POBNEWS24, Dhaka Aug 29, 2022 : The people of Bangladesh are also suffering from the high prices of energy and food products due to the corona epidemic and the Russia-Ukraine war, along with other countries in South Asia. Even power shortages and rising import costs have questioned the ability to repay loans in some cases. This is said in an article entitled ‘Bangladesh is suffering from global economic crisis’ published in the UK-based Financial Times recently.
It is said that the regional economic crisis in South Asia is pushing Bangladesh in the face of various kinds of distress.
Mark Mallock Brown, a former official at the United Nations and the World Bank and currently head of the Open Society Foundations, directed by George Sars, said, ‘This crisis is endangering a variety of economic activities and models of countries. The economy of Bangladesh, known internationally for its garment industry, is collapsing due to economic conditions elsewhere in the world. ‘
Last May, Sri Lanka became the first Asia-Pacific country to default on its debt in two decades. The situation in Pakistan is also getting worse. However, the country is trying to get loans from the US and its allies, which will keep it from going into debt. The tiny countries of Nepal and the Maldives are also vulnerable to global inflation.
According to the article, Bangladesh has so far recovered from recent economic shocks, largely due to its successful export sector. But Prime Minister Sheikh Hasina’s government has appealed to the IMF for loans to boost reserves and help tackle climate change shocks.
