A Study on the Impact of COVID-19 on Economy: Emphasizing on Agriculture

Professor Dr. ABM Rashedul Hassan, Dr. Md. Deluar Hossain, Dr. Mostofa Mahmud Hasan

Abstract:

The present research was carried out during the period from May to September 2020 at Chapainawabganj district to analyze the potential impact of the COVID-19 pandemic on economy. The paper presents a brief summary of the global COVID-19 situation and impact of COVID-19 on livestock and dairy, poultry, fisheries and aquaculture, fruits and vegetable sector, ornamental plant sector and current food supply status in Bangladesh as well as in the world. The cause-effect relationship framework showed that the outbreak of COVID-19 slowed down the gross domestic product (GDP) along with major economic sectors and indicators in Bangladesh as well as in the World. Besides the economic shock, it is also facing an imbalance in the food supply in all of its channels. The short and long-run predicted scenario showed that, compared to the agriculture sector, the service and manufacturing sectors are affected more seriously in all South Asian countries. It was found that governments in the region including Bangladesh are trying their best to adopt and implement expansionary fiscal strategies to combat this situation. Though the government has taken some pragmatic and bold step to maintain sufficient food supply, protect the agriculture sector, and mitigate the possible losses.

Keywords:

Agriculture, COVID-19, Economy, Fisheries, Livestock, Poultry

Full Article: