TITLE:
Impacts of Russia-Ukraine War: Challenges for Bangladesh’s Economy
AUTHORS:
Md. Golam Rabbani, Sabbir Ahmed Chowdhury, Md. Habibur Rahman
KEYWORDS:
Challenges, Economy, Bangladesh, Russia-Ukraine War
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.12 No.6,
June
27,
2024
ABSTRACT: Bangladesh is confronting multiple hurdles due to domestic and international challenges. The Russia-Ukraine war destabilized the economy of Bangladesh in some cases. The objectives of the article are, respectively, to explore the impacts of Russia’s and Ukraine’s wars on Bangladesh’s economy, to investigate the energy crisis in Bangladesh, to explore the impacts of war on trade relations among the states, and to find a way out to address the current financial crisis in Bangladesh. This paper followed the qualitative research methodology to conduct this study, adding content analysis and reviewing secondary materials. The findings of this research highlighted that the Russia and Ukraine conflicts severely destabilized international trade and economies in different parts of the world. Food, the wheat market, edible oil, the agricultural segment, the energy sector, the dollar reserve, and the ready-made clothing sector are just a few areas where Bangladesh is experiencing significant difficulties. Due to the battles in Russia and Ukraine, fewer people eat non-vegetarian foods, such as meat and other items. The Bangladesh authority needs to emphasize the agricultural sectors, reduce inflation rates, strengthen the banking sector by controlling money laundering, and ensure good governance to address the present crises and challenges in Bangladesh.