Ending political turmoil for survival

It is a matter of regret that the economy of the country is being strangulated to death due to the ongoing political turmoil. If this situation goes on for a long time, the GDP will be much lower than what was targeted. The turmoil is pushing our country to the brink of destruction. The readymade garment (RMG) sector has been playing a significant role in our economic development over the years. But this sector is now gasping for life owing to the ongoing political violence. According to the BGMEA, the RMG sector suffered a loss of Tk 20 billion in the October- November period alone.  
Then there has been a massive erosion of goodwill that the RMG sector as a whole used to enjoy. These unbearable losses have snuffed out all the hopes of the owners for survival of their businesses. According to one assessment, the RMG orders for Bangladesh have already dropped by some 40 per cent in the current buying season and could decline further in the weeks ahead.
Many RMG owners have already closed down their factories due to the political deadlock.  Thousands of workers are becoming unemployed in a short period of time.
Revenue collection shortfall owing to the political deadlock is another cause for concern. According to the National Board of Revenue (NBR), the revenue shortfall in the first five months of the present financial year has been Tk 60 billion taka.
A political negotiation can change the situation overnight. If the ruling Awami League and its arch rival BNP sit for negotiation and really mean business, the crisis can be solved immediately.
The writer is of the Department of Statistics, the Islamic               University, Bangladesh.                  [email protected]