Research Proposal
“The world Economic Recession and its impact on the remittance earrings/Garments section in Bangladesh”
Mahfuzur Rahman Manik
Introduction:
World economic recession is going on from 2007. It is the result of fall of world's financial and capital market. The main reason of this recession is the crisis of mortgaged loans in the USA. It started in the housing sector. The economists identified two prime reasons for this recession: one is subprime lending and the other is uncontrolled credit default.
At the start, this recession hit America. Here job market was contracted most. About 600, 000 thousand and 51 thousand people lost their jobs in February 2008 and in January, this number was 6, 55, 000.To face this problem, many companies cut jobs. Almost 10 million people of the world lost their jobs in 2008.
Bangladesh is not free from this recession. Three million people might lose their job in Bangladesh in this year, so here poverty is increasing. This recession affected our export. According to Export Promotion Bureau in seven months, the exporting of raw jute decreased by 15.20 per cent, jute goods by 19.80 per cent, leather goods by 31.80 per cent and frozen food by 5.0 per cent. The BGMEA said readymade garments (RMG) export decreased in January by 4.98 per cent and in February by 17.58 per cent as our cloth mostly goes to the USA and Europe.
This recession greatly affected our manpower export, as well. In the meantime, many of our workers have come back from Malaysia, Kuwait, Dubai, and Saudi Arabia. Malaysia cancelled the visas of 55 thousand workers. All the countries that import our manpower are going to cut the jobs of our manpower at overseas. As the world recession affected our manpower export; it would impact our remittance earnings. The remittance income would decline particularly from the Middle East.
The overall industrial sector of our economy is thus bearing the brunt of the global recession. Our jute, sugar and spinning industries are in a dire straits. Our textile is also in a severe trouble. Out of the 80 mills of jute products, 17 have fully stopped production eleven of these mills are functioning partially, while other mills are also are on the verge of closure. Out of 25 million workers, one hundred thousand has lost their jobs.
Objective of the Study
The major objective of this study is to evaluate the Economic condition of world and a country. We consider some specific objective to clear the concept that list of the following.
· The Impact on the world economic recession and remittance earning of a country.
· To better understanding of a country how they operate their economic situation from the crisis over come to set up batter position.
· To identify those factors that is responsible for the Economic recession of the world.
· How the number of sector that are affected by the global recession.
· Analysis the problem that is the barer to develop a country. As a result the large number of peoples is lost their jobs.
Methodology:
A quick, retrospective “best practices” type of study, based on qualitative research and gathering of relevant studies that shed light on “economic progress and economic recession” interventions that seem to have been successful, Basically Economics calculated by those method A quick, retrospective “best practices” type of study, Scientific Method, Hypothesis Testing, Theory, Law, Principles, Models
Results:
Every work is lead to positive or negative result. After completing this assignment we will gather more about the economics progresses and economic recession of the world. The millions of people might lose their job in Bangladesh in recent year, so here poverty is increasing. This recession affected our export quantities. The economic recession are greatly affected our manpower export, as well. In the meantime, it would impact our remittance earnings and remittance income would decline particularly from the Middle East
Recommendations:
To protect our economy from recession, the government has already taken a number of steps. Financial minister A M A Muhit declared a stimulus package. Of this package of Tk 34.24 billion, export sector will get 13 per cent, agriculture, 43 per cent, power, 18 per cent, food, 11 per cent and agriculture loan, 15 per cent. But in this package their is no stimulus for RMG sector. I welcome this package and I think its lead to developed economic condition of Bangladesh.
References:
1. 1. Financial Express of Bangladesh.
2. 2. Md. Rayhan
Signature
&
Name of the Researcher:
Mahfuzur Rahman Manik
Date:
Group Captain
Md. Tanzir Rahman
Id. 081-12-0029
Section: “3A”
Name of Group member | ID No | Mark (out of 5) |
Md. Tanzir Rahman | 081-0029 |
|
Md. Saydur Rahman | 081-0030 | 4 |
Rposejit Kumar das | 081-0025 | 4 |
Md. Badiur Rahman | 081-0024 | 4 |
Md. Ajmain Mahthab | 081-0019 | 4 |
