Dhaka 8th largest remittance earner in developing world
Thursday, 12 November 2009
A Z M Anas
Bangladesh became the eighth largest remittance earner in the developing world last year as it showed resilience in the face of stinging global recession, according to the latest World Bank data.
The Development Prospect Group of the bank, in a revised estimate, said that the country's remittance flow amounted to US$9.0 billion in 2008, catapulting it into the league of top 10 recipients as Bangladesh edged out Egypt and Vietnam.
Other nations included in the top 10 recipient nations' list are the Philippines, Poland, Nigeria and Romania.
In contrast, the top recipients in terms of the share of remittances in GDP (gross domestic product) include many smaller economies such as Tajikistan, Tonga, Moldova, Kyrgyz Republic, Lesotho, Samoa and Lebanon, where remittances exceeded a quarter of the GDP, providing a lifeline to the poor.
The estimate for remittance flows to developing countries in 2008 is higher than earlier estimates largely because of a one-time revision to China's data from $40.6 billion to $48.5 billion to include a larger share of flows recorded as other current transfers.
After the latest data revisions for 2008, India, China and Mexico retain their position as the top recipients of migrant remittances among developing countries.
The new estimates came as world leaders met last week in Greece to explore ways to increase the development benefits of migration.
Dilip Ratha, the Bank's top migration expert, said Bangladesh and its peers in the region with substantial migrant stock in the oil-rich Gulf countries have experienced smaller decline in remittance flows, due to the global downturn.
Dubai which has been the worst affected by the crisis is only one of the seven emirates of the UAE, and the only one that does not have oil.
Many migrant-sending countries are worried about large return migration prompted by weak job markets in destination countries, the Bank economist said.
Data released by the Bureau of Manpower said nearly 45,000 Bangladeshis returned home after the crisis as jobs dried up in major Asian economies, where 92 per cent Bangladeshi migrants lived in.
"Return migration in the current crisis appears to be negligible so far, but if it happens, the workers coming back home will return with skills, entrepreneurial energy and capital," Said Mr. Ratha.
Bangladesh became the eighth largest remittance earner in the developing world last year as it showed resilience in the face of stinging global recession, according to the latest World Bank data.
The Development Prospect Group of the bank, in a revised estimate, said that the country's remittance flow amounted to US$9.0 billion in 2008, catapulting it into the league of top 10 recipients as Bangladesh edged out Egypt and Vietnam.
Other nations included in the top 10 recipient nations' list are the Philippines, Poland, Nigeria and Romania.
In contrast, the top recipients in terms of the share of remittances in GDP (gross domestic product) include many smaller economies such as Tajikistan, Tonga, Moldova, Kyrgyz Republic, Lesotho, Samoa and Lebanon, where remittances exceeded a quarter of the GDP, providing a lifeline to the poor.
The estimate for remittance flows to developing countries in 2008 is higher than earlier estimates largely because of a one-time revision to China's data from $40.6 billion to $48.5 billion to include a larger share of flows recorded as other current transfers.
After the latest data revisions for 2008, India, China and Mexico retain their position as the top recipients of migrant remittances among developing countries.
The new estimates came as world leaders met last week in Greece to explore ways to increase the development benefits of migration.
Dilip Ratha, the Bank's top migration expert, said Bangladesh and its peers in the region with substantial migrant stock in the oil-rich Gulf countries have experienced smaller decline in remittance flows, due to the global downturn.
Dubai which has been the worst affected by the crisis is only one of the seven emirates of the UAE, and the only one that does not have oil.
Many migrant-sending countries are worried about large return migration prompted by weak job markets in destination countries, the Bank economist said.
Data released by the Bureau of Manpower said nearly 45,000 Bangladeshis returned home after the crisis as jobs dried up in major Asian economies, where 92 per cent Bangladeshi migrants lived in.
"Return migration in the current crisis appears to be negligible so far, but if it happens, the workers coming back home will return with skills, entrepreneurial energy and capital," Said Mr. Ratha.