Remittance likely to grow 8pc...

Dhaka, Monday   18 January 2021

Remittance likely to grow 8pc

 Staff Correspondent

 Published: 11:52 AM, 1 November 2020  

Remittance likely to grow 8pc

Remittance likely to grow 8pc

Bangladesh will rank the eighth position in the world in terms of remittance flow. Even if the remittance of most countries of the world decreases due to the epidemic coronavirus, Bangladesh's remittance will increase.

The World Bank revealed the prediction in the report titled “COVID-19 Crisis Through a Migration Lens” from its Washington headquarters on Friday. The report said Bangladesh has been in the top-10 for several years.

According to the report, remittances to Bangladesh will reach 19.76 billion dollars in 2020. This time, Bangladesh's remittances are projected to increase by 8 percent. Even if the remittances of most countries decrease due to the epidemic situation, Mexico, Pakistan, and Bangladesh stand out as exceptions to the pattern as these countries escaped a decline in the second quarter and seem to register increases in the third, the World Bank said.

It said the impact of the epidemic in Bangladesh on remittances is not so negative. The decline in hundi has led to an increase in remittances through institutional channels and government incentives have had a positive impact. However, in April, the World Bank predicted that Bangladesh's remittances could fall by 20 percent to 14 billion by 2020.

The World Bank says remittances will fall by seven percent globally in 2020. India will be the most affected country. The country's expatriate income could fall by 9 percent to 76 billion this time. Second-place China will receive billion and third-place Mexico will receive ৪ 41 billion. 

In India, remittances are projected to fall by about 9 percent in 2020, to $76 billion. In China, remittances are projected to fall by about 9 percent to $60 billion, In Pakistan, remittances would grow by about 9 percent, totalling about $24 billion.

Egypt may see a contraction of 9 percent and the Philippines by 5 percent. Nigeria would also witness negative growth.

According to Bangladesh Bank's latest data, in the first three months of the current financial year, the expatriates have sent about $671 crore. Which was $219 crore compared to the same period of the previous financial year or 48.54 percent more. Bangladesh received $18.3 billion in remittance in 2019 and $15.54 billion.