Continuous strike-blockade in Bangladesh: Why will people suffer?

Continuous strike-blockade in Bangladesh: Why will people suffer?
Source: Dhaka Tribune

The nation is experiencing to some extent an economic crisis. In between, political upheaval has begun. The blockade strike has begun. The misery of regular people will intensify as a result. All items, especially consumer goods, have seen price increases in recent days. There's a fresh justification for the strike blockade by traders. The political climate suggests that the issue will probably get more complex.

The effects of the conflict between Russia and Ukraine have already caused havoc on the nation's economy. The dollar issue is visible, reserves are depleting, and everyday commodity prices are rising. The nation's economy is now unclear because of some political parties' obstinate platforms, such as the hartal-blockade, surrounding the forthcoming twelfth national parliament election. After the one-day hartal and two phases of three-day and two-day blockade before the announcement of the schedule for the 12th National Assembly elections, the BNP has again given a two-day blockade program. The blockade has been announced again from today Wednesday. BNP's movement has now practically become a virtual declaration. The party knows very well that their goals will not be achieved through these programs. However, they are doing this for several reasons. Those reasons have become clear to the countrymen. However, due to continuous agitation, on one hand, there has been an increase in public suffering due to various reasons such as the risk of transport and an increase in commodity prices. 

The merchants would have to shut down if the politically motivated intolerance program is allowed to continue. Paying wages will provide challenges. Individuals' earnings will decline. The market's supply of everyday goods will decline if the cars are unable to travel. The cost of items will go up. It will increase inflation even further. The state of the economy will remain unpredictable. A necessity for economic progress is political stability. It is impossible for investors to feel secure in an unstable economy. Take no action at all. Therefore, there won't be any new employment creation.

Organizations won't be able to pay workers appropriately if their firm isn't functioning correctly. Smaller businesses will have to fire employees. The jobless rate will rise. Values ought to be the foundation of politics. There is nothing more to say if some politicians are incapable of doing that. Holding the populace and the economy in contempt is not a legitimate way for anybody to advance politically. Why should the general public foot the bill for politicians' conflicting stances? Nobody wants to steer clear of disagreement and reach a consensus via dialogue. It is concerning that, after 52 years of independence, we still live in an anarchic society. These political parties must understand the facts।

A strike blockade will make people's misery worse. The market's daily commodity prices have been high for a while now. The agony of Hartal-blockade patients is becoming worse. There is a disruption in the market's supply chain. This is being used as a justification by dishonest businessmen. This calls for agreement amongst the political parties. A mutual agreement might prevent this kind of circumstance. Political parties need to make sure that things continue as they are.

Before the budget, the nation's everyday commodity costs were steadily rising. Under such circumstances, the government set mid-September prices for eggs, sugar, soybean oil, potatoes, and onions; these prices have not yet been put into effect. Instead, some other things now cost as much as fifty times more. The market's ineffectiveness of government-fixed pricing is caused by a shortage of supply. The commodity's price would have decreased on the market if the supply had been adequate. The Competition Commission and the Consumer Rights are not in charge of keeping the costs of common goods high. Prices set by the government cannot be enforced unless there is a sufficient supply.

Due to the worldwide economic downturn, buyers are already placing fewer purchase orders. Political provocations like strike blockades will impede both the timely delivery of cargo to ports and the shipment of products. The export lead time will rise as a result. Buyers will further decrease their purchase orders at this chance. Will take longer to confirm purchase orders that have already been made. These political initiatives are of little use to anybody. Everyone, including the opposition parties and the administration, needs to comprehend this. These initiatives ought to be dropped for the sake of the nation and the economy.

Maintaining political and social stability is crucial to preventing economic crises. The current state of politics is unstable due to some so-called political parties’ activities, which will hurt the economy in many ways. However, we rely heavily on imports and exports, or international commerce. Goods for import and export are moved from the port to the manufacturing site or from the port to the port. Political unrest will cause things to deteriorate. Consequently, there's a chance that manufacturing may be interrupted. That will have an impact on jobs.

There won't be an increase in employment; instead, employment will decline. It might result in a rise in the unemployment rate. Overall, the state of the economy is not favorable. The situation has to have a solution identified right now. There will be uncertainty about the course of the days ahead if there is political turmoil. Future worries are what traders worry about when there is uncertainty. Entrepreneurs will begin to consider if their investment will be repaid, whether their product will be sold and whether they will be able to manage the industry. More to the point, consider that investing carries some risk.

Insider traders will also be concerned about this uncertainty. If there's political unrest, foreign investors will not make investments. Foreign Direct Investment (FDI) is declining. The import and export of commodities would suffer if one or two sectors were affected. In this scenario, there will be more uncertainty over the state of the economy and foreign investment. This has left the nation's economy beset by several difficulties.

Mehjabin Bhanu is Bangladeshi culuminst, teacher, and security and strategic affairs analyst.