Impact of COVID-19 Pandemic on Global Economy and the Direct and Indirect Impact on Bangladesh Economy

Abstract

Since the outburst of COVID-19 in China, the world economy is passing in a turmoil situation. The COVID-19 pandemic has hit the global economy including the economy of Bangladesh very hard than the any other comparing pandemic. Due to the heavy lockdown of almost all the nations, economic activities around the whole globe have fallen in a very substantial manner.This paper demonstrates the economic impact of COVID-19 pandemic and the direct and indirect impact on Bangladesh economy. To calculate the probable outcome of this pandemic, this paper takes into account some key factors like, GDP Growth, Remittances, Unemployment, Expenditure, and different other important factors.At first, showed the negative impact on global economy through GDP fall. We have seen drastic fall in GDP growth in many major nations including USA, China, and Japan, etc. The extent of Global Recession is also showed in this section. The fall in GDP growth rate for many developed and developing country is showed in this section.Then, the impact on Bangladesh economy is showed in detail. The impact on Readymade Garments Sector, Foreign Remittance, Bank and Financial Institutions, Food and Agricultures, Local Trade, Foreign Trade, GDP, Sustainable Development Goals, Government Revenue, and Employment. The shocks are illustrated from both the global and regional perspective. Each section explained the overall scenario of the COVID-19 pandemic and how it brought the negative changes in the flow of every important economic sector.After that, in discussion section, the paper explained the whole scenario from every corner. The process and every relevant issues collected for each section is illustrated in this section. From which dimensions the COVID-19 pandemic has treated us in explained in this section, the dynamic of this pandemic, how the global economy is affected, how hard the different sectors of Bangladesh is affected is discussed in this section.Finally, this paper recommended some policy level suggestions which might be able to fix the adverse situation that we are facing now. The recommendations are based on the data, analysis, and from the results of this overall paper. It is shown to help the policy makers to take the right decision and to cope up with this pandemic so that we can beat it before it can hit us badly.