EconTalk: A BUPEC Webinar on Labour Market Dynamics in the Post Pandemic World: Global and National Perspective
In the wake of the ongoing pandemic, it is expected that the world will go through a recession and a severe economic downturn which will prompt having changes in the labor market for different jobs, and for fresh graduates, this is no less than a formidable challenge as the job dynamics are about to go through a major transmutation.
In light of this situation, BUP Economics Club (BUPEC) initiated to bring its annual lecture, EconTalk 2020 titled "Labour Market Dynamics in the Post Pandemic World: Global and National Perspective", discussing on how the job dynamics will be altered in the labour market due to the pandemic on a national level along with the view of the global perspectives. The aim of the event was to unite young minds from all around the country and have an incisive discussion on the challenges and opportunities due to the alterations of job requirements and job demands of the labour market in the post-covid-19 world. The event did not only discuss the difficulties faced but also the appropriate solutions. It was hoped that all young minds together around the nation can bring up some innovative solutions that add value to the labour market dynamics in the post-pandemic world.
The webinar took place on two consecutive days from July 28 to July 29, 2020. The discussion focused on six different dynamics of employment including fresh graduates, day labourers in the informal sector, RMG and industrial sector, agriculture, SME, startups and lastly health care.
On the first day, EconTalk 2020 was joined by six student speakers from University of Dhaka, Jahangirnagar University, Bangladesh University of Professionals, BRAC University, Noakhali Science and Technology University and United International University who put forth on the upcoming labor market crisis and challenges. The discussion was quite engaging. As the session progressed some very crucial aspects of the labor market were being analyzed. The unemployment in the informal sector due to pandemic are being hit the worst. Informal sectors played a key role in the economic growth as we know that 80-90% of the jobs of Bangladesh are from the informal sector. In a research of SANEM, it shows that the poverty rate of Bangladesh may double to 40.9% compared to the time before the pandemic. As a result the inequality may rise in the economy. Many different questions were raised by the young enthusiasts which were also discussed on session next day.
On the following day, a thorough analysis was presented by three most eminent guest speakers on the topic to share their valuable thoughts, experience, and knowledge which helped us to overcome the current economic shock due to COVID-19 leading to a job deficiency and other shortcomings in the job market. The guest speakers were Dr. Selim Raihan, Executive Director of the South Asian Network on Economic Modeling (SANEM), Dr. Khondaker Golam Moazzem, and the Research Director at Centre for Policy Dialogue, Bangladesh and Engineer Abdus Sobhan CIP, the Managing Director of AUKO-TEX Group.
This discussions were moderated by Md. Nafis Khan and Shahriar Alam Apurba, undergrad students, pursuing Economics at Bangladesh University of Professionals.