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Bangladesh - Bank & Finance - 3 weeks ago

Bangladesh ranks 7th in collection of remittance

Staff Correspondent: A few years of high growth in global remittance flows will slow down in 2023. Global remittance flows have increased nominally during this period. This has had an impact on remittance receiving countries. Remittance growth was negative in many countries. In 2023, remittance flows to Bangladesh increased by only three percent. Bangladesh was ranked seventh among the top countries in the world in terms of remittance collection.

This information was obtained by analyzing the recently published report and database of ‘The Global Knowledge Partnership on Migration and Development’ or NOMAD, which works on global migration. The report and database titled ‘Remittances Grown in 2023, Expected to Grow Faster in 2024’ of this organization, which is a partner of the World Bank, shows the flow of remittances for 24 years from 2000 to 2023 in different countries of the world.
Database analysis shows that India has been the top recipient of remittances for several consecutive years. Last year, remittances to the country reached $119.526 billion. In 2022, its amount was $111.222 billion. In other words, India’s remittance flow increased by about half a percent last year. Remittance flows to second-placed Mexico grew by 7.22 percent last year. Last year the country received remittances of $66.239 billion, which was $61.458 billion in 2022.
China’s remittance flows, which ranked third on the list, have been declining for several years. In 2023, China received remittances of $49.50 billion, which was $51 billion in 2022. That is, the remittance flow in the country decreased by about three percent last year. China received a maximum of $68.40 billion remittances in 2019. Since then, China’s remittances have been decreasing every year.
The fourth-ranked Philippines received remittances of $39.097 billion in 2023, up from $38.049 billion in 2022. France, in fifth place, received remittances of $34.786 billion last year, which was $33.928 billion in 2022. Remittances in these two countries increased by 2.75% and 2.52% respectively last year.
Next in the list of top remittance receiving countries is Pakistan, another South Asian country. The recession-hit country received $26.558 billion in remittances last year, up from $30.176 billion in 2022. That is, the remittance flow in Pakistan last year is about 12 percent. The country received the highest remittances in its history in 2021, amounting to $31.312 billion. After that, Pakistan’s remittance flow decreased for two consecutive years.
Meanwhile, in 2023, remittances to Bangladesh reached $22.168 billion, which is the second highest in the history of the country. Earlier in 2021, Bangladesh received the highest remittance, amounting to $22.206 billion. Then in 2022 it decreased by 3.16 percent to $21.505 billion. But last year it increased again by 3.08 percent.
Data analysis shows that the first remittance flow in the country’s history exceeded five billion dollars in 2006. After three years in 2009, it released $10 billion. However, the remittance flow of $15 billion has to wait for six years. In 2015, the remittance flow stood at $15.296 billion. However, in the next two years (2016 and 2017) it again fell to $13 billion.
In 2018, remittance flows again exceeded $15 billion. In 2019, it increased to $18.364 billion. In 2020 it exceeded $21 billion. That year, remittances reached $21.752 billion. Mainly due to Corona, many expatriates started sending their savings back home, resulting in high remittances for two consecutive years. It exceeds $22 billion in 2021.
On the other hand, Germany was the second place in remittance collection last year after Bangladesh. The country received remittances of $20.431 billion in 2023, which was $19.006 billion in 2022. That is, Germany’s remittance flow increased by seven and a half percent last year.
The next countries on the list have remittance collections below $20 billion, with three countries having remittances in the $19 billion range. Among them, Guatemala received remittances of $19.978 billion last year, Nigeria $19.550 billion and Egypt $19.532 billion. Ukraine, which ranks 12th on the list, received $15.123 billion in remittances in 2023.
Apart from this, Belgium $14.478 billion, Indonesia $14.467 billion, Vietnam $14 billion, Uzbekistan $13.925 billion, Italy $12.053 billion, Morocco $11.750 billion, Portugal $11.179 billion, Nepal $10.867 billion, Dominican The Republic received $10.619 billion dollars and Colombia $10.112 billion dollars in remittances. The remittance flow to the rest of the countries is less than $10 billion.
Incidentally, the global remittance flow in 2023 was $857.306 billion, which was $842.507 billion in 2022. In other words, the global remittance flow increased by only 0.18 percent last year. But in 2021 it increased by more than one percent. And in 2022 it increased to 0.62 percent.

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