THE IMPACT OF COVID -19 PANDEMIC ON THE ECONOMIC GROWTH IN BANGLADESH: A CONCEPTUAL REVIEW

Keywords: Covid-19, Impact, Economy of Bangladesh, SDGs.

Abstract

Since the outburst of Covid-19 in China, the world economy is passing in a turmoil situation. Undeniably the economy of Bangladesh is also grappled by the severe public health crisis of the Covid-19. As the public health emergency is heavily interconnected with economic affairs, it has impacted each of the pillars of the economy of Bangladesh. The main purpose of this paper is to make evaluations of the potential impact of the COVID-19 pandemic on the economy of Bangladesh.  This study is based on an empirical review of the recent study works, reports, working papers of home, and abroad regarding economic crisis. The review findings of the paper revealed that the COVID-19 pandemic have significant impacts on the different indicators of the economy of Bangladesh especially, Readymade Garments Sector, Foreign Remittance, Bank and Financial Institutions, Food and Agricultures, Local Trade, Foreign Trade (Export and Import), GDP (Gross Domestic Product), SDGs (Sustainable Development Goal), Government Revenue and Employment etc. This 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.

Author Biographies

Md. Shahbub Alam, IU

Lecturer, Faculty of Business Administration, Islamic University, Kusthia, Bangladesh

Md. Jafor Ali, IU

Lecturer, Faculty of Business Administration, Islamic University, Kusthia, Bangladesh

Abul Bashar Bhuiyan, US

Associate Professor, Faculty of Business and Accountancy, University of Selangor, Shah Alam, Malaysia

Mohammad Solaiman, CU

Associate Professor, Department of Marketing, Comilla University, Cumilla, Bangladesh

Mohammad Abdur Rahman, DIU

Assistant Professor, School of Business Administration, Faculty of Business and Entrepreneurship, Daffodil International University, Dhaka, Bangladesh

References

Ali, M. J., Bhuiyan, A. B., Zulkifli, N., & Hassan, M. K. (2020). The Covid-19 Pandemic: Conceptual Model for the Global Economic Impacts and Recovery. Available at SSRN: https://ssrn.com/abstract=3656243. doi:http://dx.doi.org/10.2139/ssrn.3656243

Baldwin, R., Weder, B., & Mauro, D. (n.d.). Economics in the Time of COVID-19. In primo-europe.eu. Retrieved May 1, 2020, from www.cepr.org

Guerrieri, V., Lorenzoni, G., Straub, L., & Werning, H. I. (2020). Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages? https://www.nber.org/papers/w26918

Islam, M. S., Irana Ira, J., Ariful Kabir, K. M., & Kamrujjaman, M. (2020). COVID-19 Epidemic Compartments Model and Bangladesh. https://doi.org/10.20944/preprints202004.0193.v1

Islam, M. T., Kumar Talukder, A., Siddiqui, N., Islam, T., & Islam, M. T. (2020). Tackling the Pandemic COVID-19: the Bangladesh Perspective. https://doi.org/10.20944/preprints202004.0384.v1

Ma, Y., Zhao, Y., Liu, J., He, X., Wang, B., Fu, S., Yan, J., Niu, J., & Luo, B. (2020). Effects of temperature variation and humidity on the mortality of COVID-19 in Wuhan. Medrxiv.Org. https://doi.org/10.1101/2020.03.15.20036426

Reger, M. A., Stanley, I. H., & Joiner, T. E. (2020). Suicide Mortality and Coronavirus Disease 2019 - A Perfect Storm? In JAMA Psychiatry. American Medical Association. https://doi.org/10.1001/jamapsychiatry.2020.1060

Rodela, T., Tasnim, S., Mazumder, H., & Faizah, F. (2020). Economic Impacts of Coronavirus Disease (COVID-19) in Developing Countries. https://osf.io/preprints/socarxiv/wygpk/

Sumner, A., Hoy, C., & Ortiz-Juarez, E. (2020). WIDER Working Paper 2020/43-Estimates of the impact of COVID-19 on global poverty.
Indiaenvironmentportal.Org.In. https://doi.org/10.35188/UNU-WIDER/2020/800-9

Toda, A. A. (2020). Susceptible-Infected-Recovered (SIR) Dynamics of COVID-19 and Economic Impact. http://arxiv.org/abs/2003.11221

Business Media Georgia. Available at: https://bm.ge/en/article/on-the-background-of-coronavirus-remittances-up-in-georgia--statistics-/51189

Sirkeci, I., Cohen, J. H., & Ratha, D. (Eds.). (2012). Migration and Remittances During the Global Financial Crisis and Beyond. Washington, DC: The World Bank.

Orozco, Manuel (2020). Migrants and the Impact of the COVID-19 Pandemic on Remittances, available at: https://www.lac.ox.ac.uk/sites/default/files
/lac/documents/media/2020_ article _on_migrants _and_the_impact_of_covid 19_on_remittances.pdf?time=1584982389407 [Accessed: 10/04/2020]

Williams, A. (2020). Coronavirus will hit economies across all EBRD regions, available at:https://www.ebrd.com/news/2020/-coronavirus-will-hit-economies-across-all-ebrd-regions

www. wikipedia.com

www.fao.org

www.intracen.org

www.mincom.gov.bd
Published
2020-10-26
How to Cite
Alam, M. S., Ali, M. J., Bhuiyan, A. B., Solaiman, M., & Rahman, M. A. (2020). THE IMPACT OF COVID -19 PANDEMIC ON THE ECONOMIC GROWTH IN BANGLADESH: A CONCEPTUAL REVIEW. American Economic & Social Review, 6(2), 1-12. https://doi.org/10.46281/aesr.v6i2.844
Section
Original Articles/Review Articles/Case Reports/Short Communications