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and the country economists for Europe and Central Asia region for useful comments and suggestions. 2China and large parts of East and South Asia were still humming and commodity exporters were still benefiting from the commodity price super cycle in the initial months after the onset of the GFC.3 It is a supply-side shock because the two critical factors of production have gone in short supply: (i) Workers are falling sick or dying and otherwise unable to physically be present at work, and (ii) Capital is drying up because its costs are rising, and cross-border flows are ebbing. It is a demand-side shock, because the people and firms, extremely unsure of their future, are cutting back on durable purchases and investment decisions. Quarantines, social distancing, and home confinements are cutting into demand, too, especially parts of the services sector (airlines, tourism, restaurants and so on). On top of it, trade flows have stalled, which adds to both demand and supply side pressures.
All Bangladesh Development Series (BDS) publications are downloadable at: www.worldbank.org.bd/bds This volume is a product of the staff of the International Bank for Reconstruction and Development/The World Bank. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The material in this publication is copyrighted. The International Bank for Reconstruction and Development/The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly.
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