Economics of Eid
As the darkness of night made way for the first light of day, a rhythmic hum echoed through the tranquil dawn in Jamalpur like a heartbeat. The sound emanated from one of the tin-shed houses in the sleepy village of Baghbari, where Razia Sultana was working diligently in front of a sewing machine, indifferent to her surroundings. Tirelessly, spurred on by the knowledge that she had only seven days to go until Eid-ul-Fitr and 50 dresses still waiting to be crafted, the 45-year-old forged ahead.
Sultana has experienced a five-fold surge in orders ahead of Eid this year and plans to use a portion of the extra income to partake in the festival. "I aim to earn a minimum of Tk 50,000 during this festive season. I plan to save a portion of the earnings, while the remaining will be used to meet the additional expenses during Eid," she said.
Sultana's hard work embodies the spirit of working individuals across the nation, all engrossed in making their preparations for the country's biggest religious festival, likely on April 10.
Eid, which is celebrated as a time of joy, unity, and generosity to mark the culmination of the holy month of Ramadan, also serves as a significant economic catalyst.
Businesses conducted ahead of Eid-ul-Fitr amount to about Tk 170,000 crore, according to a survey by the Bangladesh Shop Owners Association (BSOA). Of the sum, Tk 37,400 crore is spent on clothes. Much is also spent on goods ranging from prayer caps to milk, sugar and almost everything in between.
In tune with the occasion, the spirit of giving is also in full show. People support various charitable causes ahead of Eid, providing vital assistance to the poor so they too can take part in the festivities. Read more
No cheers for restaurant owners, staff this Eid
According to BSOA estimates, Tk 495 crore is given as Fitr, a form of alms-giving mandatory for every able Muslim. Even more is distributed through informal channels, especially as people return to their homes or ancestral villages ahead of the three-day celebration.
About 40-50 million passengers will travel on the occasion of Eid, making the occasion the busiest for the transport sector, said the Bangladesh Jatri Kalyan Samity.
People want to celebrate Eid more lavishly compared to their everyday lives, starting with the food they eat to the products they use. As a result, demand for clothes and other consumer goods increases.
Mohammed Helal Uddin, a professor of the Department of Economics at the University of Dhaka, explains that many people are likely to provide financial assistance to relatives and neighbours. As a result, there will be a redistribution of wealth.
Remittance inflows usually balloon ahead of Eid, but in a departure from the historical trend, funds transferred by migrant workers fell slightly in March. Workers sent home $1.99 billion last month, which will play another role in boosting the economy.
Moreover, the almost overwhelming volume of business ahead of Eid also generates temporary job opportunities for thousands.
Mohammad Nazmul Kabir, manager of a Bata outlet in Mirpur-1, said they had employed 28 additional sales assistants, mostly students, on a contractual basis for the month.
All of these factors lead to a huge amount of cash transactions, which inject dynamism into the economy and contribute to the country's gross domestic product (GDP). Nearly all businesses enjoy good sales, with people spending money on decorating their houses and buying clothes, jewellery, furniture, and various items as gifts.
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