Bangladesh secured eighth in the list of countries with the most remittance inflow with some $21.50 billion in 2022, according to the World Migration Report 2024 launched on Tuesday in Dhaka.
Bangladesh has keeps it position remained unchanged as the country ranked sixth in the list of top 20 countries for international migrants and was the eighth largest remittance receiving country in the world.
Earlier in 2020, Bangladesh had the same position with $21.75 billion remittance, according to the World Migration Report 2022. The International Organization for Migration (IOM) launched its flagship migration report for the first time in Bangladesh at a city hotel.
However, India again topped the list of countries of origin for international migrants followed by Mexico, Russian, China, and Syria.
Bangladesh Foreign Minister Hasan Mahmud and IOM Director General Amy Pope were present at the event among others.
According to the report, the top remittance beneficiaries last year were India ($111.22 bn), Mexico ($61.10bn), China ($51bn), the Philippines ($38.05bn), France ($30.04bn), Pakistan ($29.87bn) and Egypt ($28.33bn).
International migration remains a driver of human development and economic growth, highlighted by a more than 650% increase in international remittances from 2000 to 2022, rising from $128 billion to $831 billion, according to the report.
The growth continued despite predictions from many analysts that remittances would decrease substantially because of Covid-19.
Of that $831 billion in remittances, $647 billion were sent by migrants to low and middle-income countries.
These remittances constitute a significant portion of those countries GDPs, and globally, these remittances now surpass foreign direct investment in those countries.
Highlighting key findings, the report reveals that while international migration continues to drive human development, challenges persist.
With an estimated 281 million international migrants worldwide, the number of displaced individuals due to conflict, violence, disaster, and other reasons has surged to the highest levels in modern-day records, reaching 117 million, underscoring the urgency of addressing displacement crises.
Foreign Minister Hasan Mahmud said as one of the Global Compact for Migration champion countries, Bangladesh will not only continue to act upon the pledges it has made for its domestic context but would also take up emerging issues and challenges pertaining to migration and development for informed deliberations at the international level.
