Bangladesh's Economy Facing 7 Crises Right Now: CPD

The Russia-Ukraine war has poisoned the world after the Coronavirus pandemic. There is an economic crisis in the world. It has also affected Bangladesh. Along with the global crisis, several internal crises are also pushing the overall situation of the country to a more fragile state. Bangladesh is facing a total of seven crises related to dollar, electricity, inflation, food, energy crisis, Ukraine, Covid and climate change.

Such information has emerged from the research of the Center for Policy Dialogue (CPD), a non-governmental research organization.

These issues were highlighted in a press conference titled 'Glimpses of recession in the global economy and which way to overcome the challenge of Bangladesh?'

CPD executive director Dr. Fahmida Khatun said, in the current context, we have divided the crises into seven parts. Among these crises, other crises are intensifying due to dollar, energy, inflation and food crisis. Overall, those seven crises have become a challenge for us.

She also said that the global economy has shown signs of recession. Inflation is at historically high levels around the world. Growth is either down or negative in several countries. We are feeling that effect too. This crisis is ongoing and intensifying.

Fahmida said inflation is rampant. International products are also more expensive. Again, the price of products produced in the country is high. There is also a glimpse of food crisis. FAO reports that 45 countries in the world are at risk of food shortages. Bangladesh is also included in this list.

According to CPD research, there are 19 essential products in the list of food products of people living in Dhaka city. Which is all in human enjoyment. The total cost of a family of four in Dhaka including essential food was 17 thousand 530 taka in January 2019, which has increased to 22 thousand 421 taka considering the price of food products on 16 October 2022.

On the other hand, if fish and meat are excluded as a compromise diet, the minimum expenditure of a family of four members has increased to 9 thousand 59 taka. Which on January 1, 2019 was six thousand 541 taka. It is mentioned in the study that if the import duty rate on essential products can be reduced to handle the pressure of food inflation, the pressure on the common people will be reduced.