Maintain remittance flow momentum

That Bangladesh's robust GDP rate for several years has been, to a great extent, the result of uninterrupted remittance from overseas workers is well acknowledged. However, there was a rude jolt during the global Covid-19 lockdown period. Fortunately, in April, just before Eid ul Fitr, the biggest religious festival in the country, remittance saw a heartening rise since June 2021 as $ 2 billion was sent by expat workers. Along with this comes the World Bank prediction that Bangladesh may see a 2 per cent increase in remittance inflow in the coming days. Be that as it may, World Bank's prediction comes with concerns as Bangladesh's source countries are expected to be among the most severely affected by the Ukraine war.

The pandemic ravaged the whole world, and almost all sectors had to bear the brunt of the virus. However, as the virus-related alarm passes off, things are beginning to look less bleak although the other cloud on the horizon is the ongoing war in Ukraine.

Reportedly, this conflict has had a destabilising impact on global trade. Since millions are displaced, an adverse result on the world economy in the future cannot be ruled out. There is every possibility that the people who fled Ukraine may be given work opportunities in other countries.

Naturally, from a humanitarian perspective, we welcome any benevolent actions which may help displaced Ukrainians but at the same time, need to ensure that jobs for our workers in the overseas market are not jeopardized.

In FY 2021, expatriate workers sent $ 24.77 billion while the whole of South Asia showed a creditable seven per cent growth, reaching a whopping $ 157 billion.

All this is undoubtedly hope-inducing, but Corona and the current conflict in Europe teach us that it's a grave mistake to sit on one's laurels.

Complacency can be a killer, and anything that currently appears to be solid may soon become shambolic.

The Ukraine conflict, just after Corona, has had a deleterious impact on the world, creating a sharp polarisation. The disruption of the global supply chain has upended markets everywhere, with the nearest ferment in Sri Lanka – once deemed an economic miracle.

As a South Asian neighbour, Bangladesh should try her best to assist Sri Lanka, but the island nation's economic meltdown must also work as a cautionary tale.

In short, few economies are fortified now, no matter how unassailable they may look for the time being. Therefore, contingency plans have to be made keeping possible disasters in mind.

Bangladesh's contribution to the overseas market, especially in the Middle East and other Asian nations, is laudable. However, most workers fall under the blue-collar category. There is every possibility that more skilled white-collar workers may be required in the days to come, and this is where we need to focus.

Even for blue collar workers, the skill level enhancement is an area that needs more attention with special emphasis on communication and IT.

Since there is a war raging in Europe with an uncertain future as to when it will end, one certainty is that the top priority should be to fortify one's economy in a sharply divided globe. This means the government has to create a lucrative investment environment to lure Bangladeshis settled in Western countries, especially in Britain, Canada, and the USA.

While most remittance comes from Asia, the in-flow of dollars from Western states is comparatively low. People who migrated to these nations tend to invest in overseas markets rather than in Bangladesh.

To counter this, the government can chalk out specific incentive plans, including the privilege of special economic zones, CIP status, bank loans under easy conditions, and tax remissions. All loans under this category will be awarded after proper due diligence to avoid defaulting and money laundering.

With some strategic planning, remittance in the future can continue to rise, despite international political imbroglios.