DOI: 10.36347/sjebm.2015.v02i05.002

Pages: 428-439

Bangladesh is the 7th most remittance-earning country in world: According to World Bank (WB), Bangladesh has retained its seventh position among top most 10 remittance-earning countries in the world. As per WB‘s Migration and Development Brief 2013 released on October 2, the top recipients of officially recorded remittances for 2013 are India (with an estimated USD71 billion), China (USD60 billion), the Philippines (USD26 billion), Mexico(USD22 billion), Nigeria (USD21 billion), and Egypt (USD20 billion).Other large recipients are Bangladesh, Pakistan, Vietnam and Ukraine. Remittances to the developing world are expected to grow by 6.3 percent this year to USD414 billion and are projected to cross the half-trillion mark by 2016, according to revised estimates and forecasts issued by the World Bank. India and China alone will represent nearly a third of total remittances to the developing world 2013. Remittance volumes to developing countries, as a whole, are projected to continue growing strongly over the medium term, averaging an annual growth rate of 9 percent to reach USD540 billion in 2016. Global remittances, including those to high-income countries, are estimated to touch USD550 billion this year, and reach a record USD707 billion by 2016, says the Bank‘s Migration and Development Brief.