Migrant Workers' Remittance and its Economic Impact in Bangladesh
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Working as a nonresident abroad, many Bangladeshis send home their hard-earned money there. And it is thus fair to say that the remittances are the life line of the Bangladesh economy. National revenues from such a remittance now exceed any other types of foreign exchange inflows, as well as official development assistance and net earnings from exports. The remittances have emerged as a key driver of economic growth and poverty reduction in Bangladesh. The remittance transfers from these migrant workers have reached a phenomenal level of over US$10 billion in 2009, approximately 11 percent of GDP in Bangladesh. In general, the consumption type of remittances in their homeland can be divided into two categories. One is consumption and the other investment. In terms of micro-economic impacts, most of the micro-level studies on remittance indicate that households receiving remittance spend the largest fraction of it on living. In terms of macro-economic impacts, the remittance earnings have been used in financing the import of capital goods and raw materials for industrial development. The steady flow of remittances has resolved the foreign exchange constraints, improved the balance of payments, and increased national savings. Such remittances also constituted a very important source of the country’s development budget. However, the rise of international labor migration has increasingly posed pressing political and administrative challenges for the Bangladesh State. To foster the benefits from migration and to maximize its developmental effect further, the Government of Bangladesh needs to diversify the labor market by seeking new destinations and increasing the flow of skilled manpower. And the structural problems with the existing system of migration, such as an inefficient remittance system, the increasing cost of foreign migration and employment, lack of skill and education of migrant workers from rural areas, corruption in the recruitment process, labor exploitation and harassments, and many others, are to be addressed, and thereby the government has to take some realistic policy measures for remedial action in order to make Bangladesh a better society.
Abstract
Working as a nonresident abroad, many Bangladeshis send home their hard-earned money there. And it is thus fair to say that the remittances are the life line of the Bangladesh economy. National revenues from such a remittance now exceed any other types of foreign exchange inflows, as well as official development assistance and net earnings from exports. The remittances have emerged as a key driver of economic growth and poverty reduction in Bangladesh. The remittance transfers from these migrant workers have reached a phenomenal level of over US$10 billion in 2009, approximately 11 percent of GDP in Bangladesh. In general, the consumption type of remittances in their homeland can be divided into two categories. One is consumption and the other investment. In terms of micro-economic impacts, most of the micro-level studies on remittance indicate that households receiving remittance spend the largest fraction of it on living. In terms of macro-economic impacts, the remittance earnings have been used in financing the import of capital goods and raw materials for industrial development. The steady flow of remittances has resolved the foreign exchange constraints, improved the balance of payments, and increased national savings. Such remittances also constituted a very important source of the country’s development budget. However, the rise of international labor migration has increasingly posed pressing political and administrative challenges for the Bangladesh State. To foster the benefits from migration and to maximize its developmental effect further, the Government of Bangladesh needs to diversify the labor market by seeking new destinations and increasing the flow of skilled manpower. And the structural problems with the existing system of migration, such as an inefficient remittance system, the increasing cost of foreign migration and employment, lack of skill and education of migrant workers from rural areas, corruption in the recruitment process, labor exploitation and harassments, and many others, are to be addressed, and thereby the government has to take some realistic policy measures for remedial action in order to make Bangladesh a better society.
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