Prime Minister Sheikh Hasina is hopeful that Bangladesh will be able to avert a full-blown economic crisis triggered by the aftershocks of the pandemic and the war in Ukraine even as developed nations grapple with the threat of recession.
But the premier reiterated her call for austerity and the need to increase food production while addressing the 'Begum Rokeya Padak 2022' ceremony on Friday.
"The coronavirus pandemic, along with the Russia-Ukraine war and the raft of sanctions from America and Europe that followed have made life difficult for everyone. Our country isn't the only one suffering as developed countries are in an even worse situation," she said.
"That's why I have called on everyone to cultivate every bit of land they have. Everyone should be economical in their use of electricity, water and oil. Everyone should save money.”
Although the country has taken necessary measures to keep the economic headwinds at bay, more needs to be done in order to maintain stability, according to the Awami League chief.
Highlighting a surge in commodity prices in the wake of the conflict in Europe, she said, "I know that some people are suffering because of the increase in commodity prices. But this is due to an international situation. If we keep our production in order, we can sustain ourselves.”
Despite the myriad challenges that lie ahead, Bangladesh will not be beholden to anyone and will instead use its own resources to forge ahead, Hasina said.
"If we all fulfil our responsibilities and are a bit frugal with our money, [we will be fine]. Many developed countries are declaring recessions but Bangladesh hasn't yet. I don't think we'll have to either because we will keep standing on our own feet and move forward.”