World Bank, in one of its reports, projected that Bangladesh’s remittance earnings will increase by about 8% in 2020 and the total amount will be USD 20 billion at the end of the year.
The bank in a report titled “COVID-19 Crisis Through a Migration Lens” published on October 29 also projected that Bangladesh will become the 8th most remittance receiving country in world in 2020.
Last year, Bangladesh’s remittance earnings were registered around $18.35 billion.
The report said Bangladesh’s share of remittance earnings to the Gross Domestic Product (GDP) is projected to reach 6.2% in 2020.
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).
However, India will receive remittance nine percent less than the previous year. While in Pakistan, it would grow at about 9%, amounting to $24.1 billion.
Among South Asian countries, remittances to Nepal and Sri Lanka are expected to decline by 12% and 9%, respectively, in 2020.
Mainly, remittance flow will pick up through official and unofficial channels due to restrain in travelling, the report said.
South Asia will lose four percent of the total remittance flow compared to last year and the world will lose 14 percent, the WB also mentioned in its projection.
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%).