Bangladesh’s remittance inflow to increase 8% in 2020 despite global decline: World Bank

At a time when the Covid-19 pandemic and economic crisis continue to destabilise the global economy – Bangladesh's remittance earnings have been projected to increase by about 8% in 2020 which may show little sign of recovery.

This latest estimate of remittance inflow was published in the World Bank's Migration and Development Brief 33 on October 29.  

The amount of money migrant workers send home have been expected to reach around $19.8 billion this year.

Last year, Bangladesh's remittance earnings were registered around $18.35 billion.

It has also been projected that Bangladesh will be among the top ten remittance recipients in the world this year, while India retains its first position with $76 billion followed by China ($60 billion) and Mexico ($41 billion).     

The report presented, Bangladesh's share of remittance earnings to the Gross Domestic Product (GDP) is projected to reach 6.2% in 2020.

Remittance flows to shrink all regions

Remittances to countries in Europe and Central Asia are estimated to fall by 16% in 2020, amounting to $48 billion, followed by East Asia and the Pacific (11%), Sub-Saharan Africa (9%), the Middle East and North Africa (8%), South Asia (4%), and Latin America and the Caribbean (0.2%).

Among South Asian countries, remittances to Nepal and Sri Lanka are expected to decline by 12% and 9%, respectively, in 2020.

India's remittance earnings are projected to fall by about 9% in 2020. While in Pakistan, it would grow at about 9%, amounting to $24.1 billion.