Bangladesh to receive USD 20 billion remittance in 2020: World Bank

In one of its estimates, the World Bank anticipated that the returns from Bangladesh's transfer will increase by about 8% by 2020 and that the total sum at the end of the year will amount to US$ 20 billion.

The bank also planned that in 2020, Bangladesh would become the eighth-most sending country in the world in a study titled "COVID-19 Crisis through a migration lens," published on October 29.

Bangladesh earned approximately $18.35 billion in remittance earnings last year.

The study says that Bangladesh is expected to account for 6.2 percent of its share of transfer income to the Gross Domestic Product (BDP) in 2020.

Bangladesh is also expected to be among the top ten recipients of remittances worldwide this year, with India remaining in first place with $76 billion and China ($60 billion) and Mexico ($41 billion), respectively.

India, however, will earn 9% fewer payments than last year. It will rise at approximately 9 percent in Pakistan, or 24.1 billion dollars.

Submissions to Nepal and Sri Lanka are expected, respectively, to fall by 12% and 9% in 2020, among South Asian countries.

The report claimed that the key explanation for remittance flow is official and unofficial channels because of travel restrictions.

Compared to last year, South Asia will lose four percent of the overall transfer flow and worldwide 14 percent.

It is estimated that transfers to countries in Europe and Central Asia will decrease by 16% in the year 2020, amounting to 48 billion dollars, led by East Asia and the Pacific (11%), Sub-Saharan Africa (9%), Middle East and North Africa (8%), South Asia (3%) and Latin America and the Caribbean (0.2%).