A new financial year starts for Bangladesh amidst coronavirus-induced uncertainties

Bangladesh has started a new financial year (FY21) from July, which at best can be termed as ‘plagued with uncertainties’. COVID-19 that has had a devastating impact across the globe has not spared Bangladesh either, especially its garment manufacturing and export sector, which is the lifeline of the country’s economy. The first case of COVID-19 in Bangladesh was detected on 7 March. Since then, the pandemic has wreaked havoc in terms of lives lost and the overall economy of the country. Bangladesh exports, mainly dependent on readymade garments (92 per cent), suffered a big jolt in the wake of the epidemic. If the industry was forced to shut down operations for a substantial period on account of the countrywide shutdown, it was on a limited scale when it resumed operations, thanks to large-scale order cancellations (US $ 3.15 billion) by global buyers, especially those from the export strongholds of Europe and North America. For more, click @ Apparel Resources