Here's how Bangladesh is recovering post-pandemic

Sep 18 2020 02:53 PM
Here's how Bangladesh is recovering post-pandemic

Every country is trying its level best to cope up with the post-pandemic crisis. A rebound in garment orders after the markets therein plunged during spring shutdowns is helping to revive the Bangladesh economy. Enclosures from Bangladeshi workers engaged abroad have also recovered, helping to reduce pressures from a pandemic quasi-shutdown during the spring. The Asian Development Bank published this week that the economic comeback was hopeful. It is projecting the economy will grow at a sturdy 6.8% annual pace in the fiscal year that ends in June if current conditions continue.

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That’s a much brighter prospect than in April-May when the global clothing brands delayed or discontinued orders worth more than $3 billion, affecting about 4 million workers and thousands of factories. Rubana Huq, president of the Bangladesh Garment Manufacturers and Exporters Association, or BGMEA reported a leading daily, “At the moment we can say that the ready-made garment industry has been able to regain its growth trajectory upward compared to March-May.” 

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Bangladesh's earning account about $35 billion annually from garment exports, mainly to the United States and Europe. The industry is the world’s second-largest after China’s. Bangladesh’s exports rose 0.6% to $3.9 billion in July, after falling 83% to $520 million in April. Imports, which are stated on a quarterly basis, began recovering earlier, rising 36% in May-June. In the month of August, exports rose 4.3% from a year earlier, to $2.96 billion, mostly driven by apparel shipments, according to the government’s Export Promotion Bureau. Garment shipments totaled $5.7 billion in July and August.

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