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.
This year, however, the country may continue to experience a meagre growth in remittance inflow of only 2 per cent this year.
The World Bank revealed the projection in a report titled "Migration and Development Brief" published on Tuesday.
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 3rd highest remittance inflow after India and Pakistan.
Remittance inflow to Bangladesh increased by only 2.2 per cent in 2021 to $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.
South Asia's performance in remittance inflows in 2021 was spearheaded by India and Pakistan.
After a lull in 2020, remittance flows to India grew at 8 per cent in 2021 to $89 billion while in Pakistan it increased at an impressive 20 per cent...
Read Full Story: https://www.thedailystar.net/business/economy/news/bangladesh-7th-highest-remittance-recipient-wb-3022611
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