Rising Inequality in Bangladesh: Impact of Climate Change and Covid
A look into the rise of inequality in Bangladesh in the wake of climate change, Covid, and inflation, analyzing the multiple implications.
Key Takeaways:
- Bangladesh experiences an increase in inequality mainly due to climate change, Covid, and inflation, according to Olivier De Schutter, UN special rapporteur on poverty and human rights.
- The country grapples with millions of "new poor" who live slightly above the bread line.
- Bangladesh is set to graduate from the UN's least developed country status in 2026.
- The graduation might result in losing preferential access to overseas markets.
Effects on Local Economy:
Rising inequality could affect consumer spending and local demand. Increased poverty and inflation rates can strain public resources and services.
Relationship with Other Countries:
Bangladesh's economic struggle could solicit international aid, affecting bilateral relations with donor countries.
Tourism Impact:
Inequality and poverty might negatively affect tourism, as social stability is a critical factor in destination choices for tourists.
Innovation and Global Market:
These challenges can push for innovative solutions in sustainable development and digital inclusion, which could influence global trends.
People and Environment:
Strains in society due to inequality may lead to social instability, while climate change continues to impact livelihoods and the environment.
Lesson Learned:
Strategies combating the impacts of climate change, pandemics, and economic instability are vital in promoting social equality.
Recommendations:
Invest in climate-resilient infrastructure, create and uphold robust pandemic responses, use digital currencies to promote financial inclusivity, and safeguard economic stability, consequently reducing inequality.
What-If Scenarios:
- If the situation worsens, the unrest could emerge, causing social upheaval.
- If economic measures are adequate, Bangladesh may become a model for other developing countries.
- Bangladesh might face heavier economic hardship if it loses its preferential trade status.
Final Thoughts:
As the world embraces digital currencies, countries like Bangladesh should utilize this to enable financial inclusion and combat rising inequality. Necessary schemes providing safety nets for the vulnerable population should be ensured.
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