Editorial
How the global crisis will affect Bangladesh
Confusion must be put to rest
Lately we have heard many disparate assessments as to the effect the global financial crisis will have on Bangladesh from various think tanks, private individuals, trade bodies, and members of the care-taker government.
Understandably, the diversity of views on offer has created a certain level of uncertainty in the minds of the general public, which we believe that the government would do well to take immediate steps to alleviate.
It has been suggested that Bangladesh's two principal foreign exchange earners, export of ready-made garments and remittance receipts for overseas, might well be adversely affected by the global downturn.
Already we have seen a declining trend in knitwear orders for the past two months, although it remains unclear whether this can be attributed to the crisis and whether the declining trend will be reversed this quarter.
Similarly, with one quarter of our remittance earnings coming from the western world and most of the remaining three quarters from the Middle East, it is unclear to what extent remittance earnings will be affected. Nevertheless, as the construction boom in the Middle East slows down, it would be foolhardy to presume that our migrant workers there will remain insulated.
Whichever way one looks at it, it is clear that the need of the hour is for the government to reassure the Bangladeshi people that it has matters well in hand. The government needs to speak with one voice and coolly and calmly set forth its assessment of the situation so that confusion and uncertainty among the general public as to the future is dispelled to the extent possible.
People are looking to the government for reassurance and for an authoritative response that will cut through the cacophony of other voices and viewpoints, that will provide some clarity in a confused situation.
Even more important, the people need to know what contingency plans the government has in place to protect the economy from a prolonged crisis leading to our export earnings taking a significant hit.
It is not enough to state that all will be well, the public needs to know what safety measures are in place and how the government will resolve the problems if things do not go according to their plan or if their assessment is incorrect.
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