Outlook for Bangladesh economy
While the third wave of Cov-Sars-3 in its new incarnation as Omicron has placed the Bangladesh economy in tenterhooks threatening to derail the economic recovery, forecasts are being made by multi-lateral institutions (MLI) that sound like sweet music to the ears of policy makers. Coming from institutions that are normally conservative about their estimates of Bangladesh economies growth prospects, the recent forecasts and estimates appear too good to be true. A quick look at these forecasts and estimates may reveal if these are serious exercises or mere speculation made in a generous mood to dispel the lingering worry that hangs over policy makers in Bangladesh as almost everywhere else. The most cheerful estimate about the growth of Bangladesh economy in the midst of the insidious pandemic has been made by International Monetary Fund (IMF), the traditionally conservative MLI. According to its finding and calculation the Bangladesh economy’s resilience in turning around has been so steady and robust that it has crossed the US$1.0 trillion dollar mark in value, a landmark event by any reckoning. In its serial estimates the size of Bangladesh economy was US$ 267.99 billion dollar in FY 2006, US$ 540.42 billion in FY14, US$966.48 billion in 2019 and has become US$1061.57 billion recently in 2022 crossing the trillion dollar mark.
[divider style=”normal” top=”20″ bottom=”20″]
China jobs market scenario
Faced with economic headwinds and mounting competition, the employment prospects for university graduates in China declined for the second consecutive quarter at the end of last year, falling to the lowest point since early months of the coronavirus pandemic, results of a new survey showed. The number of jobs available per applicant among fresh university graduates fell to 0.88 in the fourth quarter of 2021, according to the survey conducted by the China Institute for Employment Research (CIER) at Renmin University of China and job search website Zhaopin. This was only slightly higher than the reading of 0.79 in the second quarter of 2020, when China’s economy was hit hard by the initial coronavirus outbreak, and down significantly from 1.52 in the second quarter of last year.
[divider style=”normal” top=”20″ bottom=”20″]
Indonesia to develop $4bn polysilicon industry
Indonesia will establish a $4 billion polysilicon industry amid efforts to boost solar panel production. Polysilicon is a vital material for solar panels, and prices soared to a 10-year high in 2021, driving local solar firms to boost production of the material. Indonesia is seeking to boost industry production in the country at lower levels than prevailing market prices as it seeks a move away from fossil fuels towards green energy instead, Bloomberg reported. The Asian country also has a wish to generate 5.3 gigawatts by 2030 through vast solar panel installations. Two plants are already in progress as a result of a collaboration between potential investors and domestic firms, Bloomberg reported, citing Septian Hario Seto, a deputy for mining and investment at the Coordinating Ministry for Maritime Affairs and Investment. The first plant, worth $800 million, will be located in Batang, Central Java. It is set to open in the third quarter of 2022 and has an estimated production of 40,000 tons of polysilicon in its preliminary phase. The second plant has an accumulated worth of $3.2 billion and is set to open in North Kalimantan with an estimated production of 160,000 tons of polysilicon.
[divider style=”normal” top=”20″ bottom=”20″]
Japanese advisory body to approve covid curbs for most of country
A Japanese advisory panel is set to approve the expansion of tougher measures against COVID-19 to 18 additional regions on Tuesday, putting more than 70 percent of the country under restrictions. The western prefectures of Osaka and Kyoto are among the areas covered by the measures, taken in response to a surge of infections and hospitalisation driven by the Omicron variant of the coronavirus. Japan logged more than 44,000 new cases on Monday, a tally by public broadcaster NHK showed. The curbs will be enforced from Thursday through February 20, and governors in those regions can request restaurants and bars to shorten business hours and stop serving alcohol. The advisory panel is also expected to greenlight an extension through February 20 of the so-called quasi-emergency measures prevailing in three regions. A government task force led by Prime Minister Fumio Kishida is set to formally approve those decisions on Tuesday evening.
[divider style=”normal” top=”20″ bottom=”20″]
Third wave testing India’s economic resilience
In the early half of this year, India was caught unaware becoming one of the worst impacted nations by the deluge of the second COVID-19 outbreak. The pandemic was not just one of the worst health and humanitarian crises, but the second wave further resulted in a major economic setback for nations across the world impacting the overall growth trajectory.
However, equipped with strong macro and micro growth drivers, India is expected to recover and grow faster than earlier predictions. As signs of normalcy were finally returning, the world is once again witnessing a third wave of the pandemic.
Preparation and caution is needless to say pivotal – address the emerging healthcare impact and minimizing economic disruption.
The Government’s calibrated efforts should be lauded for taking swift initiatives to accelerate vaccination at a mass scale, upgrades in existing availability in boosters, supported by close public-private partnerships and state-specific micro-restrictions is likely to play a pivotal role in saving lives and support the healthcare framework but also is the foundation for economic resurgence.