Bangladesh incurred loss of at least Tk 76,000 crore in last two weeks due to the destructive activities that took place across the country during quota movement.
Sources said violence centering anti-quota movement, internet shutdowns and government holidays on executive order brought the country's economic activity to a standstill.
The wheels of industry and import and export business came to a halt.
Movement of people and business activities was also hampered.
Almost everything was closed for 6 days from Thursday to Tuesday.
This information was given by economists, researchers and businessmen.
Traders said that the loss was greater if price of one dollar was more than Tk 118.
But one dollar costs between Tk 122 and Tk 130 in the open market.
Due to this, the loss was much greater.
To deal with the losses, traders demanded waiving demurrage charges, not imposing new charges, not imposing additional interest on loans, providing loans on low interest and other policy support due to delays in clearing goods from ports.
Traders also demanded extending the period of repayment of installments of domestic and foreign loans.
Recently Prime Minister's Private Industry and Investment Adviser Salman F Rahman said, "We requested businessmen to let us know the extent of the damage they had suffered. I also requested them to provide losses they suffered in writing form next Sunday. Traders in all sectors have to report the losses they suffered in writing within as soon as possible. The impact of the recent situation on traders of greater Dhaka was more. It did not have much impact in other districts. We can tell precisely after the traders inform us in writing."
Sources said that almost 95 per cent of imports and exports is done through the Chattogram Port. As this port was closed for five consecutive days, there has been a huge loss. Only Chattogram Customs lost revenue worth Tk 900 crore.
Policy Research Institute (PRI) Executive Director and economist Ahsan H Mansur said that if the wheels of the economy stop losses increase. Calculation of losses cannot be done immediately. Average economic losses was about $1 billion per day."
He also said that common people have suffered the most. The loss has been compounded by the internet shut down. Entrepreneurs incurred staggering losses. The global recession has exacerbated their losses and the recent turmoil in the economy add to the losses.
According to sources, the image of the country suffered the most for this situation. The foreign entrepreneurs who are doing business with the entrepreneurs of the country will suffer from uncertainty. Therefore, the government should keep an eye on the crisis.
Entrepreneurs said that the export sector has suffered the most due to the instability. On the one hand, the production in the factory was stopped. On the other hand, it was not possible to export according to the orders of the buyers. Entrepreneurs fear that the amount of loss in the future may increase. During last 6 days, the loss was more than Tk 8,000 crore due disruption of production and exports. Apart from this, various charges and interest on loans the extent of damage will increase.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Executive President Mohammad Hatem said that all sectors of export suffered. The losses will increase in future. The biggest loss was image crisis. Customer retention is challenging now. Because the internet was off, it was not possible to communicate with buyers. Often must be shipped by air to retain buyers. It will increase the cost, an additional loss of exporters.
Sources said, Chattogram Custom House collected Tk 68,000 crore of revenue, or Tk 180 crore per day, in fiscal 2023-24.
Internet services were suspended from Thursday night.
Chattogram Chamber of Commerce President Omar Hajjaz said that due to five days when everything was closed, import sector suffered losses. However, it is not possible to calculate the losses in money terms. On an average businesses lost between Tk 12,000 and Tk 13,000 crore per day by all sectors including the ports and the customs.
According to the Policy Research Institute (PRI) the total loss in first eight days could be Tk 125,000 crore.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President SM Mannan said, "If we don't get incentives we will face challenges. It is very difficult to keep the industry going in the face of these challenges."
However, economists pointed out that the progress of Bangladesh's economy has never been smooth. It has progressed overcoming setbacks, natural and man-made disasters.
They said that the country's economy has progressed so far after overcoming many obstacles. natural disasters or man-made disruptions such as the corona pandemic, floods, cyclones; Nothing could stop the wheel of economy and development.
Therefore, businessmen and economists say that the damage caused to the economy due to the violence that occurred during the quota reform movement will not last long. The economy will get dynamic again.
Economist Dr Mahfuz Kabir said, "If Bangladesh Bank creates a special fund, the SME sector should be given importance first. They have to give loans with very easy terms and low interest. As we have seen during covid-19, the Prime Minister created a big fund."
The economy of Bangladesh has turned around again and again based on the enthusiasm, work force, bold steps of government with support of the people. The damage caused during recent violence will not last long.
Dr Mahfuz Kabir said, "The experience of Bangladeshis and the national unity, social capital of Bangladesh - that has been our biggest hope. Where the businessmen never gave up in spite of many problems and the government has always stood by the businessmen and the people. I think the government will still be there but there is a lot of pressure on the government."
Destruction of public and private facilities, infrastructure and resources is not acceptable, said experts.
