The government’s decision to stop issuing permits to migrant workers will have significant consequences for the country, where economic activities are driven by remittances, experts say.
50 nations promised cash to fight Covid-19, but few, like India and Bangladesh, are doing it right. India’s trinity of Jan Dhan, Aadhaar, and mobile communications — or JAM — can work wonders if it is used extensively to reform citizen–state engagement.
According to the Asian Development Bank, the financial fallout from the ongoing coronavirus epidemic could potentially shrink Bangladesh's gross domestic product by as much as 1.1 percent or $3.02 billion.
COVID-19 has brought to the forefront the potential for microinsurance in the Bangladesh market, where over 30 percent live below the national poverty line and insurance penetration is extremely low.
In this worldwide 'lockdown' situation enforced for preventing COVID-19, expatriate Bangladeshis are relying on online-to-wallet money transfer service to send remittance to their loved ones back home.