Impact of the Global Economic Crisis on the Employment and Labour Market of Bangladesh - A Preliminary Assessment

The contagion affects of the global economic crisis which originated in the collapse of USD 8 trillion US housing market bubble, has now deepened and broadened its adverse impacts across countries and in different forms..According to Global Employment Trends Report, published by the International Labour Organization (ILO), a total of 18 million to 30 million workers would be unemployed in 2009 and if the situation worsens, the number could increase to even 50 million. In South Asia, the number of unemployed workers would increase within a range of 0 to 2 million, while the rate of poverty could increase by -1.3 to 2.7 per cent (as per the possible two scenarios projected by the ILO). Some of the South Asian countries, such as India have been taking safeguard measures in view of the crisis; however, in low income countries such as Bangladesh appropriate policies and measures in support of sectors and workers which could be adversely affected are yet to be designed or thought of.