Spare the economy more shocks

We are deeply concerned by how our economy, which has already been facing myriad difficulties for one and a half years, stands to suffer more due to the ongoing political unrest. According to our latest report on the situation, the political turmoil that the country is embroiled in has already started to affect day-to-day economic activities. Added to that is the raging inflation, which the government is yet to bring under control despite its many assurances. Experts fear that if things continue as they are, our economic crisis may deepen further.

During the ongoing series of blockades, we have seen several incidents of arson attacks wherein buses were set on fire. Because o Transportation of consumer goods as well as industrial raw materials have drastically reduced, disrupting domestic supply chains. A wholesale vegetable seller in Dhaka, for example, said he could not hire trucks to transport produce from farmers in Panchagarh, even by offering nearly double the amount of the usual fare. As a result, those farmers are forced to sell off their perishable products at reduced prices to avoid loss. Meanwhile, a supply shortage has been created in the capital, which means retail prices of vegetables are bound to shoot up—especially if unscrupulous traders take the opportunity to make quick profits.

Similarly, if raw materials are not transported to factories on time, production will suffer and export-oriented businesses will face the risk of missing deadlines. This heightens the chances of losing work orders to our competitors—and by extension losing avenues to earn foreign exchange, which we desperately need right now.

Have our political parties, who are refusing to budge from their stance of no compromise, taken note of this potential crisis we are facing? In October 2023, the inflation rate rose to 9.93 percent—a five-month high—and it is unlikely to improve before the election. This means if the current state of affairs persists, our lives are about to get even more difficult.

If our political parties are truly dedicated to the people's welfare—as they routinely claim to be—they must recognise how their political actions are affecting the economy, and by extension the ordinary people. While some level of political turmoil is usually expected in an election year, our economy is not in a usual state this time. We urge our political parties to pause and reflect on the crisis in hand, and act accordingly. At the same time, the government must initiate the process to reach a political consensus through an effective dialogue, realising that it won't be wise to subject our economy to further shocks.

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