Potential Socio-Economic Impact of the Covid-19 Pandemic on the Human Development of Bangladesh

Abstract

Bangladesh is one of the high-risk countries for the COVID-19 pandemic and its consequent losses. Through quick administrative action and raising awareness for individuals on social distancing, stringent steps were taken to manage the spread of the disease. On 30th October 2021, there were 15,70,485 confirmed cases besides 27,887 deaths in Bangladesh. The primary purpose of this study is to assess and assess the potential socio-economic impact of the COVID-19 pandemic on the human development of Bangladesh. This paper is a general literature review with an informative purpose that examines recent and relevant literature and current study works, domestic and foreign working papers. The economy of Bangladesh is seriously affected because of its small number of economic attributes to meet the demand of a vast population. Bangladesh RMG industry has received work order cancellations of nearly $3 billion. Around 2 million workers in the industries will be affected by this. The millions of Bangladeshi skilled and unskilled remittance earners working worldwide are severely impacted. Bangladesh will also face difficulty in attaining SDGs goals. The pandemic hardly stunned the money market and stock market. In a Perception-Based assessment report, 62% of the respondents agreed that the healthcare system of Bangladesh is fragile and unable to deal with the recent outbreak of COVID-19. In this context, the novelty and the complexity of the COVID-19 represent a significant challenge that might compromise the achievement of organizational goals. Therefore, proper and effective policies, initiatives, coordination and awareness buildup are inevitable to avert the severity of the crises to overcome this pandemic, and coordinated efforts are inevitable for governments and NGOs. Focus on people’s long-term capabilities. Follow a coherent multidimensional approach. Beyond FY2021, we must be forward-looking and consistent with Vision 2041 and 8th FYP, designing the best growth path with distributional equity