IMPACT OF COVID-19 PANDEMIC ON READYMADE GARMENTS (RMG) INDUSTRY OF BANGLADESH

This descriptive study based on secondary data intends to investigate the impacts of COVID-19 pandemic on the Readymade Garments (RMG) industry of Bangladesh as well as it aims to recommend some suggestions to the policy makers of the industry. Published data from various sources have been used and research software were used to analyze the data. The study found that both export trends for both woven and knit items are decreasing since the beginning of the COVID-19 pandemic although before the starting of this global pandemic the trends were opposite. The study also found the similar scenario for the total RMG export of the country which hints the dependency of the national economy of Bangladesh on the RMG industry. RMG order cancellation, factory reporting and job loss in the industry have also been found in the research. Recent literatures also claims adverse impact on RMG industry ranging from salary cut to job loss. Many workers have already sent back to their home without wages. The study recommended to ensure safety measures in the RMG factory as well as to maintain good relationship with the foreign buyers to tackle the pandemic situation. Besides, temporary price reduction policy and announcement of risk premium for the workers also were suggested. Finally the study emphasized on proper management of the government stimuli packages for the industry