Remittance and Socio-Economic Upliftment of Bangladesh

Migration and development has achieved high standing in international agenda in recent years. There are numerous examples that migration and remittance contribute to poverty reduction and promote economic growth. In Bangladesh remittance is a major source of external finance that contributes significantly in boosting forex and managing BOP. In addition remittance allows rural poor to meet basic needs, open up opportunities investing in health care, education, social security for the elderly and help to boost local economy. But there remains a number of problems in different stages like, cost of migration, exploitations, hazards to sending money and limited attention by civil society and government. To address these issues, Bangladesh has initiated various reforms but still some measures need to be upgraded and redesigned. If these things can be done, Bangladesh will have the potentiality to emerge as a leading remittance earning country in the world and will be able to achieve sustainable growth and development. This analysis may be useful to the researchers, students and managers working in financial and commercial sector.

Autorentext

Mr. Mohammed Shahadat Husain is a career civil servant and currently working as Director(Finance) in the Ministry of Foreign Affairs, Government of Bangladesh. He completed Masters in Marketing from the University of Dhaka. He also did Masters in Public Economic Management and Finance at the University of Birmingham, United Kingdom.