BANGLADESH INSTITUTE OF INTERNATIONAL AND STRATEGIC STUDIES

BETWEEN ‘STRATOCRACY’ AND ‘MORAL DEMOCRACY’: AN APPRAISAL OF MYANMAR’S POLITICAL TRANSITION UNDER SUU KYI

Author: Mohammad JasimUddin, Nurunnahar Khatun

DOI Link: https://www.doi.org/10.56888/BIISSj2020v41n3a3

ABSTRACT

This paper aims to (i) briefly look into covid-19 induced economic impacts on Bangladesh’s external sectors and some of its internal sectors; (ii) succinctly highlight stimulus packages and other steps Government of Bangladesh (GoB) has taken so far to address the impacts, and (iii) propose a set of policy proposals to facilitate government measures. It refrains from making an assessment of existing policy measures. Its data are from open sources and reports published by various public and non-public organisations. The paper should be seen as evolving and considers 08 March 2020 to 31 May 2020 as the timeframe. It also finds that exports are decreasing, imports are facing delays, manpower export is declining, remittance is shrinking, investment inflows are facing uncertainty, additional government financing requirements are being demanded from external sources, unemployment in informal sectors is increasing, agricultural supply chain is disrupted, impacts on large, medium and small industries, stock market, energy, Information and Communication Industry (ICT) are being bigger. Sectoral impacts are affecting revenue mobilisation, rate of growth and poverty. The GoB has already announced, beyond other steps, 19 stimulus packages worth about USD 1031.17 billion, more than 3.6 per cent of Gross Domestic Product (GDP), to recover the impacts and the affected sectors. This paper finds government measures by sectors are comprehensive. But implementing those and reaching out to the affected sectors are challenging. It moreover, proposes that following are vital to facilitate measures provided by GoB: a) having an inclusive arrangement for external sectors; b) reaching targeted support measures to whom it is concerned; c) prioritizing support for agriculture sector; d) increasing fiscal measures for manufacturing and services sectors, initiating a government job support scheme reducing unemployment; e) facilitating ICT industry, pursuing expansionary approaches, f) increasing mobilization, strengthening banking sector, broadening measures in Fiscal Year 2021-22 budget for the affected sectors; g) ensuring implementation and transparency, raising Least Developed Countries’ voice together; and h) having possible options for stimulus packages.