The New Nation - Internet Edition

IN the wake of the world economic crisis, there are fears about its impacts on the Bangladesh economy. Experts see waves of adverse impacts of the recession. Terming the US economic crash as 'financial tsunami' Nobel laureate Dr Yunus notes that the crisis has engulfed the world economy. He has observed that the crisis would knock Bangladesh economy soon and the poorest people would be the worst sufferers. World Bank President Robert Zoellick also noted that the costs of the crisis for the poor could be lifelong. Professor Yunus apprehended that the export-oriented apparel industry and the expatriate workers would be the prime affected sectors.

Officials of the Dhaka Stock Exchange, however, ruled out the possibility of such impacts. Basing their arguments on the fact that Bangladesh has got only 2.5 percent of foreign portfolio investment, they observed that the ongoing global economic recession would in no way affect Bangladesh's stock market. But such observation does not seem to rest upon sound logic. Their observation came amid a sharp fall in the DSE index. This shows that the national economy is not immune from the global crises.

There is no scope of remaining complacent when the world economy is convulsing under the impact of the crisis. Any reckless argument or action may lead to grave economic disaster. The national economy had not been buoyant in recent years. The managers of the national economy must always keep watchful eyes on the day-to-day developments in the world arena and must have preparations to tackle the situation. A task force must monitor every turn of events and suggest adjustment of policy measures. The task of protecting the national economy should be taken on a war footing.