BD Seventh Highest Remittance Recipient : WB| MENAFN.COM

Friday, 01 July 2022 05:00 GMT

BD Seventh Highest Remittance Recipient : WB


(MENAFN- Bangladesh Monitor)

Dhaka : Bangladesh has retained its position as the recipient of the seventh highest amount of money transferred by migrant workers among 10 top recipient nations in 2021. However, in 2022, the country may continue to experience a limited growth in remittance inflow of only 2 per cent.
The World Bank revealed the projection in a report titled 'Migration and Development Brief' published on May 10.
The top six remittance recipient countries ahead of Bangladesh are India, Mexico (which moved up to replace China in second position), China, the Philippines, Egypt and Pakistan.
However, among the eight South Asian nations, Bangladesh laid claim to the third highest remittance inflow after India and Pakistan.
Remittance inflow to Bangladesh increased by only 2.2 per cent in 2021 to USD 22 billion.
According to the report, the remittance growth was powered mainly by government incentives and support from migrants for their families back home.
In Bangladesh, except for a 24 per cent spike in March 2022 marking the start of the holy month of Ramadan, monthly remittance growth has been decreasing over the past eight months, mentioned the report.
The global lender, in the report, anticipated a 2 per cent remittance growth in Bangladesh in 2022.
The report cited the main drivers for the rise in remittances from the US to South Asia in 2021 such as economic recovery, fiscal stimulus measures, vaccine availability, record-high employment rates and wage hikes.

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