Global Journal of Management and Business Research, B: Economics and Commerce, Volume 23 Issue 1

the garments sector in Bangladesh. If we see the comparative statement on export of RMG, it shows that export of RMG is increased gradually over the years. Comparative Statement on Export of RMG And (Total Export of Bangladesh) Year Export of RMG (in Million Us$) Total Export Of Bangladesh (in Million Us$) % of RMG’s to Total Export 2010-11 17914.46 22924.38 78.15 2011-12 19089.73 24301.90 78.55 2012-13 21515.73 27027.36 79.61 2013-14 24491.88 30186.62 81.13 2014-15 25491.40 31208.94 81.68 2015-16 28094.16 34257.18 82.01 2016-17 28149.84 34655.90 81.23 2017-18 30614.76 36668.17 83.49 2018-19 34133.27 40535.04 84.21 b) Crisis on Remittances In 2019, Over 10 million migrants from Bangladesh sent 18 billion dollar that have a great importance in the economy. International remittances typically represent about 7% of Bangladesh’s GDP. However, the COVID-19 pandemic had a serious impact on migrants from overseas in Bangladesh. They are mainly concentrated in countries with lockdown measures. Given the large number of Bangladeshi immigrants in the Middle East, the secondary economic effects of slow demand and falling oil prices may also put pressure on remittance flows. The World Bank estimates that by 2020 total remittances from Bangladeshi migrant workers will fall to $ 14 billion, which will be 25% decreased from the previous year. According to data released by the Bangladesh Bank, remittances fell 25% this month compared to the same period, indicating that, unfortunately, a World Bank forecast is likely to be available. The decline in these benefits (traditionally averaging between $ 300 and $ 600 per month) will result in a significant loss of income for millions of households in Bangladesh. Remittances 2019-2020 In Million US dollar July 1597.69 August 1444.75 September 1476.91 October 1641.67 November 1555.23 December 1691.68 January 1638.43 February 1452.20 March 1276.26 April 1092.96 May 1504.60 June 1832.63 Impact of COVID-19 on the Economy of Bangladesh 21 Global Journal of Management and Business Research Volume XXIII Issue I Version I Year 2023 ( ) B © 2023 Global Journals Source: BGMEA Website