Expatriates Pump $15 Billion A Year Into Bangladesh’s Economy As Remittance— But At What Cost?

Bangladeshi diasporas send money to Bangladesh to support their home countries economy. Bangladesh’s past is a migration tale. For decades, people in the Bengal delta area have been on the move. The origins of modern labour migration can be traced back to colonial times. Approximately 500,000 Bangladeshis flee the country each year to work in other countries. The remittances of Bangladesh’s emigrants are crucial to the country’s economy.

A total of 10 million Bangladeshis are believed to be employed in Europe, mainly as low-skilled labourers. According to the World Bank, only India, Colombia, Poland, and Taiwan send out more foreign workers each year.

Horticulturists, construction workers, housekeepers, and maids are among the Bangladeshi migrant workers. Their money transfer to Bangladesh is an average of $400 a month, much more than they will at home doing the same work. And it all adds up. Bangladesh’s second-largest source of foreign earnings after its massive textile industry is the $15 billion sent home by foreign workers last year, referred to as “remittances” in economic jargon. But their month or years can be merciful, being away from family, working hard to earn money and abide by strict rules of foreign nations. Despite that, in a situation like a pandemic, hardships increased by double.

Impact of Pandemic and Money Transfer to Bangladesh on Economy and Expatriates Family?

The number of immigrants returned to Bangladesh will vary depending on the length of the pandemic, the magnitude of its economic consequences, and the policies adopted by migrant-destination countries due to the pandemic. One thing is sure: remittances will be negatively impacted.

Bangladesh received $18.3 billion in foreign funds sent via formal channels in 2019, according to BMET, with most of the remittance coming from European countries. Bangladesh’s second-largest source of overseas profits is remittances. To highlight the importance of online money transfer to Bangladesh, remittances in 2019 amounted to 30 per cent of the state’s $62 billion national budget or 6% of its $302.6 billion gross domestic product.

Why Should Government Support Expatriates In Foreign Country And Those Repatriates To Home Country?

These migrants have helped to create the vast highways, eye-catching skyscrapers, booming factories, and world-class cities that have become the hallmarks of their European countries and beyond destinations. If migrants are not supported during this unstable period of the COVID-19 pandemic, their living conditions will deteriorate, putting the larger societies that depend on their labour at risk of collapse. Expatriates always support the economy of the country by sending money to Bangladesh online; now, it is time to help expatriates to get out of this difficult time.