For Bangladesh, the global lender flagged risks in exports and remittances in its updated Global Economic Prospects report published on Tuesday. For example, Bangladesh’s garment exports are heavily reliant on markets in the United States and Europe, the World Bank said. These inflows have contributed to the improvement of current accounts, and in some cases with international assistance, allowed several major regional economies, including Bangladesh, to increase their foreign reserves. The projected drag from remittances on the region’s economies is less certain given their recent strength. Remittances may be adversely affected by the weak recovery in GCC countries, the resurgence of outbreaks in the United States and Europe, and difficulties facing migrants trying to return to host countries, the World Bank said, citing a 2020 report.

Source: bd News24 January 06, 2021 18:56 UTC