Staff Reporter :
Nearly 36 million people have lost their jobs since the first day of the nationwide shutdown due to the coronavirus pandemic, according to the Bangladesh Economic Association (BEA).
Dr Abul Barakat, President of BEA revealed the information at a virtual press conference on Monday.
“Nearly 36 million people lost their jobs in 66 days of countrywide shutdown enforced to contain the spread of coronavirus,” he said, adding, “59.5 million people moved into different class structures during this period, of which 25.5 million people became extremely poor.”
Abul Barakat also informed that the highest job losses were found in service, agriculture, and industry sectors.
The government declared a general holiday from March 26 and later extended the shutdown in phases till May 30 to quell the spread of the pandemic.
The shutdown came into force after the detection of the first coronavirus cases and fatalities in Bangladesh.
“Around 61 million people are currently working in the country’s job market,” said the BEA president before adding, the “very rich” 17 million people were not affected.
Abul Barakat also said the ways to eliminate income and wealth inequalities should be included in the upcoming budget for the fiscal year 2020-21.
In the press conference, the BEA, the apex body of the country’s economists, placed a Tk13.96 lakh crore alternative budget for FY21 to fight Covid-19 and check growing inequality.
The proposed budget can be drafted without foreign and bank loans, said Prof Barakat.
The association also proposed that the revenue could be Tk12,61,600 crore with deficit of Tk1,35,000 crore.
The deficit could be met through the bond market, savings certificates and PPP, they suggested.
Barakat added there was no need for foreign borrowing to finance the budget.
Barakat urged the government to allocate cash aid and ensure medical treatment for the marginalized population.
“We don’t think the budget should be constricted. There is no alternative to an expansionary budget to fight Covid-19”, he said.
The economist also suggested printing money on a limited scale, if needed amid the pandemic.
The association of the country’s economists recommended for increasing budget allocations in health, agriculture and education.
Dr. Barakat suggested forming of a ‘Health Protection Department’ and to allocate as much as Tk 40,000 crore for it.
