The trend of losing jobs due to the removal of manual labour and implication of AI was a matter of the moment, which was amplified by COVID 19 pandemic. Countrywide lockdown has resulted in the loss of thousands of jobs, inestimable shrinkage in the SME (Small and Medium Enterprise) sector, downturn in economy, dire consequences in the financial sector and many more. The booming MSME sector has faced colossal losses of Tk 92,000 crore in 2020. International Labour Organization (ILO) and ADB have published a report estimating unemployment of 1,117,000 to 1,675,000 youth in the upcoming year.
As a part of the 8th five-year plan (FYP) the government is trying to create 2.26M new employment every year until FY 2024-2025. Diversification of the export portfolio will reduce dependency on the RMG sector and will create a significant amount of employment. Government has created 19 stimulus packages worth US $12 billion to help export-oriented industries, shipment credit, agricultural sector, and low-income groups, including farmers and micro and small enterprises. Despite lockdown and slow growth of the economy e-commerce, healthcare IT, logistics, medical textile, online streaming service sectors have created numerous opportunities for the youth.
Combating the corona war and damage-control are the ultimate goals of the policymakers which need exuberant research and analysis on the situation.