Webinar Held on ''The COVID-19 Impact on Business''

Recently, the Chairman of Bangladesh House Building Finance Corporation-BHBFC, Chairman of the Executive Committee of Islami Bangladesh Limited-IBBL and Professor of Accounting Department, University of Chittagong, Professor Dr. Md. Salim Uddin, FCA, FCMA presented a paper titled ''Impact of COVID-19 on Business: The Bangladesh Perspective" in the webinar organized by the Bureau of Business Research, Faculty of Business Administration, Chittagong University as a discussant.

In the paper, Dr. Md. Salim Uddin tried to explore the impact of COVID-19 on the business landscape globally in general and in Bangladesh in particular. He focused on unusual and abnormal global situation, global pandemic crisis due to COVID19 and its expected crisis duration including its potential impact on economy as well as business. He also focused on how businesses adjust to the economic disruptions resulting from COVID-19 and how long businesses expect the crisis to last for understanding the magnitude of business impact.

In this context, Dr. Salim covered the many aspects of COVID 19 Impact on business such as(i) risk and opportunity for business by initiating the concept of VUCA World and D VUCA D World indicating V for Volatile, U for Uncertain, C for Complex, A for Ambiguous, D for disruption and Diversity; (ii)the duration of the COVID-19 recessions and recovery and its  implication for business by explaining through thefour common shapes of V, U, W and L, experienced from past global crisis; (iii) emergence  and worries about K shape; (iv) global economic update in June and September, 2020 and its consequences to business; (v)  an overview of the Business Impact of COVID-19; (vi) a global overview of the Impact of COVID-19 on Businesses; (vii) revenue and business challenges resulting from COVID-19;(viii) sectoral impact in Bangladesh such as TLGF-(textile, leather, garments, and footwear), tourism, pharmaceuticals, export import business, SME and startup business and  many others sector and  (ix)top challenges faced by business and discussed many key Research findings.

He also highlighted the some key message or lesson and beliefs from COVID-19 Pandemic such as we have to think for next new normal; to act rather than react; stop assuming that the old ways will come back; the COVID-19 recovery will be digital; decisive actions to emerge stronger in the next normal; to accelerate organization’s digital capabilities to keep pace; refocus digital efforts toward changing customer expectations; use new data and artificial intelligence to improve business operations; increase the organizational drumbeat; reinventing the organization for speed in the post-COVID-19 era; a road map for post-COVID-19 growth; there are four areas to focus on: recovering revenue, rebuilding operations, rethinking the organization, and accelerating the adoption of digital solutions; a second global COVID-19 Outbreak in Early 2021; confidence is key for the recovery; living with uncertainty; policy can make a difference; a crisis like no other; and finally an uncertain recovery.

In conclusion, Dr. Salim remarked that over the past six months, business organizations have reorganized supply chains, set up remote operations, and made tough financial decisions. But without a COVID-19 vaccine businesses are not much feels different. In this regards, the world anxiously awaits an effective COVID-19 vaccine that can be readily distributed. Until then, the priority is to reenergize organizations by remembering to act rather than react.

Professor Dr. Moazzem Husain, Chairman, Bureau of Business Research, FBA presided over the webinar while Director of Islami Bank Ltd and Professor of the Finance  department Dr. Mohammad Saleh Jahur presented the paper and Professor Md. Helal Uddin Nizami , Department of Accounting, University of Chittagong  took part in the discussion. ProfessorDr. Shireen Akhter, Honorable Vice-Chancellor, University of Chittagong was invited as the Chief Guest on the occasion. Professor Dr. S.M. Sohrab Uddin, Department of Finance and Director, Bureau of Business Research moderated the whole session. A large number of faculty members and research students participated in the webinar.