Even if Bangladesh had to bear severe consequences of the global outbreak of the coronavirus pandemic on its economy, a rebound in apparel orders is helping to revive the country’s economy lately, claimed an Associated Press (AP) report, which also cited a recent report of the Asian Development Bank (ADB) in this direction.
It may be mentioned here that a recent ADB report claimed Bangladesh’s economic comeback as ‘encouraging’ while forecasting that if the current conditions continue, the economy would grow at 6.8 per cent annual pace in the current fiscal year (fiscal year 2020-21).
Meanwhile, speaking to the AP, the President of the apex garment makers’ body of Bangladesh – the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Dr. Rubana Huq underlined that compared to March-May period, the readymade garment manufacturing sector was able to regain upward growth trajectory.
Subsequent to the outbreak of the pandemic, garment exporters in Bangladesh faced large-scale order cancellations from the global buyers, which according to some estimates, stand at more than US $ 3 billion.
The impact of this has been rather devastating on thousands of garment factories and around 4 million workers, who are employed in Bangladesh’s apparel manufacturing sector.
Around 80 per cent to 90 per cent of cancelled orders worth US $ 3.18 billion have been reinstated now as economies in West were turning around and the industry was able to get the buyers back on the negotiating table, reportedly claimed the BGMEA President.
Meanwhile, even if remittances from Bangladeshi workers employed overseas are said to be recovering to give a further boost to the economy, garment exporters have expressed hope that orders from major exports destinations in West would increase in the run up to the Christmas in December.
