The fiscal year 2022-23 presented significant challenges for Bangladesh’s economy, marked by a series of obstacles and price escalations. As the nation emerged from the COVID-19 crisis, the Russia-Ukraine conflict further strained economic recovery. This conflict, coupled with energy supply disruptions and frequent price hikes, has adversely impacted the country. The increased prices of gas and electricity have disrupted industrial production and raised production costs.
Gas prices surged between a minimum of 87% and a maximum of 497% per cubic meter, affecting various consumer categories. Likewise, electricity prices spiked, with captive electricity rates increasing by 87.5% and prices for large and medium industries rising by 150.41% per cubic meter. Fuel prices have exacerbated inflationary pressures, with imported fuel reaching $10 billion in the current fiscal year alone. These challenges have resulted in significant losses for industries, such as textiles and ceramics, leading to production interruptions and financial hardships. Addressing the crisis necessitates investing in domestic resources, reducing import dependency, and ensuring a stable fuel supply at affordable prices.
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