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Contribution of Bangladeshi Migrant Workers in Remittance

Contribution of Bangladeshi Migrant Workers in Remittance

Since 1976, following Bangladesh’s freedom, various organizations have begun to export labor from the nation to alleviate unemployment. The number of migrant workers was 6087 in 1976, but it is now 8.7 million, with total remittances to Bangladesh of US $16566 million in 2013 (BMET-2013). Unemployment is a major issue in Bangladesh, as a huge number of people are unskilled or semi-skilled, even less-skilled. Although the population is rapidly rising, job sectors are not developing in tandem to feed the jobless and increase remittances to Bangladesh. Keeping this in mind, several international recruiting agencies have been established to assist the unemployed in becoming experts in their field of interest and exporting them to other countries. Bangladesh Association of International Recruiting Agencies (BAIRA) is one of the largest trade bodies to cater to the needs of licensed recruiting agencies engaged in promoting the manpower market abroad.
 

Bangladesh is the world’s eighth-largest recipient of remittances. According to Bangladesh Bank data, migrant remittances generated on average 29 percent of the foreign cash that came into Bangladesh during the fiscal years (FY) 1982–2020 — the single greatest contribution (Monthly Economic Trends, different issues) among all sources of foreign remittances. It accounts for 11.14 percent of the country’s GDP and 53.5 percent of overall export revenues. Remittances from migrant workers have a significant influence on Bangladesh’s economic progress. The average value for Bangladesh during that period was 5138.43 million U.S. dollars with a minimum of 18.76 million U.S. dollars in 1976 and a maximum of 21692.6 million U.S. dollars in 2020. The latest value from 2020 is 21692.6 million U.S. dollars.