Bangladesh has been ranked seventh on the list of ten countries expected to receive highest officially recorded remittance this year.
The World Bank’s “Migration and Development Brief” on global
migration and remittances stated Bangladeshi expatriates are expected to remit
$15 billion in 2013, followed by Pakistan.
An overview of the brief was
published on the WB’s website on Oct 2, projecting the developing world would
receive $414 billion in migrant remittances in 2013, a 6.3 percent increase over
the previous year. The amount is projected to rise to $540 billion by
The bank listed Bangladesh among the four countries whose
remittances are larger than the national foreign exchange
Remittances to Bangladesh were moderately higher in the first
seven months of 2013 than previous year, and growth is expected to accelerate
during the rest of the year.
The World Bank brief said all these four
countries “have instituted various incentives for attracting remittances.” “In
South Asia, remittances are noticeably supporting the balance of
Remittances are larger than the earnings from IT exports in
India, which tops the list of top remittance recipient countries, followed by
China. These two Asian countries are expected to receive $ 131 billion, which is
nearly a third of the total remittances sent to the developing
“Growth of remittances has been robust in all regions of the
world, except for Latin America and the Caribbean, where growth decelerated due
to economic weakness in the United States,” said the WB brief.
direction of remittances in the Middle East and North Africa is unclear as
conflicts have assumed critical proportions on that part of the
According to the brief, costly official channels compel people
seek out informal channels as their preferred means for sending money home which
is an obstacle to the utilization of remittances for development
“The global average cost for sending remittances is 9 percent,
broadly unchanged from 2012.”
People are facing difficulties in sending
money home over money laundering and terrorism financing concerns. Including the
high-income countries, the global remittance inflows in 2013 are expected to be
By GDP percentage, the top recipients of remittances, in
2012, were Tajikistan (48 percent), Kyrgyz Republic (31 percent), Lesotho and
Nepal (25 percent each), and Moldova (24 percent).
“Flows are expected to
remain strong or even increase in several countries affected by weakening
balance of payments, notably India, the top recipient of remittances in the