an expense.
While we all are passing through a very tough time, this is the perfect opportunity for any organisation to extend a helping hand and support its employees.
In-return, motivated employees will significantly enhance productivity that will, in the medium and long run, create competitive advantages in comparison to other organisations. Finally, it will have a positive impact on the organisation’s profit and loss account.
Safe and healthy working conditions are fundamental for decent work so organisations need to take all necessary safety measures to ensure a safe working environment.
Secondly, those working in an organisation should also realise that it is a tough time for businesses and so, everyone should work together with team spirit and go the extra mile to help their company recover as quickly as possible.
Thirdly, the government should identify the right sector and business organisations as well as their needs for faster execution and disbursements of funds from the stimulus packages.
The authorities also need to conduct very close monitoring and continuous reviews of the financial support provided.
Besides, constant reviews of the process and policies are required to take faster action and ensure quick disbursements to the correct organisation in need.
Fourthly, special attention is required for the agriculture and SME sectors as in 2019, the combined contribution of the two sectors to the country’s gross domestic product was 30.36 per cent with agricultural production during the same period being valued at Tk 107,392 crore.
Employment in the agriculture sector may stand at 27.40 million at the end of 2020 whereas the SME sector accounts for 35.49 per cent of the total employment in Bangladesh, according to a study.
Various findings in the report shows that the impact of coronavirus on SME and agriculture is huge.
Therefore, the government should take proactive measures to increase economic resilience, enhancing its capacity to deal with situations associated with the pandemic.
Reducing the vulnerability of farming communities is crucial to sustain food security and socio-economic development.
Fifthly, the government should immediately take adequate measures, involving all relevant stakeholders, to tackle the ongoing flood crises or else it will add additional challenges to the economy’s recovery.
Sixthly, the media can play a more active role in continuing a country’s democracy, constitutional trends, national development and reduction of corruption through objective journalism.
Till the full economic recovery, the print media could publish special Covid-19 supplements on a regular basis. Similarly, other media outlets can broadcast special programmes. Here, private businesses and the government could play an active role in sponsorship.
As an individual, we can contribute significantly to reshape our own lives as well as indirectly impact economic recovery and, in some cases, directly too.
The novel coronavirus is impacting everyone, some more drastically than others. For a number of families, it could mean making big changes to their everyday routines due to financial hardships.
For others, it could mean increased anxiety among their children, tension in parenting relationships or general fear.
Finding the ‘new normal’ can be challenging as educational institutions are closed indefinitely. With self-care, the support of our loved ones and neighbours, and a few healthy coping strategies, we can manage and reduce the pressure that prevents us from living a normal life.
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