Remittances have important implications on economic growth in many Asian economies including in Bangladesh. While Bangladesh ranks eighth globally in terms of receiving remittance income, it plays an important role to safeguard the country’s foreign exchange and balance of payments, thereby contributing to the development budget.
A number of proponents including the World Bank have recently suggested that its member countries should adopt urgent responses to mitigate the impact of COVID-19 on their remittance income.
For major remittance-receiving countries including Bangladesh, the major concerns are to find remedies that can mitigate the impact, while catching up the pre-coronavirus remittance flow as soon as the pandemic is over.
However, understandably this is going to be a difficult task.
Please click here to read the full “Impact of COVID-19 on remittance–urgent response needed” article published at BDNews, written by Associate Professor Tapan Sarker, Department of Business Strategy and Innovation.