Bangladesh 7th highest recipient of foreign remittance: World Bank

Sakshi Education

Bangladesh was the 7th highest recipient of remittance from abroad in 2021, says the World Bank report on migration and development published this week.
It received over USD 22 billion as remittance last year which marked an increase of 2.2 percent over the year 2020. However, the remittance outlook for South Asia in 2023 is highly uncertain. Bangladesh is expected to have a growth of just about 2 percent in the year 2023, says the World Bank report.
India topped the list in the world receiving USD 89 billion in remittance followed by Mexico at USD 54 billion, and China at USD 53 billion last year. The officially recorded remittance flows to low- and middle-income countries (LMICs) are expected to increase by 4.2 percent this year to reach USD 630 billion.
According to the report the growth in remittance to Bangladesh was boosted mainly by government incentives and support from migrants for their families back home. The report notes that In Bangladesh, except for a 24 percent spike in March 2022 to mark the start of Ramadan, monthly remittance growth has been decreasing over the past 8 months.