According to official statistics, the unemployment rate in Bangladesh rose to 4.49% in the July-September 2024 quarter from 4.07% in the same quarter of the previous year. This increase in joblessness has been overwhelmingly blamed on political turmoil and the security situation, with women disproportionately impacted by the employment slump.
Women More Likely to Be Impacted.
There is a gendered effect; women made up a disproportionate share of the jobs that were lost. Political turmoil and security risk have hampered the participation of women in the workforce, specialists say. Many women are employed in industries susceptible to economic instability, like garment work, informal labour, and small businesses. These sectors have been disrupted due to continued unrest and decreased investor confidence and operational uncertainty.
The Political and Economic Forces at Work
Bangladesh is going through a political instability that has resulted in several protests, strikes and security threats causing economic stagnation. Such uncertainty deters growth, postpones investment, and curtails employment creation.
The garment sector, a backbone of the country’s economy and a significant source of employment for women, has been particularly hard hit. Export orders have apparently also slowed, and factory operations have been disrupted in fits and starts, exacerbating job losses. And smaller businesses that depend on steady political and economic conditions have found it difficult to stay open, cutting jobs and slowing hiring.
Broader Economic Implications
An increasing unemployment rate may have long-term implications for Bangladesh’s economic growth. As a population expands, a larger proportion of people also need work, meaning that new jobs must be created at an equal measure in order to sustain a stable economy. As joblessness continues to rise, especially among women, fewer households may have workers and fewer consumers may be able to spend money, which in turn may hurt economic growth and raise poverty.
Moreover, worries on security and economic volatility might put off domestic and international investments, curtailing future jobs. All of these will need a concerted effort on the part of the policy makers, the industry leaders and the international stakeholders restore confidence in Bangladesh’s labour force.
Measures and Way Forward
Such policies should aim to create an environment conducive to job growth, which will play a key role in addressing the increasing unemployment rate in the country. Here are some potential steps:
Influx of Political Stability: A political dialogue that ameliorates the tensions, and a stable environment for business will be the key.
Promote Female Employment: Providing support systems for female employees such as access to childcare, safe transportation, and legal safeguards from workplace discrimination can incentivize women to join the workforce.
Stimulating Growth: Financial policies designed to encourage foreign direct investment (FDI) may give rise to fresh job opportunities.
Vocational Training Programs: Skills development programs focused on upskilling could help workers pivot to other industries, softening the impact of permanent job losses.
Therefore, the provision of employment to the migrants will be significant for accounting the contributions of the remittance in engaging more citizens in productive works expressly for migrant women as per the above-mentioned statement because Bangladesh finding hard to meet the economic growth due to consecutive global economic downturn. The country and its labour market will be evaluated in the months ahead, and it will be crucial to see how effectively it manages those rising unemployment concerns.