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Bangladesh: The economy of Bangladesh is under pressure due to rising fuel prices, high inflation

Dhaka | The rise in gas costs in Bangladesh has led to a rise within the costs of meals and different commodities, inflicting public anger and despair and placing the nation’s financial system underneath extreme stress. On the similar time, because of bitter criticism of the opposition and protests in latest days, the stress on Prime Minister Sheikh Hasina’s authorities has elevated. In view of the protests, Hasina has sought assist from the Worldwide Financial Fund (IMF) to make sure the nation’s financial safety. Nevertheless, specialists say that the state of affairs in Bangladesh is just not as dire as that of Sri Lanka.

Considerably, the financial system in Sri Lanka goes by a severe disaster, the president has needed to flee the nation because of widespread protests. On the similar time, persons are dealing with acute scarcity of meals, gas and medicines and are compelled to face in lengthy queues for items. Bangladesh, too, is dealing with related issues resembling extreme spending on bold growth initiatives, corruption, public anger over dynasticism and a deteriorating commerce steadiness. That is affecting the expansion of Bangladesh.

The federal government final month raised gas costs by over 50 per cent to deal with rising prices because of excessive oil costs. As a result of rising value of different requirements, the general public began protesting. After this, the officers ordered the sale of rice and different important commodities at low costs by the federal government sellers. The nation’s Commerce Minister Tipu Munshi stated that about 5 crore folks might be helped within the newest part of this system which began from September 1. He stated that the federal government has taken a number of measures to cut back the stress on the low-income folks.

It’s noteworthy that because of the warfare in Ukraine, costs of many commodities have elevated, whereas costs have been already rising because of the easing of the affect of the Corona-19 epidemic and bettering demand. In the meantime, the currencies of a number of international locations resembling Bangladesh, Sri Lanka and Laos have weakened in opposition to the greenback, elevating the price of importing oil and different commodities.

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