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Conflicting situation in Middle East may affect Bangladesh economy: PM

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Update : Wednesday, May 8, 2024

Prime Minister Sheikh Hasina today said in parliament that the conflicting situation in the Middle East may affect the economy of Bangladesh.

“It can be presumed that the brunt of the conflicting situation in the Middle East may affect the social, political, and economic aspects of Bangladesh as well as the whole world. This conflict may have some effect on the country’s economy,” she said.

The premier made this apprehension while responding to a question of Dr Samil Uddin Ahmed Shimul, elected from Chapainawabganj-1 constituency, during the Prime Minister’s scheduled question answer session in parliament.

Sheikh Hasina said that there is the possibility of rise of the inflation slightly due to the instability in the world market, inconsistency in market management and the increase in global fuel prices.

In addition, the disruption of the commodity supply chain due to the conflicting situations may increase transportation costs related to exports primarily to Iran or neighbouring regions, she observed.

She noted that “exporters may face tougher competition for this, as the cost of manufacturing and supplying products increases.”

The Leader of the House said that she has directed all concerned ministries or departments to keep eyes on the ongoing events in the Middle East and determine their own course of actions.

“I’ve given instructions to take necessary preparations, especially considering that this conflict might be prolonged and accessing impact of that over the sectors,” she added.

The premier, however, said that there is uncertainty regarding the magnitude of this conflict and what will be its economic impact. “To deal with the situation, there may be a need to support the sector with an emphasis on export trade,” she said.

She mentioned that if the ongoing crisis in the Middle East gets more concentrated and prolonged, it might impact Bangladesh economically. “The government will take necessary measures in this regard,” she said.

Mentioning that Bangladesh is against all forms of conflict, Sheikh Hasina said: “We believe in the path shown by Father of the Nation and the principle – “friendship to all, malice towards none.”

BSS.


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