No alternative to the new labor market

Remittances are one of the major driving forces of Bangladesh's economy. With hopes of higher wages, improved working environments, and better standards of living, people leave their homeland for opportunities abroad. The remittances sent by these expatriates play a crucial role in enriching the economy of their home country. Alongside increasing individual incomes, they contribute to overall GDP growth. Remittances thus hold a significant role in Bangladesh's economic landscape.

Recently, there is positive news for the country's economy with an upward trend in remittance flows. In the current global context, remittances are observed to be one of the most crucial and impactful indicators for economic stability, serving as a primary source of accumulation of foreign currency reserves. There has been a notable increase in remittance inflows, highlighting its significance in today's world economy.

During Eid-ul-Azha, expatriates have sent a substantial amount of remittance for their relatives staying in their home country. According to the latest data from Bangladesh Bank, in the first 14 days of June, through legal or banking channels, expatriates sent more than 164 crore 67 lakh US dollars, equivalent to 19,432 crore taka (at an exchange rate of 118 taka per dollar). This influx of remittance, exceeding 991 crore taka daily during Eid, brings auspicious news for the country's economy.

Primarily, Saudi Arabia remains the largest destination for Bangladeshi workers, with a significant number also migrating to other Middle Eastern countries. The Central Bank reports that the majority of remittances come from these Middle Eastern countries. The increase in global oil prices has led to a growth in the labor market within the country. According to the World Bank, India, Mexico, Russia and China send large numbers of migrant workers to the Gulf countries every year. As a result, Bangladeshi workers have to compete on the basis of skills and qualifications.

On the other hand, many unemployed youth falls victim to unscrupulous brokers' temptations to go abroad. Therefore, before aspiring to go to the desired country, one must learn the language, culture, and relevant skills to be proficient. This will also lead to better earnings.

Many illegally migrate to live in the middle of the ocean, some end up as corpses, others go missing. Upon reaching the shore, they are apprehended by immigration police. Later on, they may become involved in activities such as drug trafficking, human trafficking, or other criminal activities, tarnishing their country's reputation.

The government must completely curb the process of relying on brokers and instead focus on finding new labor markets. Alongside this, it is crucial to select competent and honest workers. This approach will propel the country forward. Additionally, we need to send our skilled workforce and provide them with multidimensional training.