Correcting Impacts of Global Depression on Remittance Earnings.

Abstract

The article "Correcting Impacts of Global Depression on Remittance Earnings" examines how Bangladesh's remittance-dependent economy responded to global economic crises, focusing on the 2008 global recession. The analysis reveals that demand for Bangladeshi workers in essential services remained resilient, with a record 832,600 workers sent abroad in 2007 and steady remittance inflows, including $1.64 billion from Saudi Arabia. While acknowledging some job losses in affected sectors, the author highlights new opportunities in post-conflict reconstruction markets such as Iraq and Libya. The study suggests that strategic expansion into skilled labor markets could increase annual remittances to $10 billion. It concludes by emphasizing the need for upskilling initiatives to ensure long-term resilience and sustainable growth in remittance earnings.