The world has been experiencing worldwide inflation for a few reasons after a pandemic situation arose. World economies are suffering from this inflation. Many countries broke down in 2021-2022 because of this inflation.
Two southern Asia countries(Pakistan and Sri Lanka) are already in the midst of an economic crisis, and another is in the queue. Yes, I am talking about Bangladesh. The country which was developing very rapidly is on the way to breaking down.
how?
Bangladesh economic crisis:
A 51.7% increase in petrol prices and a 45.2% increase in diesel prices were announced by the Bangladeshi government on Friday (August 5).
Bangladesh has experienced a sharp decline in its foreign exchange reserves, despite being one of the world's fastest-growing economies. The country has 39.67 billion dollars in foreign reserves as of August 3, 2022, making it able to cover only 5 months' worth of imports.
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Long queues at fuel stations, protests, and even violent demonstrations have resulted from the drastic hike in fuel prices. As a result of the 23% increase in fuel price in November last year, transport costs had increased by 30%. After the government's decision, Bangladeshis expect similar aftermath.
Bangladesh asks for money from IMF, Asian Development Bank:
To cope with its immediate economic woes caused by high imports, Bangladesh sought $4.5 billion from the International Monetary Fund (IMF) last month.
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