The commencement of 2023 brought hopes of recovery for businesses previously battered by the COVID-19 pandemic and the Russia-Ukraine conflict. However, as the year unfolded, the surge in the dollar crisis, fuelled by economic tumult and pre-election political uncertainties, presented formidable obstacles for businesses.
High fuel prices, open bank loan interest rates, and a global economic slowdown further impeded businesses throughout the year.
Media reports underlined this while adding the efforts by the Bangladesh Bank to stabilise the dollar market appeared insufficient, with many entrepreneurs hesitant to embark on new investments or sustain existing ventures.
The reports further added the import of capital machinery continued to drop in the first five months of FY ’24 amid the persisting economic downturn.
Rizwan Rahman, former president of the Dhaka Chamber of Commerce and Industry (DCCI) and managing director of ETBL Holdings Ltd., lamented a year worse than the pandemic period.
Rahman criticised the National Board of Revenue (NBR) for not offering necessary business support, citing disproportionate incentives and increasing pressure on existing traders.
