In the midst of the most significant economic slowdown in decades, the fisheries sector in coastal district Jashore proved a mainstay for the economy in the 2020-21 fiscal, that helped Bangladesh avoid recession or even contraction.
Bangladesh’s GDP growth fell from 8.2% in the 2019-20 fiscal to just 3.8% in 2020-21 – the
slowest annual growth in the country’s GDP in 30 years. That represents a slump in economic activity that would have been unacceptable in normal times.
But in a year blighted by the virus where we saw most countries experience contraction in their economies (negative growth), Bangladesh’s 3.8% was the fifth-highest GDP growth rate in the world.
The economic downturn brought on by the pandemic affected almost every sector in the country. The impact was pervasive yet uneven. This was the general picture reflected in most economies around the world.
For the record, the world economy did fall into recession in 2020, with the IMF's final assessment estimating it shrank 3.3%.
The fisheries sector emerged as one of the major pillars holding up the economy and helping Bangladesh to avoid a recession. Technically, a country’s economy enters recession once it experiences two successive quarters of negative growth, or contraction. To get out of a recession then requires two successive quarters of growth back.