Welcome to Business Outlook
Related Articles
There is no chance of famine occurring in Bangladesh, said Selim Raihan, executive director of Sanem, a research organisation, yesterday.
“Famine is a very strong word and it often creates panic. I think there is no chance of famine in Bangladesh. We have passed that time,” he said.
He, however, warned that there might be temporary food shortages in remote areas or places having no links to markets. If there is any such danger, steps should be taken in advance.
Raihan, also a professor of economics at the University of Dhaka, was apparently referring to Prime Minister Sheikh Hasina urging countrymen last month to make all-out efforts so that Bangladesh never faces any situation like famine and food insufficiency for the pandemic and in case there was a prolonged Russia-Ukraine war.
Virtually addressing a programme organised by the agriculture ministry on October 12, she said the world leaders apprehended that a famine or food insufficiency might hit the world in 2023 for the Russia-Ukraine war.
Raihan was speaking at a webinar on “Bangladesh Economy: Concerns and Required Interventions” organised by the South Asian Network on Economic Modeling (Sanem).
“The next two to three months are crucial,” he said, adding that the economy was now under a lot of stress due to the current global and domestic situation.
To make a transition from the current crisis, the marginalised population should be brought under social safety net programmes for a short term while its coverage increased, Raihan said.
This is because food safety for many will be at risk again and in the medium term, the government will need to bring reforms in revenue collection and banking, he said.
Raihan, also the executive director of the Sanem, said apart from that, a high-level committee should be formed with all the parties concerned to overcome the current crisis.
Steps may be taken as per the recommendations of that committee, he said. He went on to say that Bangladesh is in a vulnerable situation due to climate change.
Therefore, necessary measures should be taken to boost agricultural productivity. These areas should be seriously looked into to avert any future crises, he said.
According to media reports, the ineligible has been brought under social safety net programmes leaving out those truly in need and so these irregularities should be addressed, Raihan said.
He said the major concern arising from the current economic crisis was high inflation and the risk to food security.
Inflation has been hovering between 6 per cent to 9.5 per cent since February.
In reality, the inflation is at a higher level but there is also a debate that it is being portrayed as being low, he said.
The inflation rate in Vietnam, India and Indonesia is lower than that of Bangladesh.
In October, India recorded 6.77 per cent, Indonesia 5.71 per cent and Vietnam 4.30 per cent. In Bangladesh it was 8.91 per cent.
Highlighting findings of a series of surveys on workers of the export-oriented garment industry, the SANEM executive director said food security of garment workers was under threat.
In other words, the garment workers and their children are eating less than before, he said.
He said workers’ monthly wages have also fallen as they were having to accept working lesser hours for a decrease in work orders.
(TDS)
