Title: Bangladesh Economy Suffers Over $1.2bn in Losses Amidst Ongoing Protests and Internet Blackout

In a nationwide curfew with the army deployed on the streets, an unexpected alliance of industry leaders gathered at the office of Bangladesh Prime Minister Sheikh Hasina with urgent demands. Contrary to the student protesters who have been calling for an end to job quotas, these business owners appealed to Hasina to withdraw the curfew and reinstate internet services, which have been down for several days as a result of a complete communications blackout.

The country's top business owners specifically pleaded with the Prime Minister for increased security on the Dhaka-Chattogram highway, fearing vandalism and disruptions to the crucial economic lifeline connecting the capital to the main port city. In response, Hasina informed the group that the curfew was imposed and the army was deployed to protect the lives and properties of the people, but assured them that the curfew would be gradually relaxed.

However, the slow pace of relaxation may not be sufficient for the millions of workers, business owners, and companies who continue to grapple with the consequences of the ongoing protests and subsequent economic standstill. For the past two weeks, student protesters and security forces have engaged in violent clashes, resulting in the loss of at least 146 lives. While the protesters initially rallied against job quotas, the Supreme Court recently reduced the quotas. Nevertheless, the students continue to demand justice for their fallen comrades while the curfew and internet block persist.

The devastating impact of the protests and blackout on the economy has been significant. Bangladesh's economy has suffered losses exceeding $1.2bn according to estimates by the country's business community. The ready-made garment sector, responsible for over 80 percent of the country's export earnings, has been hit particularly hard. With all factories closed due to safety concerns, the sector is experiencing daily losses of nearly $150m. The consequences extend beyond monetary losses, as the loss of confidence from international buyers could have a long-lasting negative impact on the industry.

Other sectors, such as steelmaking and pharmaceuticals, have also incurred significant disruption and financial losses. Steelmakers estimate a loss of nearly $110m within the last four days, citing the inability to release raw materials from the port due to the curfew. Meanwhile, pharmaceutical production and distribution have been severely hampered as imported raw materials remain inaccessible, resulting in a disruption of operations for medicine makers.

Moreover, the ceramics industry fears losing export orders worth approximately $8m per day as a result of the ongoing protests. Additionally, the internet blackout has affected e-commerce and f-commerce sectors, causing an estimated revenue loss of at least $5m per day. Call centers face daily losses of at least $3m, while commercial banks may incur additional interest costs due to delayed payments.

While government officials, including State Minister Zunaid Ahmed Palak, have acknowledged the financial losses and assured efforts to restore internet connections, the impact on the economy and various sectors has been severe. With businesses and industries at a standstill, the road to recovery and regaining confidence from international partners will be a challenging one for Bangladesh.

As the nation navigates through these tumultuous times, swift resolution of the ongoing protests, easing of the curfew, and the restoration of internet services are crucial steps towards rebuilding the economy and ensuring stability for the people and businesses of Bangladesh.