Nation should recognise anchors of the economy
Tuesday, 2 June 2009
Syed Fattahul Alim
DESPITE the global financial meltdown, Bangladesh economy is yet to be seriously affected by the general fall in the global demand market. The remittance inflow is still robust defying the fear that the job cuts in the host countries would accompany a drastic fall in the volume of remittance the expatriate workers send home. Of course, meanwhile, export of manpower has experienced some reverses in the Southeast Asian markets due to the impact of recession in those economies, but such developments are yet to affect the volume of incoming remittance adversely. This can be said considering the fact that last year the volume of remittance was around US$9.0 billion, while next year it is hoped that the amount may reach US$ 9.5 billion figure.
The country's foreign exchange earning from external remittance is next to the earnings from export and is greater than the amount of foreign aid and foreign investment together.
The new governor of the central bank, Dr. Atiur Rahman has assured that the remittance inflow will be further enhanced through effecting certain reforms so that the remitters are more encouraged to send their earnings home using the banking channels. At the same time, the transfer of money through illegal channels will be stopped, he further informed.
The global recession is about to cross into its third year and there is hope that the world economy might be able to recover from the shock caused by meltdown after 2010. If this prediction comes true, Bangladesh might be able to sail through the worst time in the global economy in recent times without much harm to its economy.
The Bangladesh Bank governor, who was speaking at a dialogue on Trade Finance, attributed Bangladesh economy's success so far in facing the challenges of the global recession to what he called measures like 'prudent and proactive financial regulations' taken by the country's financial sector.
The regulations do necessarily play a central role in surviving in times of deep economic crisis. At the same time, the main players in the economy should also cooperate and perform well to make that happen. Though both foreign investment and external assistance dwindled, the export sector showed enough resilience to face this second challenge after the end of the quota-protection era. Amidst all these uncertainties, the expatriate workers have continued in their hard work through maintaining the inflow of foreign exchange in the economy. It must be admitted that there cannot be a better demonstration of patriotism for one's own country in times of grave crises than what our wage earners are doing abroad. Indeed, their role stand in sharp contrast to what the very rich often do by way of seeking safe shelter abroad during any national crisis and in doing so they spend their hard currencies abroad, whereas the wage earners send their earnings home. These two opposite trends in the behaviour of the nationals of the same country need no further elaboration, if one is to make any comparative judgement about the responsibilities many Bangladeshi nationals sometimes show towards their homeland when abroad.
The words used in appreciation of the foreign remittance by the central bank governor have again projected the role of our wage earners in a positive light. In fact, the government leaders in political power, too, are often very generous in their words of praise for wage earners toiling abroad. Unfortunately though, in most cases of such adulatory comments made about the expatriate workers, the latter are usually looked upon as a faceless mass of people. But individually, those people hardly carry any sense to people who matter in the administration, a fact that is amply demonstrated when these wage earners fall in trouble abroad. Even when they visit home, the treatment they receive at the airport do hardly match the words of high praise they are showered with on occasions where they cannot remain present in person. This is like praising the peasantry as an abstract entity for their great service they render to the nation by producing the food the people live on. But the rulers of the country and society did never learn to respect the members of the peasantry when they appear in person before them. Similarly, the experience of the expatriate earners is no better whether at home or abroad.
So, the nation has also a duty towards these undemanding expatriate workers, whose contribution to the economy has helped it to survive in a robust manner when the developed as well as the developing world is reeling from the impact of recession.
The diplomats working in the Bangladesh foreign missions in the countries hosting the wage earners should learn to be friendlier towards these working people. The airport and immigration people, too, must learn to be more respectful to these people when they return to their home country and see to it that they can get through all the checks and formalities fast and without hassles. Necessary protective measures at the airport as well as special transport services may be made available for them so that criminals in the garb of airport porters or transport workers may not rob them of their belongings. Considering their service to the nation, they at least deserve this treatment at home and abroad. On this score, one needs to keep in mind here that the business people including the exporters get especial treatments at the government offices, at the airports as well as abroad only because they contribute to the economy through their earnings. Similarly, the wage earners, too, deserve some kinds of recognition, not purely as a faceless mass, but also in person.
If truth be told, such show of generosity towards these people will not cost much but buy a lot for the nation.
The ongoing recession has again shown that diversity in the export sector can help an economy to sustain even when the international market is suffering severely from negative trends. The remittance by maintaining its steady flow has cushioned the current account balance and exchange rate stability. But even for the remittance to maintain its steady or even progressively increasing flow, this sector itself should undergo diversification. It is time to improve the quality of the expatriate workers through training in different trades suitable for various job markets in the world.
DESPITE the global financial meltdown, Bangladesh economy is yet to be seriously affected by the general fall in the global demand market. The remittance inflow is still robust defying the fear that the job cuts in the host countries would accompany a drastic fall in the volume of remittance the expatriate workers send home. Of course, meanwhile, export of manpower has experienced some reverses in the Southeast Asian markets due to the impact of recession in those economies, but such developments are yet to affect the volume of incoming remittance adversely. This can be said considering the fact that last year the volume of remittance was around US$9.0 billion, while next year it is hoped that the amount may reach US$ 9.5 billion figure.
The country's foreign exchange earning from external remittance is next to the earnings from export and is greater than the amount of foreign aid and foreign investment together.
The new governor of the central bank, Dr. Atiur Rahman has assured that the remittance inflow will be further enhanced through effecting certain reforms so that the remitters are more encouraged to send their earnings home using the banking channels. At the same time, the transfer of money through illegal channels will be stopped, he further informed.
The global recession is about to cross into its third year and there is hope that the world economy might be able to recover from the shock caused by meltdown after 2010. If this prediction comes true, Bangladesh might be able to sail through the worst time in the global economy in recent times without much harm to its economy.
The Bangladesh Bank governor, who was speaking at a dialogue on Trade Finance, attributed Bangladesh economy's success so far in facing the challenges of the global recession to what he called measures like 'prudent and proactive financial regulations' taken by the country's financial sector.
The regulations do necessarily play a central role in surviving in times of deep economic crisis. At the same time, the main players in the economy should also cooperate and perform well to make that happen. Though both foreign investment and external assistance dwindled, the export sector showed enough resilience to face this second challenge after the end of the quota-protection era. Amidst all these uncertainties, the expatriate workers have continued in their hard work through maintaining the inflow of foreign exchange in the economy. It must be admitted that there cannot be a better demonstration of patriotism for one's own country in times of grave crises than what our wage earners are doing abroad. Indeed, their role stand in sharp contrast to what the very rich often do by way of seeking safe shelter abroad during any national crisis and in doing so they spend their hard currencies abroad, whereas the wage earners send their earnings home. These two opposite trends in the behaviour of the nationals of the same country need no further elaboration, if one is to make any comparative judgement about the responsibilities many Bangladeshi nationals sometimes show towards their homeland when abroad.
The words used in appreciation of the foreign remittance by the central bank governor have again projected the role of our wage earners in a positive light. In fact, the government leaders in political power, too, are often very generous in their words of praise for wage earners toiling abroad. Unfortunately though, in most cases of such adulatory comments made about the expatriate workers, the latter are usually looked upon as a faceless mass of people. But individually, those people hardly carry any sense to people who matter in the administration, a fact that is amply demonstrated when these wage earners fall in trouble abroad. Even when they visit home, the treatment they receive at the airport do hardly match the words of high praise they are showered with on occasions where they cannot remain present in person. This is like praising the peasantry as an abstract entity for their great service they render to the nation by producing the food the people live on. But the rulers of the country and society did never learn to respect the members of the peasantry when they appear in person before them. Similarly, the experience of the expatriate earners is no better whether at home or abroad.
So, the nation has also a duty towards these undemanding expatriate workers, whose contribution to the economy has helped it to survive in a robust manner when the developed as well as the developing world is reeling from the impact of recession.
The diplomats working in the Bangladesh foreign missions in the countries hosting the wage earners should learn to be friendlier towards these working people. The airport and immigration people, too, must learn to be more respectful to these people when they return to their home country and see to it that they can get through all the checks and formalities fast and without hassles. Necessary protective measures at the airport as well as special transport services may be made available for them so that criminals in the garb of airport porters or transport workers may not rob them of their belongings. Considering their service to the nation, they at least deserve this treatment at home and abroad. On this score, one needs to keep in mind here that the business people including the exporters get especial treatments at the government offices, at the airports as well as abroad only because they contribute to the economy through their earnings. Similarly, the wage earners, too, deserve some kinds of recognition, not purely as a faceless mass, but also in person.
If truth be told, such show of generosity towards these people will not cost much but buy a lot for the nation.
The ongoing recession has again shown that diversity in the export sector can help an economy to sustain even when the international market is suffering severely from negative trends. The remittance by maintaining its steady flow has cushioned the current account balance and exchange rate stability. But even for the remittance to maintain its steady or even progressively increasing flow, this sector itself should undergo diversification. It is time to improve the quality of the expatriate workers through training in different trades suitable for various job markets in the world.