As noticed, the world economy is severely afflicted by the COVID-19, development in all aspects is critically troubled at present and for an indefinite period of time.
Numerous sectors that are contributing to a country’s economy have been highly impacted.
As such development progress gets stuck up or slower pace, every country including Bangladesh is trying their best to revive the economy, normalize life and sustain the environment.
Since health is an issue, the survival of human beings matters, priorities of healthcare and human care have got the utmost priority and numerous actions have been taken for the ultimate betterment of human beings.
From the beginning of the breakout of the virus, Bangladesh has been playing a leading role by implementing public policies, revising those, or even enacting new policies.
Seemingly unrealistic public policies were the realistic strategic solutions and impermanent actions at the beginning; in spite of having long-term (also medium) philosophy in the policy purpose and vision.
In spite of being lambasted by health experts and social activists, the government of Bangladesh allowed the garment industry to open for the better benefit of employees and the economy.
In order to grapple with the COVID-19, Bangladesh preferred a humanistic approach alongside the recovery of the economy where health and medicine were at the topmost priority that was later coupled with a stage-by-stage recovery strategy.
The unprecedented effects of COVID-19 we can feel for every economic activity irrespective of the geographical location of the country.
Unemployment increased disparately with an additional 1.6 million during the pandemic.
A significant number of employed persons lost their jobs. As developing and least developing countries are the most sufferers, Bangladesh also faces a similar problem and suffers.
Working employees lost their income or have got their salary cut which directly affects the living conditions.
Firing employees with a cause or without in the private sector has become a common instance during a pandemic.
Considering every issue of the socio-economic array, the Bangladesh government has undertaken policy interventions.
In order to address the COVID-induced issues and continue the development, Bangladesh has set a strategic and comprehensive plan in various stages to streamline the economy.
The first stage is characterized as a humanistic style where people and their wellbeing were in the central focus.
Comparatively, comfortable living was the prime concern that emphasized assurance of food and minimizing infection rate and death rate.
To boast professionals morally, special packages for both the health and bank sector were announced.
The impecunious group was given food support along with other social safety new programs for the vulnerable group.
Closure of education institutes was announced; lockdown was imposed and necessary public offices were open where economic activities were less important.
At this first phase of COVID-19, development progress was stuck. Company owners had job cuts to minimize loss although which is not humanistic for the employees but good for employers as the survival strategy.
The government stopped or reduced funding for big projects but continued with expansionary policies.
Distributive policy initiatives were taken to enhance the capacity of poor people.
Bangladesh has got the good news of LDC graduation approved by the United Nations General Assembly during the pandemic, which is encouragingly found supportive because of socio-economic activities of the government at various stages with strategies.
At this stage, the environmental benefit was enormous at a huge cost of economic loss.
The respond-observe-respond strategy kept all socio-economic factors functioning.
At the second stage, looking at the COVID wave and analyzing the severity of coronavirus, Bangladesh started lifting the restriction gradually, started opening up a business and allowed people’s movement.
In spite of being lambasted by health experts and social activists, the government of Bangladesh allowed the garment industry to open for the better benefit of employees and the economy.
This is the second stage of COVID-19, where people started to accustomed to living with the COVID.
Here living with COIVD-19 has been the philosophy that allowed people to resume the official work in person.
Borders opened, business continued and the flight started. Again, a very cautious move was as restriction came when the wave hit again.
The government offered stimulus packages and reduced the interest rate in banks to increase the buying capacity and encourage investing.
At this stage, it is noticed that the environment is getting its previous role with contradictory benefits to the economy.
Living with COVID and working as well became the strategy at the second stage and that worked.
At the fourth stage, the issue of COVID-19 infection and death cases has become a normal phenomenon at present.
All economic activities have started full swing rather than expanded to recover the loss.
A good number of people are vaccinated to start a normal life. Industries started full working.
The government resumed big projects. Vaccine drive has got regular fashion to have a wider coverage including all students above 12 years old.
It is believed that the timely decision taken by the government for the continuation of economic activities contributes to regaining GDP growth, managing the sustainability of employment, increasing export-import, and most importantly sustaining social stability.
The emphasis has also been given to a global partnership, creating vaccines as global public goods, online education as global public goods.
The environment has got the previous position, even more, environmental loss as industries started doing more to recover the loss.
Bangladesh has got the good news of LDC graduation approved by the United Nations General Assembly during the pandemic, which is encouragingly found supportive because of socio-economic activities of the government at various stages with strategies.
Although the uncertainty is constant because of the emergence of new variants and subsequent new waves, it is a learning for all that we have to live with the coronavirus and manage it following the health protocols even after vaccines.
Bangladesh having the long experience of facing disaster, managing risks and mitigating disaster has been utilizing the learning to cope with the COVID-19 too.
It is believed that the timely decision taken by the government for the continuation of economic activities contributes to regaining GDP growth, managing the sustainability of employment, increasing export-import, and most importantly sustaining social stability.
However, the government should eye on impecunious people newly added, the creation of diversified job opportunities, development of new skills areas, controlling the inflation rate, mass vaccination program to keep the development pace active.
Hence, both internal and international market mechanisms should equally be reinvigorated to enjoy the broader and inclusive benefit.
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