In 2022, the income flow of expatriates in Bangladesh will be negative, but growth will be achieved by the end of this year. The World Bank predicts that if the current trend continues, by the end of the year, expatriate income through legal channels may reach 23 billion dollars.
According to the World Bank’s latest Migration and Development Brief, Bangladesh’s official remittance growth may remain unchanged due to the recent balance of payments crisis.
According to the brief, remittance flows to Bangladesh are projected to be $23 billion in 2023. Besides, Bangladesh will rank seventh among lower middle income countries in terms of expatriate income by the end of 2023. India will be on top of this list. In addition, the country’s expatriate income this year may reach 125 billion dollars.
Meanwhile, according to Bureau of Manpower, Employment and Training (BMET) data, a record 12.46 lakh workers from Bangladesh have gone abroad till December 11, 2023. Last year this number was 11.35 lakh.
Despite significant growth in the labor export sector, remittance flows remained stagnant at around $22 billion in the past two calendar years.
The global lender has predicted that jobs will be created for South Asian workers in the Gulf countries next year. These countries are again the main source of remittances for Bangladesh.
According to the report, the growth of Gulf Cooperation Council (GCC) countries may remain positive. Also, low oil prices may create new jobs for South Asian immigrants in those countries in 2024.
The joint report of Nomad and the World Bank also said that Sri Lanka’s expatriate income will also increase this year. The two organizations believe that compliance with International Monetary Fund (IMF) loan conditions will improve the domestic economic situation.
This will increase the income by restoring the confidence of expatriates in formal banking channels. Expatriate income flows will increase due to lower inflation in high-income countries.