TDS Desk:

In the first half of the 2024-25 fiscal year (July-December), nearly 2.1 million people lost their jobs in Bangladesh. A survey by the Centre for Policy Dialogue (CPD) reveals that among those affected, 1.8 million are women, accounting for approximately 85 per cent of the new jobless population.

According to the Bangladesh Bureau of Statistics’ labour force survey, the number unemployed people has increased by over 330,000 compared to the previous year. A BBC Bangla report indicates that by the second half of 2023, the unemployment figure had reached around 2.4 million.

In 2024, due to political instability and the fall of the Awami regime, this number exceeded 2.7 million.

However, researchers have raised concerns over the accuracy of these official figures. They believe the actual unemployment rate is significantly higher than what the government has reported.

Economists argue that since 2022, Bangladesh’s banking sector, inflation, foreign exchange situation, and other economic indicators have been in a weakened state. Investments in the private sector have also nearly come to a halt.

CPD Senior Research Fellow and economist Towfiqul Islam Khan told, “The political upheaval caused by the July uprising has had the most severe impact on employment. After the fall of Sheikh Hasina’s government, unemployment has increased drastically.

“Not only have new job opportunities not been created, but many factories have also closed, causing a significant drop in overall employment.”

He added that the interim government, which has been in power for over a year, has not provided full data on which sectors have suffered the most job losses. As a result, the true extent of unemployment remains unclear.

Meanwhile, several job seekers have shared with BBC that the number of government job vacancies has been relatively low in the past year. As the year progresses, new competitors join the job market, making it harder for many to secure positions.

Zinat Ara Afrin, convener of the Association of Unemployed Development Professionals (AUDP), explained that the suspension of USAID funding has led to over 50,000 job losses in various NGOs.

“More than 70 per cent of these individuals are still unemployed, while some have likely switched professions,” she added.

The garment sector, traditionally a major source of employment for Bangladesh’s lower-middle class, has also seen widespread job losses. Following the investment downturn and political instability after August 5 last year, hundreds of factories have shut down.

According to information from the Industrial Police in eight regions, at least 200 garment factories have closed in the past year, with unofficial reports suggesting the number could exceed 300.