Worker’s Remittance and Socioeconomic Development: Evidence from Bangladesh

Md. Golam Mostafa. and Md. Abdul Wadud
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Md. Golam Mostafa.: Associate Professor, Economics, OSD (Deputation), Directorate of Secondary and Higher Education, Dhaka and, Ph.D. Fellow, Department of Economics, University of Rajshahi, Rajshahi-6205.
Md. Abdul Wadud: Professor, Department of Economics, University of Rajshahi, Rajshahi -6205

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 6, 190-198

Abstract: Worker’s remittance is one of the most important sources of foreign exchange earnings in recent times as it has positive impacts on socioeconomic development in Bangladesh. Using annual time series data from 1981 to 2023, the study explores the impacts of remittances on socioeconomic development in Bangladesh. Bangladesh is one of the leading nations of sending workers abroad received approximately $22.61 billion of remittances, almost 5% of its GDP in 2023 (BMET, 2024). The remitted income has occupied a leading place of financing which exceeds all the foreign aid and investment in recent years. The study reveals that inflows of remittances have significant impacts on Bangladesh economy and socioeconomic development, for instance, reducing the poverty, mitigation of credit constraints, increasing the household expenditure, enhancing domestic savings, financing better education and health, leading to maintain the quality of life as well as gender equality. For that reason, the government of Bangladesh should make an appropriate policy to maximize the benefit of remittance and retain the manpower to the sustainable economic growth and development sector of the country.

Date: 2024
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