Bangladesh’s apex garment makers’ body-the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has termed the year 2022 as a year of turning around and went on to add ‘despite all the challenges created by the century’s biggest disaster, COVID-19, we proved our resilience and turned around’
The Director of the trade body, Md Mohiuddin Rubel, while adding that advanced economies were heading towards recession while Bangladesh’s economy has not fully recovered from the COVID crisis, opined has added up to create a new challenge for the industry even as he observed due to the current geopolitical crisis, the prices of commodities, including fuel and food, have been rising while the global inflation rate hit a record 8.8% in 2022 which was 4.7% in 2021.
The result- demand for products and purchasing power in the global market is shrinking.
“All these are affecting the retail sales market as well as disrupting the global supply chain,” maintained Md Mohiuddin Rubel.
