Bangladesh’s COVID-19 Economic Crisis: The Government’s Inadequate Response and Missed Opportunities
The COVID-19 pandemic has exposed deep flaws in Bangladesh’s economic response, leaving over **2.2 million people jobless** and driving the poverty rate from **9% to a staggering 30%**. Despite these alarming statistics, the government’s efforts have fallen short, especially in supporting small and medium enterprises (SMEs) that form the backbone of the economy. Bureaucratic red tape and limited access to financing have stifled these businesses, leading to closures and increased unemployment.
Furthermore, with Bangladesh set to graduate from Least Developed Country (LDC) status by 2026, a lack of preparation could cost billions in export revenue. Comprehensive tax reform, a proactive monetary policy, and SME-focused support are essential to building a resilient economy. The government must act urgently and decisively to foster recovery and economic stability, rather than relying on short-term fixes that fall far short of addressing the country’s real needs.