Around 3.6 crore people lost their jobs in the 66-day countrywide lockdown declared by the government to contain the coronavirus pandemic, said Bangladesh Economic Association president Abul Barakat on Monday. Barakat made the statement while placing an alternative budget proposal at a press conference held online. He said that around 6.1 crore people were currently working on the country’s labour market. The highest job losses were found in the service, agriculture, and industry sectors, he informed. Around 5.9 crore people had seen a change in the social classes they previously belonged to during this period with 2.5 crore people becoming extremely poor. The association at the press conference placed a Tk 13.96-lakh crore alternative budget for the fiscal 2020-21 to tackle the possible economic losses incurred due to the pandemic. The BEA has been proposing alternative budgets since the fiscal year 2015-16 which are generally two to three times larger in size than the original budget. Finance minister AHM Mustafa Kamal may propose a budget of Tk 5,65,360 crore for the upcoming fiscal year in parliament on Thursday. Barakat said that their proposed budget could be funded without foreign and bank loans. According to BEA’s proposed budget, the revenue generated would be worth Tk 12,61,600 crore while there would be a deficit of Tk 1,35,000 crore. The deficit could be met through alternative means such as the bond market and saving certificates. Barakat said that the upcoming budget should focus on inequalities in income, wealth and education in the society. Inequality has been rising extremely and the economy was its losing control to a handful of people who should be eliminated, he said. He said that the government should impose additional tax on affluent people. He also said that the proposed budget should emphasise on agriculture, education and public health. There should be some measures to recover money which has been laundered and that which has remained undisclosed. The government may also print money, but not in excessive amount, to address the need for funds in the wake of the pandemic.
