Bangladesh ranks 8th most remittance flow in world in 2020: WB
Published: 04:37 PM, 31 October 2020 Updated: 04:37 PM, 31 October 2020
World Bank; File Photo
Despite the pandemic Covid-19, the expatriates have sent a large number of remittances to the country, exceeding the foreign exchange reserves to $41 billion. According to the World Bank, Bangladesh will secure the eighth position in the world in terms of increased remittance flows this year.
Meanwhile, the overall economic situation in the world is in recession, but the situation in Bangladesh is quite the opposite. That is why the World Bank expects remittances to reach $20 billion by 2020, even in the midst of this ongoing epidemic.
The World Bank revealed the prediction in the report titled “COVID-19 Crisis Through a Migration Lens” from its Washington headquarters on Friday.
According to the report, two South Asian countries will see an increase in remittance flow despite the pandemic - where Bangladesh alone will gain eight percent more remittance this year. The total remittance flow will be $20 billion which is very good news for Bangladesh, the World Bank projected.
Due to the increase in remittances from official and unofficial channels, remittances will also increase amid COVID in Bangladesh, the report said.
Bangladesh ranks eighth among the top 10 countries in the world in terms of remittances. The other South Asian country with increased remittance flow would be Pakistan where its’ remittance would be as high as $24 billion.
Meanwhile, despite being at the top, remittances to India could fall by nine percent this year. Overall, remittances in South Asia will decline by four percent. The World Bank fears a seven percent reduction globally.
According to the report, Bangladesh ranks fourth, with 6.2 percent GDP, among South Asian countries in terms of Gross Domestic Product (GDP). Nepal (23 percent), Pakistan (9.1 percent) and Sri Lanka (8.2 percent) are in the first, second and third positions respectively.