Covid-19 Business Continuity Framework
May 17, 2020 | Dhaka, Bangladesh
With over 4.7 million infected cases and over 0.3 million deaths worldwide in just over 4 months, and a case count which is doubling every five days in Bangladesh, the speed and scale of the humanitarian crisis generated by the COVID-19 pandemic is unprecedented. Further, according to many global financial indicators the impact of this humanitarian crisis has surpassed the shock witnessed during the 2008 global financial crisis.
The breadth and scale of the public health measures taken by governments to shield citizens, has had a particularly negative impact on consumer confidence levels – which have fallen to all-time lows in the UK and remain at historically low levels in the US, Germany and France. With these countries representing the core export markets for Bangladesh’s readymade garments (RMG) industry, the sector is at risk of experiencing its first contraction (in terms of export value) since its inception in 1984.
To mitigate the impact of the exogenous shocks expected to be generated by increasingly worsening global economic climate over the next two quarters, it is important for Bangladeshi RMG companies to start creating business continuity plans and strategic responses to the operational risks facing them in the near-term.
To facilitate RMG organizations in navigating this complex, evolving economic crisis, Industry Bangladesh has prepared a proprietary business continuity framework that can be applied by senior management as a standard guideline to prioritize short and long term strategic responses.
Fahim H. Rahman | Industry Bangladesh