Global remittances will be reduced by 20 percent due to lockdown due to coronavirus. In 2020, Global remittances could fall to an estimated 573 billion, up from 614 billion in 2019.
The PW Research Center, a US-based think tank based on data from the World Bank, Oxford University, and Google, made the forecast.
Analysts believe that remittances will also decrease in Bangladesh due to the prevalence of coroner’s loss in the major remittance sending countries. According to them, 16 billion in Global remittances are expected to come to the country in the 2020-21 fiscal year.
Research Institute Policy Research Institute (PRI) Executive Director. Ahsan H. Mansoor said that the decline in remittances will be a burden on the people and economy of our country.
According to PEW’s research report, the analysis of data from the last few years shows that in 10 countries, expatriates who sent 61 percent of remittances in 2016 had a much lower movement of workers every 10 days on average than other countries.
Among the world’s top remittance senders, jobs fell 29 percent in the United States, 32 percent in Saudi Arabia, 29 percent in the United Arab Emirates, 41 percent in the United Kingdom, 36 percent in Canada, 25 percent in Germany, 43 percent in France, 16 percent in Australia and 45 percent in Italy.
Executive Director of the Policy Research Institute. Ahsan H. Mansoor said that many good remittances have come to Bangladesh before Corona.
Regarding the recent return of migrant workers to the country, he said the government should contact all the countries that have taken workers from Bangladesh so that they do not send any more workers back.
Dr. Ahsan H. Mansoor further said that the government should employ the returning workers in their respective experienced fields. This will eliminate overall production, exports, and deficits.
Bangladesh is the 11th largest recipient of Global remittances. The top ten countries are India, China, Mexico, the Philippines, Egypt, France, Nigeria, Pakistan, Germany, and Vietnam.