The official working hour is now 7 hours!
Hard to believe but that's our reality. When we need to work more to fight this inflation, we are cutting down office hours because the government can't back up the whole time with electricity.
Bangladesh was in highlight globally for this decision for a while. We are experiencing power outages every single day, multiple times a day. The government is saying as the fuel price is almost double, we are in short of our reserve and can't afford to buy that much fuel to produce electricity.
No need to say, how this is affecting our total efficiency and productivity.
Photo: My own creation using Canva
Fewer businesses are reporting rising input costs, many garments are already shut down because of the power crisis, and offices are not running smoothly because of the lack of a stable internet connection.
Economists and central bankers have found it uncomfortable to attempt to predict when the current wave of inflation will peak. It's safe to say that, this is not the peak. It's not hard to guess what our situation would be at the peak.
Now what?
The fuel problem is not going to solve in a short while. Even after the war, it will be high priced and many countries like us wouldn't afford to buy it, at least as much as they can.
That indicates that our economy will fall behind.
It's a simple sentence but comes with several consequences. Like as, the employment rate is connected with the number of crimes. In bear eyes, it seems like a regional problem. But sooner or later, it will impact the global economy. For example, the refugee crisis.
I see it this way -
If the 'blue-collar job/workers' don't get the right payment, and can't afford to buy their end meets; the social structure will fall apart. In the same way, if the so-called 3rd world countries can't meet basic human rights, economic harmony will be hampered in every way. And it will break the equilibrium.
It's not an overstatement. If you think closely, you will get it. I can give an odd yet simple example. Bangladesh has the largest shipbreaking and recycling industry. Many countries will not do this odd job because of pollution, health hazard, and many other problems. Now, if we can't afford to run this industry ( I'm not a supporter for many reasons though), not only it will impact our employment rate but also the global economy.
The same goes for many other industries. If I talk about the raw materials of garments for food industries; then it's easy to understand how the global economy is gonna get affected.
Any solution?
The local government needs to wake up. They need to decide where to put the money for a greater purpose. Hard to believe that billions (yes, billion) of dollars are accused of money laundering and corruption. And here we are suffocating.
This is a clear example, of why the responsibility goes to the government to make better financial plans.
I wouldn't say I'm hopeful. No, I'm not. I'm just trying my best to be financially stable. This is the story for many of us. Where's the light?