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How is economy after recent terror attacks?

Shamsul Huq Zahid | Monday, 25 July 2016


The nation has largely overcome the rude shock from the terror attack on the Gulshan café and Sholakia in Kishoreganj in the first week of the current month. Despite a lingering fear at the back of their mind, the people are now continuing with their normal activities. But the economy, it seems stands to suffer for some more time. The situation is likely to turn worse in the event of any further terrorist attack.
The people have undoubtedly demonstrated strong resilience following the terror attacks that had received global media attention. There had been widespread fear about small-scale operations by some home-grown religious terror outfits. But nobody had ever thought of Gulshan café type operation in which 29 people, including 18 foreign nationals, two local civilians, two police officials and five attackers, were killed.
The involvement of educated youths, coming from affluent families, in the Gulshan carnage has come as a rude awakening for society in general and rich parents in particular. Sociologists are now busy exploring reasons that have prompted the university educated youths to choose the radical path.    
The government, in the meanwhile, has beefed up security measures across the country with special focus on Dhaka. The follow-up stories on the terror attacks are also plenty these days. So, the high presence of security personnel on the streets, shopping malls, English-medium schools, private universities etc., and unending media reports remind people afresh of the terror incidents almost daily.  Worse are rumours about possible terror targets that include shopping malls and English-medium schools.
With security concerns still looming large in the mind of general population, the economic activities have somewhat slowed down following the terror attack. The worst-hit are the hospitality industry, trading and export-oriented sectors.
The businesses in posh Gulshan-Banani areas are having the worst time since their existence. Without any compelling reason, people do not want to go to these areas. Frequent security checks are considered a problem. Roads take a desolate look soon after the dusk with shops and eateries pulling their shutters down. The restaurants that had turnover worth Taka several lakhs per day do have few visitors these days. The posh hotels are in deep problem with occupancy rate.
The big shopping malls and markets in Dhaka city are having less than normal customers, mainly because of security concerns. Usually, the presence of customers in large shopping malls and markets remains thin during post-Eid days. But the situation, according to shop owners, is highly abnormal this year.
If trading remains dull in most places, the manufacturing activities would surely suffer because of the poor demand situation. The government's revenue earning would also be affected in the event of any slowdown of the economy.
The export-oriented apparel sector, the life-blood of the country's economy, has started taking the brunt of the terror attacks. Some buyers reportedly have cancelled their orders. Many buyers, on the other hand, have cancelled their scheduled visits and asked the suppliers concerned to come to nearby places such as Bangkok and Singapore to discuss business deals. However, apparel sector leaders have been putting on a brave face. They claim that the sector would go almost unscathed by the incidents.
The effect of the terror attacks is very much visible on large shopping centres and hospitality industry. But the general people cannot but only guess the impact of the terror attacks on manufacturing and exports. There is no way of knowing it unless the industry people or the government officials make the people aware of the situation.
The government is trying hard to allay public fear about security. It, however, remains the government's job to examine all aspects of the terror issue and devise the best ways to tackle it. The people are expected to lend their all-out support to any meaningful government move towards combating terrorism. The peace-loving majority people of Bangladesh have strong faith in the religion of Islam, but they do never subscribe to radical views that promote terrorism.
The people do not want any repetition of the terror attacks in the future for the same would put them in severe psychological crisis individually and hurt the economic progress of the country.  The ministries of finance and commerce should hold talks with leading chambers and trade associations, assess the situation on the ground and take remedial measures, if necessary. Bangladesh economy can hardly afford any negative impact of terror attack or any other disruptive activity.
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