Impact of Foreign Remittance in the Socio-Economic Development of Bangladesh

Abstract

Foreign remittance is currently the second largest source of earning foreign currency for Bangladesh after garments sector. Almost 9.6 million people went abroad after independence. Over the year the number of migrated workers is increasing and thus the amount of foreign remittance. It has a direct contribution to the overall socio-economic development of Bangladesh. Number of migrated workers is increasing over time. Most of them are less-skilled or semi-skilled. Professional or skilled migration is increasing at a negligible rate. If the proper channels could be maintained and migrated people get proper assistance in and out of the country than it will help Bangladesh to become economically developed country.