Bangladesh in the shadow of MidEast crisis: A Gen Z reckoning

For the developing situation in the Middle East in Bangladesh is not merely a far-off geopolitical issue but rather it is a direct economic problem.

To the younger generation, which is the largest and most interconnected generation ever in the country, the consequences are even more significant.

It is not only about remittances or the cost of fuel but it involves job opportunities, individual aspirations, and the legacy they are going to receive.

Bangladesh has had decades of strong and close economic relations with the Gulf. Bangladeshis have more than ten million workers in foreign countries, most of whom are located in Saudi Arabia, the United Arab Emirates, Qatar and Oman.

The economic stability and home sustenance are important elements of the economy since remittances contribute about 67 percent of the gross domestic product.

Over the years, migration to the Middle East has served as a sure way to the ladder of upward mobility.

However, the present unrest in the region poses a critical question; is this model which can still be relied on to support the outlook of the next generation?

To Generation Z, the solution is becoming less definite. Any form of conflict and economic stagnation in the Middle East will disrupt labour markets thereby leading to loss of jobs, wages stalled and new migrants getting fewer opportunities.

This twofold load puts families which depend on remittances in financial difficulties as young people joining the labor market face dwindling opportunities both in the overseas and at home.One can feel the feeling of anxiety.

The generation Z is also more educated and world aware than their predecessors, but they are faced with an increased risk of structural unemployment.

In the event migrant workers use the same route back to the home country and re-enter the local labour market, the competition to secure employment will increase making the job-seeking process more tedious.

Nevertheless, signs of toughness appear.

Bangladesh is diversifying its destinations, and it is investigating markets in Malaysia, South Korea, Japan and the European nations as well.

To the young Bangladeshi, they perceive this as a break in the customary migration patterns into the emphasis of competitive global mobility that is skill oriented.

The big question is whether the nation can prepare its young generation with the necessary skills that help them succeed in these new markets.

At the same time, domestic impacts of the crisis are felt as living expenses are on the rise.

Bangladesh is particularly susceptible to the world oil prices that are initiated by the situation in the Middle East as a country where fuel is imported.

Increasing energy prices raise the transportation and production costs, and consequently, this will add the pressure of inflation.

To Generation Z, this is not a hypothetical phenomenon of the economy but a worldly experience.

Increasing spending corrosiveness is undermined purchasing power, postponing financial autonomy, and increasing the sense of urgency in finding stable, well-paying jobs.

In this regard, it is not only about opportunity that is at stake in employment but survival.
However, despite this bad environment, there can be a silver lining to the crisis.

The energy insecurity force is driving Bangladesh to renewable energy and fuel diversification.

In the case of the young people, the transition may create new jobs in green technology, sustainability and innovation areas that are in line with the global trends and demand.

Bangladesh is faced with a balancing game on a geopolitical level. Its old saying of friendship to everyone and malice to no one can be put to the test, as the situation increases the number of tensions.

The force to conform to other competing blocks may affect trade, access to labour and investment flows.

These are not far-off diplomatic issues to Generation Z: they significantly impact their working and educational opportunities, and their future. Reduction in Foreign Policy may open up new prospects or seal the ones there.

On the other hand, the strategic neutrality of Bangladesh can be viewed as strength; having equal relations, the country can retain the opportunity to enter various markets and relations.

This is flexible, which is consistent with the pragmatic perspective of Generation Z one that does not value ideology as much as opportunity.

The generation Z, which is digitally literate, stands to make Bangladesh a world leader in the freelancing sector.

The high presence of remote work, start-up businesses, and work based on information technology among this group, points to a planned substitution of the exportation of labor with the exportation of skills.

Such a shift is not only an economic phenomenon, but it is a radical change of identity.

At the same time, the existing economic uncertainties have a high social implication.

The increasing unemployment and inflation levels can be a source of frustration especially when backed by an informed, vocal, and more active generation of people in a certain discussion about the state of affairs.

The demands to be accountable, transparent, and involve policymaking are thus set to get even more serious. Quite on the contrary these developments are an invitation to positive interaction.

The employment of young people, development of skills, and engagement in governance through considered investment can be the driving force that policymakers use to drive national progress through the energy of the Generation Z.

The way forward is evident: Bangladesh needs to diversify its labor market, invest in the future-oriented skills, enhance social safety net, and speed up its shift to the more robust and sustainable economy.

The recent crisis in the Middle East in most ways operates as a stress test to these more general economic and social policies.

To the generation Z, this time is a turning point: it disrupts established thinking, breaks well-known paths and wants the creation of a new vision of the future. Even though the dangers are beyond doubt, the supporting opportunities are also enormous.

(The writer is a teacher at Daffodil International University, RAK Campus).