Development of theoretical and methodological support for evaluating the feasibility of strategic measures to ensure the economic sustainability of the country

Md. Masud Rony ()
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Md. Masud Rony: Bangladesh Bank

Technology audit and production reserves, 2020, vol. 4, issue 4(54), 45–52

Abstract: The object of research is the process of assessing two different situations before and after COVID-19, as well as recognizing these problems and ways to minimize losses, using the example of Bangladesh. This paper describes the economy of Bangladesh before the outbreak of the pandemic, the relationship between the two different sides of the economy, the likely impact of this pandemic in the coming fiscal years, and proposals that can minimize the risks of loss. The global economy is linked through cross-border flows of goods, services, financial capital, foreign direct investment, remittances, exchange rates, know-how, people, resources, experts, and international banking. Therefore, the most significant negative impacts on Bangladesh are the decline in exports of ready-made garments, the cessation of tourism and air travel, a decrease in the number of financial transactions, the closure of commercial firms, a decrease in local consumption, and many entrepreneurs and workers are left without work. Over the past 30 years, the country's GDP has been growing. This gave the country the fastest growing economy in the Asia-Pacific region, even considering the fact that it is a land of natural disasters such as floods, cyclones, droughts, famines, storm surges, river bank erosion, earthquakes, droughts, salinization of groundwater and tsunamis. In addition, Bangladesh has a track record of accelerating GDP growth when the world faced a global recession called the Wal-Mart effect. During the work, general scientific and special research methods were used. Data included Bangladesh's real GDP, reserves, exports, imports, remittances, and foreign aid. It has been proven that to stimulate the economy, governments must take both fiscal and monetary measures, and policies and rules will be more effective if fiscal and monetary policies are well aligned.

Keywords: Bangladesh economy; COVID-19 pandemic; economic damage; economic progress; reserves and remittances; tourism and travel; financial policy (search for similar items in EconPapers)
JEL-codes: O53 R51 R58 (search for similar items in EconPapers)
Date: 2020
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