Sending Money Online Has Surprising Benefits
In July, workers sent $1.48 billion to their families in Bangladesh, representing the country’s highest-ever month for receiving remittances from migrant workers.
The Bangladeshi benefit significantly when their loved ones send money online, as these individuals often live in countries where they earn enough to support family members back home. With 80 percent of Bangladesh’s gross domestic product (GDP) depending on consumer spending, anything to put money into the hands of those most likely to spend it is a fortunate occasion for the country.
Evidence of the connection of remittances to GDP emerged when Moody’s recently predicted it would top 6 percent this fiscal year. This represents a significant increase over last year’s 5.8 percent.
Here are three surprising ways remittances have helped the Bangladesh economy:
- Counteracting the effects of the textile-heavy export base’s lack of diversification.
- Contributing to the country’s surplus.
- Helping overcome the trade deficit.
Bangladesh represents one of the top countries for remittance recipients; money remittance services play an increasingly crucial role in the health of the national economy and have a powerful influence on the domestic culture and on the way many families in the country plan.
Help Strengthen Your Country’s Economy With Lucky Money!
At Lucky Money, we provide competitive rates and simple procedures for money remittance to India, Bangladesh, and other countries. We are proud to play a role in strengthening the international economy.