Bangladesh ranks 7 in global remittance flow
Wednesday, 9 September 2009
Bangladesh was among the top 10 global receivers of migrant remittances in 2008, according to a newly released UNCTAD report.
The Trade and Development Report 2009, released Tuesday, also said remittances will continue to provide a larger foreign exchange inflow than official development assistance (ODA) in developing countries despite the economic downturn, reports bdnews24.com.
Bangladesh came in seventh place on the list where India and China are holding the top two positions respectively, according to the UN agency. Bangladesh received $8.9 billion of the global total in migrant remittances of $305 billion in 2008. India received $45 billion.
Over the year, global remittances registered a growth of 8.8 per cent compared with 2007 despite the recession, the report said.
But, UNCTAD (United Nations Conference on Trade and Development) highlighted a sharp contraction in construction and service sectors in countries that received large foreign worker populations.
It also said countries where remittances accounted for a considerable share of GDP were vulnerable to recession in the host country economies. Bangladesh, however, came low on the list of remittance ranked by share of GDP.
Bangladesh saw $9.69 billion in remittances in FY 2008-09, compared to $7.91 billion in the previous financial year, according to central bank figures.
Remittance inflow registered a monthly record in August this year, at $937.9 million, a 30 per cent rise from August last year and breaking the previous high of $ 919.1 million in June last.
July, however, the first month of current fiscal year, saw a dip to $886.4 million, although it was still slightly up on $885.3 million for July last year.
The Trade and Development Report 2009, released Tuesday, also said remittances will continue to provide a larger foreign exchange inflow than official development assistance (ODA) in developing countries despite the economic downturn, reports bdnews24.com.
Bangladesh came in seventh place on the list where India and China are holding the top two positions respectively, according to the UN agency. Bangladesh received $8.9 billion of the global total in migrant remittances of $305 billion in 2008. India received $45 billion.
Over the year, global remittances registered a growth of 8.8 per cent compared with 2007 despite the recession, the report said.
But, UNCTAD (United Nations Conference on Trade and Development) highlighted a sharp contraction in construction and service sectors in countries that received large foreign worker populations.
It also said countries where remittances accounted for a considerable share of GDP were vulnerable to recession in the host country economies. Bangladesh, however, came low on the list of remittance ranked by share of GDP.
Bangladesh saw $9.69 billion in remittances in FY 2008-09, compared to $7.91 billion in the previous financial year, according to central bank figures.
Remittance inflow registered a monthly record in August this year, at $937.9 million, a 30 per cent rise from August last year and breaking the previous high of $ 919.1 million in June last.
July, however, the first month of current fiscal year, saw a dip to $886.4 million, although it was still slightly up on $885.3 million for July last year.