West’s inflation to impact exports of Bangladesh: ICCB

Developed nations are having to take tough steps to control record levels of inflation, which is a concern for Bangladesh as it will dampen exports demand to these countries, according to the International Chamber of Commerce-Bangladesh (ICCB).

In an editorial released yesterday, the ICCB said Bangladesh is already facing adverse effects of the Russia-Ukraine war, which has caused a reducing in exports to these nations as well as a rise in import bills, mainly for oil and food.

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Besides, domestic inflation recently reached 7 per cent, which is the highest in a decades.

"Countries are preparing for the worst depending on their immediate and long-term concerns. For the West, it is pre-eminently a security concern and they are gearing up accordingly," the ICCB said.

"But for the rest of the world, the humanitarian sufferings and economic concerns come first as the war has disrupted the entire supply chain, making production, business and life unpredictable," it added.