Bangladesh 3rd among remittance-receiving countries...

Dhaka, Friday   26 February 2021

Bangladesh 3rd among remittance-receiving countries

 Economy Desk

 Published: 12:08 PM, 21 February 2021  

Bangladesh 3rd among remittance-receiving countries

Bangladesh 3rd among remittance-receiving countries

Due to the ongoing coronavirus (Covid-19) pandemic, most countries failed to maintain the same level of remittances as in the previous year. However, Bangladesh is different here.

Remittance inflow has declined in seven countries among the top 10 developing countries. However, Bangladesh has maintained its remittance flaw and become 3rd country among the top 10 developing countries. Pakistan and Mexico are the other two countries where remittances have increased by four and nine percent respectively.

A recent report by The Economist Intelligence Unit revealed this figure. However, the report also mentioned that the increase in expatriate income is temporary.

According to The Economist Intelligence Unit, the increase of expatriate income is not long-lasting. Expatriate income is at risk of falling again in 2021 due to the long-term effects of coronavirus. It could be fall by 7 percent in 2021, the report said.

According to the report, many Bangladeshi and Pakistani expatriate workers lost their jobs and sent their savings back to the country during the coronavirus epidemic. This tendency was more prevalent among the workers of the Gulf countries.

Another reason for the increase in remittances in Bangladesh is the travel ban amid the coronavirus pandemic, the report said. Incentives have also been raised for sending money legally, which has encouraged migrant workers to send money home legally.

Developing countries like India and China have also witnessed remittance fall due to Coronavirus. 

The expatriate income of Bangladesh has increased by eight percent last year. Bangladesh received $1,840 crore in 2019, and $1,988 in 2020.

India, China, the Philippines, Egypt, Nigeria, Vietnam, and Ukraine are the other seven developing countries where remittances flow declined in the outgoing year.