State of the Bangladesh Economy in FY2023-24 (First Reading)
Independent Review of
RBD
Bangladesh's Development
Migration and remittance flows
☐ Remittance inflows could have been the low hanging fruit of salvation for Bangladesh in view of the
falling forex reserves.
➤ However, inspite of about 3.9 million people leaving the country since January 2019 (till
November 2023), remittance inflows to the country fails to reflect this. Over the first five
months of FY24, remittance growth was only to the tune of 1.1%. This was more than USD 2.0
billion compared to the corresponding period of FY21.
☐ It is true that an increasingly large number of recent migrant workers are being issued outpass or
facing extradition. However, this does not explain the anomaly in remittance inflow figures.
☐ Although more than 2.0 million migrant workers went to KSA as shown in Table 5.7, remittance
flows from the country have come down from USD 2.6 billion in FY21 (January-November) to USD
1.26 billion in FY24 (January-November). Similar pattern holds for Kuwait and Qatar and, to some
extent, Malaysia.
➤ There are clear indications of leakage of remittance flows through the informal channels.
CPD (2023): State of the Bangladesh Economy in FY2023-24 (First Reading)
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