Dhaka, Bangladesh (BBN)- The global financial crisis may take its toll on the growth of country’s export and remittance earnings, economists and experts said in Dhaka.
They made the observation at a seminar titled ‘Global financial crisis, its impact and rescue programs’, which was held recently at Maple Leaf International School (MLIS) in the capital, Dhaka.
Lead Economist and Acting Country Director of the World Bank Vinaya Swaroop, Senior Economist of World Bank Zahid Hussian and Senior Lecturer of the University of Development Alternative (UODA) Siddique Hayat Khan addressed the seminar with the MLIS Executive Administrator Ali Mohiuddin Al Shams in the chair.
Mr. Vinaya Swaroop told the seminar that all countries regardless to their size and economic strength were being affected by the crisis and it was difficult to predict how soon the world would recover from the fallout, according to reports.
About the impact of global financial meltdown, Dr. Zahid Hussian observed that 75 per cent of the Bangladesh’ readymade garment (RMG) exports goes to the US and EU countries.
If the crisis lingers, it may affect the country’s exports to the said markets, he observed.
Terming remittance sent by Bangladeshis working abroad a major source of foreign exchange, he also said a falling oil-revenue due to prolonged crisis may either lead to loss of many jobs of Bangladeshi expatriates or force them to accept lower wages.
Besides, foreign aid to Bangladesh from developed countries may also decline as a result, he mentioned.
Mr. Siddique Hayat Khan stressed the need for taking prudent steps to cope with the prevailing global financial crisis.
BBN/SI/SS/AD-18November08-10:52 AM (BST)