Bangladesh experienced a decline of nearly 17% last year in garments exports. Ready made garments constitute 90% of Bangladesh’s exports. The country runs a massive deficit in current accounts. According to IMF, classified loans account for over 10% of GDP. FDI last year was only around 2.6B USD. Yet WB And IMF claim the GDP is growing at 8-9%. It is estimated almost 30B is generated by country’s migrant workers annually. These workers send hard currency to BD government and their families receive worthless local currency. Where did all these remittance dollar go during the last 2 decades? Could it be BD is a giant money laundry machine and it’s growth is driven by inflated and worthless government projects.
India is also going to experience a loss of remittances, particularly from the Middle-East.
Bangladesh experienced a decline of nearly 17% last year in garments exports. Ready made garments constitute 90% of Bangladesh’s exports. The country runs a massive deficit in current accounts. According to IMF, classified loans account for over 10% of GDP. FDI last year was only around 2.6B USD. Yet WB And IMF claim the GDP is growing at 8-9%. It is estimated almost 30B is generated by country’s migrant workers annually. These workers send hard currency to BD government and their families receive worthless local currency. Where did all these remittance dollar go during the last 2 decades? Could it be BD is a giant money laundry machine and it’s growth is driven by inflated and worthless government projects.