Business-Analysis
Simon Sinek’s Golden Circle: Concept, Significance, Practice, Examples
Why are certain businesses able to sell more things despite the fact that their rivals are just as good? Why do certain leaders have a greater influence than others? Simon Sinek, an author and former advertising executive, researched the achievements of the world's most powerful and influential leaders and discovered that the secret to their success is in the way these organisations and leaders think, act, and communicate. He names this secret the Golden Circle Theory.
What is Golden Circle Theory
Simon Sinek's golden circle theory is shown as three concentric rings with 'why' at the centre, followed by 'how' and lastly, 'what'. Sinek asserts that the majority of companies and people are preoccupied with the 'what' and 'how' of their operations. Very few individuals consider the 'why.' These few individuals represent some of human history's greatest leaders and success stories. Apple, the Wright brothers, and Martin Luther King Jr. are all instances of golden circles.
Many of us, Sinek asserts, think from the outside in—what > how > why. We are aware of what we are doing, and some of us are aware of how we intend to do it. However, the majority do not inquire as to why. As a result, we are unable to reach our greatest potential.
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To be the greatest version of yourself and succeed, you must first choose what you want to do, how you want to accomplish it, and most importantly, why you want to accomplish it. Understanding Simon Sinek's golden circle theory can assist you in determining why you have certain aims.
Application of Golden Circle Theory in Content Marketing
Now that you're familiar with how to utilise the Golden Circle, here are some more content marketing and copywriting best practices to assist you in putting it all together and creating some helpful, relevant, and great copy.
- Utilise material to elicit an emotional response. Consider the emotional reaction you want to elicit from the reader. Is it dread, survival, shame, a surge of energy, amusement, or perhaps hope?
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- Maintain consistency and authenticity. It's not just about what you say on your website or through content marketing; it's about the overall experience your organisation provides your readers every time they contact you, from speaking with a receptionist to reading on your site to speaking with a sales representative and receiving excellent after-sales service. Provide them with an exceptional experience.
Inflation rate is double than the BBS data, says SANEM in a report
The South Asian Network on Economic Modeling (SANEM) has claimed that the overall inflation rate in the country is more than double from the calculation provided by Bangladesh Bureau of Statistics (BBS).
The SANEM claimed that the overall inflation rate in urban areas is now 12.47 per cent, which is 12.10 per cent in rural areas in Bangladesh.
However, the report released by BBS on February 16 said that in the first month of January this year, the inflation rate in the country was 5.86 per cent.
The rate was above 6 per cent to 6.5 per cent in December last, which was 5.98 per cent in November.
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Economists have earlier expressed doubt about the credibility of the BBS figures regarding inflation in the wake of the upward trend of commodities prices. This time in a study of SANEM found more information that shows the weakness of BBS reports.
The SANEM released an online report on Thursday entitled "Inflation: Government Statistics vs. the Reality of Marginal People".
Selim Raihan, executive director of SANEM, said the BBS provides information on inflation rate that does not reflect reality of economics, if the correct information is not brought out, the recovery process will not be sustainable.
GoZayaan: A prospective solution to local transportation and travel industry in Bangladesh
Everybody likes to travel for leisure time or work. Traveling helps to remove the monotony and helps to refresh the mind. Some people don't want to travel due to tons of hassles. But well-planned and organized travel management can make your travel experience easier.
We face a lot of problems when it comes to travel. The biggest problem is ticket booking and hotel booking, which is very time-consuming as you need to research to find the best deal. But with the advent of technology, we have been able to do so much more easily over the years. Bangladeshi travel tech platforms are coming up with this facility quite well. One of them is the popular online travel solution "GoZayaan," which has introduced itself as an online travel agency. Moreover, they are updating themselves a lot over time.
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What is GoZayaan?
GoZayaan, a Bangladeshi online one-stop travel solution. This platform comes with all kinds of service facilities, from booking your travel tickets to booking your hotel room. GoZayaan originally started its journey in 2017 by targeting air ticketing services. Their main service was to provide domestic and international air ticket facilities. But later, they have been assisting their clients in visa processing and hotel booking as well as providing offers, discounts and coupon facilities to Bangladeshi travel enthusiasts.
How Does GoZayaan Work?
Anyone can easily avail of services like flight, hotel, bus, visa, travel loan through GoZayaan's website. You can easily select the city, hotel, and area according to your choice. Check-in and check-out time, how many rooms you need, or how many people you have, you can easily set everything on their website and find your place according to your preference.
For bus service, you can also see through the website how many seats are vacant in which bus and at what time your preferred bus is available. This popular platform also shares and hosts different tour plans targeting different travel seasons.
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Tour plans make it much easier for anyone to cover different places in Bangladesh. One of the most valuable features of the GoZayaan travel solution platform is the price range that allows you to set packages to suit your budget. Additionally, you can customize the package to suit you. This whole process is very easy and can be done in a few minutes through their website.
In addition, the platform provides various offer packages to customers through joint campaigns with various travel host platforms, travel-based bloggers, and resorts in Bangladesh. GoZayaan has been working closely with local airlines, inter-city bus firms, hotels, and tour operators to make online travel services more popular.
During the Covid 19 pandemic, due to the stagnation of the tourism industry, GoZayaan decided to focus on local tourism. And the platform has achieved 5 times growth in the last 12 months.
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Founder of GoZayaan
This popular platform is founded by Ridwan Hafiz, a young man with an engineering degree from BUET. His whole family lives in America, and he also had a plan to settle there. But at one point, he felt that if he left the country after studying, nothing would be done for the country. Hence, he wanted to do something for the country. Ridwan Hafiz founded GoZayaan on August 10, 2017. This travel tech platform has now gained a lot of confidence among the Bangladeshi people.
Chocolate, Candy, Wafer Companies, Brands in Bangladesh: An Overview
Around the world, chocolate or candy is one of the most popular treats. That's because just about every person enjoys the sweet flavour of dark, milk, or white chocolate. Bangladesh has its fair share of chocolate brands that are loved by locals and tourists alike. The demand for chocolate, candy, and wafer in Bangladesh has increased significantly over the last few years. This article will give an overview of the top chocolate and candy brands in Bangladesh.
Dominant Bangladeshi Chocolate Candy, Wafer Companies, Brands
Pran
In terms of sales, Pran is currently leading the Bangladeshi candy market. The company has been producing bubble gums, candies, and lollipops since 2000. However, Mr Mango is the most popular brand of Pran. It is a green mango-flavored candy.
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Apart from these, they have other lines up too, such as mint-flavored candies and lollipops. Although Pran candies are low priced, targeting the middle class to lower class people, the company had more than Tk 500 crore turnover in 2018.
Nevertheless, it is also reported that Pran is a weak player in the local market, and the company has expanded its candy products internationally.
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Perfetti Van Melle
We may not be familiar with the Perfetti Van Melle company, but candy lovers are definitely familiar with its products. You are surely aware of Mentos, Alpenliebe, Center Fruit, Center Fresh, Just Jelly, and Chewing gums. All of these are sub-brands of Perfetti Van Melle. It is an Italy-based company, which is the second most popular candy brand in Bangladesh.
Perfetti Van Melle has ranked third as a sugar confectionery producing company in the world. Although the company relied on imports initially, they set up a factory in Gazipur in 2006. Now, they are competing with Pran-RFL to gain the top position in the Bangladeshi candy market.
Read Baby Food Brands in Bangladesh: An Overview
Speakers in webinar urge to promote EV business in Bangladesh
Speakers in webinar on Thursday called for adoption of Electric Vehicles (EV) in Bangladesh as it is greener and cost-effective than fossil fuel.
Totally or partially fueled with electricity, EVs are often considered to be the most sustainable form of motorized transportation, they said.
An economic standpoint, EVs and hybrid vehicles provide cost savings as an incentive over traditional fossil fuel vehicles, they observed.
They came with remarks while addressing in a webinar titled “Pioneer EV Businesses in Bangladesh” aimed at creating awareness and promoting the pioneering EV-adoption cases in Bangladesh.
Lightcastle Partners, a business consulting firm in Bangladesh, and Ricardo, a global strategic consulting firm, on Thursday jointly organized the event, which was conducted from LightCastle’s Gulshan office.
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This event is part of the UK Government-funded ‘’Road to a Green Bangladesh‘’ project, which is surveying the local uptake of EV in the current circumstances.
The webinar was moderated by Mehad ul Haque, Project Manager & Senior Business Consultant of Lightcastle Partners.
Mate Antosik, Programme Coordinator at Ricardo, shared the overview of the programme.
Ivdad Ahmed Khan Mojlish, Co-founder & Managing Director of LightCastle Partners, stated, “We are observing the emergence of electric vehicles not just in European countries but in Asia too. We are hoping that Bangladesh will soon join this green revolution.”
Dr. Fahreen Hannan, Founder, Dhaka Cast; Jakirul Islam, Senior Vice President, Bank Asia; Syed Saif Founder and CEO, Lily, a startup company, among others, spoke in the function.
The webinar informed that around 30 Micro Small and Medium Enterprises (MSMEs) case studies have been conducted as part of potential EV business in Bangladesh.
Omicron may hit business confidence & economic recovery in Bangladesh: Survey
The new wave of Covid-19 pandemic is likely to shake the confidence of the country’s business sector as it started recovering from the earlier shocks, according to survey by South Asian Network on Economic Modeling (SANEM).
The overall business confidence in January-March 2022 faces decline in comparison to the October-December 2021 quarter, said the findings of the survey released at a webinar in Dhaka on Monday.
It said most of the sectors have expressed lesser confidence for the upcoming quarter, reflecting their growing concern about the advent of Omicron.
SANEM Executive Director and Dhaka University Economics Department Professor Dr Selim Raihan on Monday presented the findings from the think tank’s seventh round of the “Business Confidence Index” survey at a webinar here.
The webinar focused on the new wave of Covid-19 pandemic and the state of business confidence in Bangladesh.The survey results showed that Present Business Status Index (PBSI) (year) is approaching the mark of 60 in the October-December 2021 quarter from 56.79 in the earlier quarter, indicating a continuation of improvement.Considerable improvement has been observed in the profitability and sales or export order sub-indicators.Similar to PBSI (year), the PBSI (quarter) points to an improvement in business activities in October-December 2021 quarter in comparison to July-September 2021 quarter.
Compared year-on-year, RMG, Textile, Restaurant, Food Processing, and Pharmaceuticals sectors have registered a comparatively faster recovery.Progress in PBSI became slower during the period of Jul-Sep 2021 to Oct-Dec 2021 compared to the previous period of Apr-Jun 2021 to Jul-Sep 2021 quarters.There was a significant gap between Business Status and confidence during the period of Jul-Sep 2020 to Jan-Mar 2021.However, the gap almost fully mitigated during Apr-Jun 2021 and Jul-Sep 2021 when the status and confidence overlapped. But the gap started to rise again from this quarter (Oct-Dec 2021).
How to Open a Preschool in Bangladesh?
Education is the backbone of any nation. It is the single biggest determinant for a country’s metrics of success. In the past three decades, Bangladesh has moved from a 35% literacy rate to 74% in 2021. While the growth is commendable, Bangladesh ranks 128th in the world literacy index. It falls short by almost 10% in the world average literacy rate. The only solution to boost literacy is through the expansion of primary and preschools in both rural and suburban areas. This article will focus on how to start a preschool in Bangladesh, the associated proceedings, and legal requirements.
Why do we need preschool in Bangladesh?
Bangladesh holds a 98% primary enrolment rate which is one of the highest in Southeast Asia. Yet Bangladesh ranks low in the literacy rate. The reason is the subsequent dropout of students from the primary level. A study conducted by UNICEF shows that over 92% of the children aged 3 or below do not get into any kind of formal education and only 38% of the children attend some form of education at age 4. Primary education in Bangladesh starts at the age of 5 which reflects the high enrolment rate. The two-year gap between ages 3 to 5 is where preschools come in.
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A preschool prepares a child to be inquisitive. The NCTB curriculum is followed from the primary level bounds of students in syllabus-based learning. It does not allow a child to develop a love for learning. Most children struggle in the early days which shows a general disinterest in studies in the later years. As a result, Bangladesh has a 17.90% dropout rate, one of the highest in the world. A preschool can easily solve this problem by introducing fun and engaging learning for the kid before they step into the formal education system.
How to Start a Preschool in Bangladesh
The process of starting a preschool in Bangladesh is preceded by a number of the regulations. According to the National Education Policy of 1997, the first 6 months of class 1 of primary education is considered a pre-primary period for a student. However, there are not any government-backed preschools in Bangladesh.
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The existing preschool and kindergarten are mostly private initiatives taken by different authorities and NGOs. Since preschools technically fall under the educational institution as an entity, they must comply with the Registration of Private Schools Ordinance of 1962 and the Primary Education Act of 1951, and the amended act of 1974.
Step 1 – Developing the Framework
The first thing to consider to start a school is to create the framework. The process of registering the school happens in the second phase which will be detailed in the next point.
As part of the registration process, any preschool school needs to have a governing body, a building, an appropriate classroom setup, and sufficient teaching and associate staff. These are the primary requirements to be considered for school certification.
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Step 2 – Certification as an Educational Institution
Preschools fall under the private organization category. Asa result, the school needs to register under the Registration of Private Schools Ordinance. Under this ordinance, the school authority/ founding body needs to submit a formal application to the registration authority. In this case, the registration authority is the primary and secondary education ministry. An application fee also needs to be paid during the submission.
It takes about 90 days from the day of application for verification and certification. From the context of Bangladesh, it is important to have the certification to avoid any kind of legal trouble.
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Step 3 – Ensuring Compliance from the Local Authority
The school needs to have a NOC from the neighborhood/ ward office regarding its activities. It must comply with the ward rules and regulations while conducting class activities.
Things to Consider Before Starting a Preschool in Bangladesh
The aim to start a preschool is certainly commendable. However, the aim and the vision only become successful when students attend the school. There are a few key considerations that can help a budding school in its initial stage.
Target Market
From the socio-economic perspective of Bangladesh, a preschool is mostly considered by the middle class, upper-middle-class, and upper-class households. So, the market segmentation should be done accordingly to attract them.
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The Location
It is best to set up a school in an easily accessible prime location. It will help to attract more students from around the area. Also, it needs to make sure that the location of preschool is near the target segment of population for maximum impact.
The Fees Structure
There is a common misconception that having a lower fee structure will attract more students. In the education sector, this theory does not hold. Parents tend to ensure the best education for their children considering the target market for the preschool. To them, the quality of the education gets more priority compared to the cost.
As a result, a higher fees structure can be set up provided that it matches with the imparted education.
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Marketing and Parent Interaction
Marketing is important to reach the target segment. Social media marketing can be a key tool in this regard. Different social media platforms can be used to showcase the teaching facilities, amenities, and different services of the school.
The school can conduct regular meetings with the guardians to keep them updated on different matters and seek their input. It will also make the guardians more reassured about the education department.
The Teacher and the Curriculum
Perhaps the most important aspect to consider is the teachers. Make sure the teaching staff is competent to handle toddlers and have the necessary training for it. The curriculum material should be carefully chosen so that the learning process aligns with the national curriculum as well as make things fun and engaging for the students.
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Final Words
The process of setting up a preschool in Bangladesh requires a lot of planning and initiatives. Yet preschools are an important stepping stone for the students who will enter the primary level of education. It can act as a strong foundation that will certainly help to minimize the dropout rate in the future.
How to Choose the Right Business Idea?
It's 2022 and more and more people want to be their own boss. The choice of becoming an entrepreneur is a commendable one. It contributes to the economy, creates more jobs, and relieves a person from 9 to 5 routines. But more often than not, people cannot define where to start. It is like having a number of ideas or none at all. Either way, uncertainty is one of the biggest hurdles to starting a business. In this article, let’s look at some of the best ways to match expertise with an idea for a successful business venture.
Steps to Choose the Right Business Idea
There are a lot of factors that should be considered while starting a business. It is not always about what’s in trend or following the heart. There are several essential factors to consider, such as, market planning, product viability, etc that determine the success of any business. With that said, here come some of the must-follow steps before etching a business plan.
The 5-Year Plan
Before brainstorming for a business idea, an entrepreneur should do some self-reflection. And that starts with asking one important question. Where do they see themselves in 5 years? What do they want to achieve out of it? Is it profit maximization making a social impact or driving for a change? To sum it up, the passion of the entrepreneur should determine the course of the business.
Read How to Start a Tea Stall Business in Bangladesh?
The Work-Life Balance
Many people choose to start their own business to have a flexible work life. But essentially, that is never the case. At least not initially. Setting up a business is no easy task. It requires a lot of detailing and work which essentially offsets the employed jobs. So, if family time is a priority, make sure to find a business that does not require constant monitoring.
Matching Skills and Expertise
Many people make the mistake of entering a business sector they have little idea about. It is important to focus on a business with matching skills and expertise. A person does not have to be a master of their craft, but it is important to at least know the basics and find the push to learn even more.
Test Out the Waters
There is a term in business called MVP. It means Market Viable Product. Before launching a business, it is essential to find out the demand for the end product. For example, setting up a luxury watch business in a low-income area will not attract customers as much as it would in an area with a high median income. So it is important to conduct a proper market assessment before going on with the business.
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Reinvent the Wheel
Not every idea needs to be a breakthrough one. There is a common misconception that without a completely fresh idea, it is not possible to survive in the long run. Rather a business can take inspiration from what already exists and try to make it better. For example, the food delivery apps in Bangladesh. Foodpanda, HungryNaki, Pathao foods were all founded consecutively in a short period. Yet each of these startups has its own unique feature which makes them a strong market contender even though they provide virtually the same service.
Try a Simpler Approach
The main focus for a new business should be to reduce complexity. The more complex a business is, the more risk gets associated with it. Try and think of a go-to product or service that is easily accessible and something the people are willing to pay for. There is no need to develop multi-service or products from the get-go. Test out a product or service and then focus on scale-up. The new peripherals will come up as it is.
Get On from Get-Go
Do not spend too much time planning and assessing. Think of a business idea that can be started right away. It does not have to be a full-fledged established business. This point is tailing the idea of testing the waters. Test out the idea in its bare form with little investment and effort. If it shows promise, then go all out. There is no such thing as a hunch behind a perfect business idea.
Read: How to Start a Bakery Business in Bangladesh ?
Check for Profit
As a business, the aim should be to get into profit-making as soon as possible. Yes, there are examples like Uber which took a decade to break even. But businesses like Uber relied heavily on investments. What if the business fails to secure investment? The key here is to jump to money-making as soon as possible. So that any investment risk can be eliminated.
Scalability
This is often ignored while stumbling upon a business idea. The general consensus is that every business is scalable. And that is true to some extent. However, not every business is scalable equally. A business that solely focuses on serving a specific demographic cannot attract new customers from other demographics. And that ultimately hinders the scale-up process. Before hitting on an idea ask what are the long-term plans with the business. If scalability is of priority, the business should be something that is universal or can cater to a large base.
Cross Matching with Resources
A business is hardly ever a one-man thing. It requires a team, investment, planning, and a whole lot more. Ask whether all these resources are available at hand. A business that requires a physical office will require a minimum investment for rent and management. The people are also an important factor in this regard. Make sure there is competence and expertise match with the idea. A business can still get by with basic knowledge and growth mentality. But it is sure to fail if the management is clueless about the basic processes.
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Final Thoughts
Study shows that a human gets approximately 6,200 random thoughts and ideas in a single day. For an entrepreneur, does all of these make for a great business idea? Truth is, it does not. A business idea needs to be tried and tested to make sure it is viable and scalable. There is no shortcut to becoming successful with a business. It only comes with proper planning and a structured approach.
How to Start a Tea Stall Business in Bangladesh?
Tea has been a popular drink in Bangladesh since the British era. While tea was extensively produced in this region to export to European countries, the people of this region gradually came to adopt drinking tea. It became so popular that tea can be considered a staple drink in the daily life of Bengalis. As a huge number of people in Bangladesh consume tea every day, tea stall or store business had thrived as a popular small scale business for decades. To this day, it is still a profitable business to consider. So how to start a tea stall business in Bangladesh? Let's find out.
Why Should You Start a Tea Business in Bangladesh?
The northern and northeastern region of Bangladesh has been the home ground of tea production in this region. There are about 166 tea estates in Bangladesh which also boasts the world’s largest unobstructed tea garden. Since British time, Bangladesh has been a major exporter of processed tea. However, exports have been on the decline over the last few years.
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Yet the decline didn't have much of a significant impact on tea production. Why so? Because tea consumption has more than doubled in the last few decades locally. Currently, the local tea market stands at an astounding 3,500 crore BDT market cap. As of 2019, the total tea consumption in Bangladesh stood at 95.2 million Kg which brings the average per capita consumption to 294 cups per year.
This stat alone proves the popularity of tea in Bangladesh. Thanks to its easy availability and cheap cost, tea didn’t become a product of a certain economic class. Rather people from every economic denomination happen to enjoy this drink. This has paved the way for wide scale business opportunities centering on tea.
Read: How Does Inflation Affect Business, Professionals, Mass People in Bangladesh?
Many people living in the city area do not take the trouble of preparing tea themselves. And the practice is understandable. A cup of tea is available for as little as 5 BDT from roadside tea stalls. That is why floating tea stalls are a popular sight at almost every corner of Dhaka streets.
Moving on from the roadside floating tea stalls, several boutique tea places sell tea in a more refined and cozier environment. One such place is the Halda Tea Valley situated in Gulshan and GotCha in Mohakhali.
The high consumption rate and easy availability of tea have several meanings for a business. A tea stall business is almost sure to bring profit. And the high concentration of tea stalls does not hamper the business simply because there are too many people consuming tea.
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Regulatory Essentials to Start a Tea Stall in Business
Tea stalls in Bangladesh can be divided into several categories. There are floating tea stalls, permanent roadside grab-and-go tea stalls, and upscale boutique tea places.
A floating tea stall doesn’t require any form of regulation or permission to get started. It is considered as part of the informal economy. Even though every form of business in Bangladesh requires a minimum trade license, the small-scale turnover of individual floating vendors allows them to stay out of the regulation.
But a proper tea stall business starts with a proper restaurant-like store setup. Anything beyond a permanent store to boutique places is all regulated by the Bangladesh Hotels and Restaurant Act 2014. As part of the regulation, there is a certain minimum requirement that a business must follow. And that includes –
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How Does Inflation Affect Business, Professionals, Mass People in Bangladesh?
In recent times, Bangladesh and other countries of the world are noticing a worrying change. A close look at the news or the dailies shows that the price of everyday items is on the rise. Why is that happening? The increasing price of commodities, in other words, the reduced purchasing power is attributed to inflation. In this article, we take a deep dive into inflation, its causes, and its impact on business, people and professionals across Bangladesh and the globe.
What is Inflation?
According to Investopedia, Inflation is the phenomenon of reduced purchasing capability. It is also defined as a situation where a currency loses its value, that is, the purchasing power over time. Now it is hard to see exactly how the money loses its value. For example, the prices of daily essentials like vegetables, oil, wheat, onion, garlic have seen an unprecedented surge in price.
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What does that mean? It means people are getting less commodities for the same amount of money spent. The increment might not seem like much. In percentage, the inflation rise is even less. But when the commodities add up along with the households that spend on these commodities, the difference rises to a huge sum.
Now there might be a question, why does inflation occur? In simple terms, inflation occurs when there is an increased money supply in the economy. There are again two types of inflation which will be discussed in the latter point.
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Why does Inflation Occur?
To better understand why inflation occurs, it's important to understand the types of inflation. There are mainly two types of inflation – demand-pull inflation and cost-push inflation.
Demand-pull inflation occurs when there is excess demand for any product. It can be a commodity or service or anything in general. The cost-push inflation occurs when the price of a product increases due to the increase in the cost of factors of production.
From the perspective of Bangladesh, both demand-pull and cost-push inflation are attributed to the overall state of inflation in the country.
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The inflation of Bangladesh is at an all-time high of 5.98%. Since mid-2021, Bangladesh has been steadily seeing an increment of the inflation rate which peaked in December. There are two direct plausible reasons as to why inflation is occurring. And both of these apply to almost all similar developing economies like Bangladesh.
The first reason is bailouts, stimulus packages, and subsidies. Most of the business and industry sector has suffered greatly from the pandemic. The government undertook various stimulus packages which helped the businesses stay afloat. This increased the money supply in the economy.
While the money supply meant businesses could go on to sustain themselves it also posed a few issues. Due to lockdowns and restrictions in movement, people didn’t spend much of their disposable income. As the economy gradually reopens, people are spending this money which is creating a supply shortage.
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Another reason for the supply shortage is the fallout of the global supply chain. With increased production, sourcing, and transportation cost, businesses have no other way but to increase the price of the commodities. Again, this is directly related to inflation as people prefer to stock up before the purchasing power plummets even further. That in turn causes a supply shortage of products.