The ongoing global economic downturn has affected Bangladesh like many other countries.
Inflation, economic impacts of the Covid-19 and the Russia-Ukraine war has affected global supply lines - causing food and fuel price hike, along with a dollar crunch in the country.
The world media, which has lauded Bangladesh as one of the fastest growing economies in the world, has covered the situation in the country with skepticism in recent times; with some drawing lines with the crisis-hit Sri Lanka after Dhaka sought $4.5 billion in loan from the IMF.
Here is how the world media has narrated the recent economic situation in Bangladesh -
Is Bangladesh headed the Sri Lanka way? – Times of India
The explainer article published int he Times of India on 12 August, states: "Yet another South Asian country has come under the trap of falling foreign exchange reserves and soaring trade deficit. Bangladesh is on the boil. Blackouts, sudden surge in fuel prices have forced people in the country - just like Sri Lanka and to some extent Pakistan- to come out on to the streets in protest to raise their concerns."
It article continues, "Rising imports bills have prompted Bangladesh to reach out to global lending agencies — seeking $4.5 billion from International Monetary Fund (IMF), and $1 billion each from the World Bank and the Asian Development Bank."
"After Sri Lanka and Pakistan, Bangladesh has become the third South Asian country to seek a loan from the IMF," it added.
Bangladesh's garment sector faces energy, demand crises – Al Jazeera
A report published on 2 August in Qatar-based Al Jazeera, citing Bloomberg, says that Bangladeshi RMG industry "is facing a double whammy" due to slow global demand and the energy crisis inside the country.
"Bangladesh's garment industry, the world's No. 2 exporter after China, is facing a double whammy from slowing global demand and an energy crisis at home that's threatening to thwart the nation's pandemic recovery," it states.
"Waning orders are a risk to the economy, where the garment industry makes up more than 10% of gross domestic product and employs 4.4 million people. It couldn't be happening at a worse time for Bangladesh as authorities are resorting to productivity-killing power cuts to preserve fuel reserves amid a region-wide energy crisis, caused in part by the war in Ukraine," the report adds.
Bangladesh seeks IMF support to head off financial crisis – The Hindu
A report was published in The Hindu on 26 July that cited Agence France-Presse (AFP). It said that Bangladesh was seeking loan support from the IMF to "head off financial crisis".
"Economists say the Bangladeshi taka has effectively slid against the US dollar by around 20% in the past three months," the report states.
"Tens of thousands of mosques around the country have been asked to curtail their use of air conditioners to ease pressure on the electricity grid, with power shortfalls compounded by a depreciating currency and dwindling foreign exchange reserves," it added.
Bangladesh scouring for loans amid growing economic woes – Duetsche Welle
"Bangladesh has been battered by the surge in global food and fuel prices, which have led to dwindling foreign exchange reserves and lengthy power outages, among other problems," said a report published in Deutsche Welle on 5 August.
It continued: "Bangladesh recently became the third country in South Asia, after Pakistan and Sri Lanka, to seek financial support from the International Monetary Fund (IMF) this year. Dhaka is now reportedly also seeking assistance from the World Bank and the Asian Development Bank to overcome the economic challenges it has been facing in recent months."
Can Bangladesh ensure a soft landing? – The Stateman
An article published in The Statesman on 11 August says, "By ignoring long-standing issues in the pursuit of growth, suddenly the country is back to the era of rolling power cuts, with the taka and the forex reserves under pressure."
"The challenge ahead is to pilot Bangladesh's economy to a soft landing. Like much of the world, Bangladesh's economy is facing strong headwinds and turbulence. High oil, LNG, cooking oil and food prices, and an overvalued foreign exchange rate, increased the import bill in the last year to $84 billion, the trade deficit to $32 billion, and the current account deficit to $17 billion – all record-breaking numbers," it adds.
Moody's Says Pressure on Bangladesh Rising But Crisis Risk Low – Bloomberg
Bloomberg on 28 July published an article regarding the financial pressure Bangladesh is facing.
"The pressure on Bangladesh's economy is building, even though the nation's default risk is low, according to Moody's Investors Service," the report starts.
"The main message is that although foreign-exchange reserves have dropped lately – this is from high levels, and the sovereign's external vulnerability indicator is low," it said citing Camille Chautard, a sovereign analyst at Moody's in Singapore.
Why Bangladesh, one of fastest growing economies, is seeking IMF loan – Arab News
In a news published on 28 July, Arab News described Bangladesh as "one of the fastest growing economies."
"Bangladesh, one of the fastest growing economies, has joined others in the South Asian region to seek a loan from the International Monetary Fund, a move experts say is aimed at creating a buffer in its reserves to prevent a crisis situation faced by other regional countries," it adds.
According to the report, "globally rising food and fuel prices have put a strain on its balance of payments and the current account deficit."
Bangladesh fuel prices: 'I might start begging in the street' - BBC
BBC on 14 August published a report regarding the economic sitation in Bangladesh.
"Bangladesh, one of the world's fastest-growing economies, has raised fuel prices by more than 50% in just a week. It blames rising oil prices in the wake of the war in Ukraine. Thousands of people have taken to the streets in protest, as another South Asian nation faces a growing financial crisis," the report said.
"Like many other countries, Bangladesh has been at the sharp end of the global rise in oil prices in the wake of Russia's invasion of Ukraine," it added.