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Submitted by Sharjil Haque on

Hi David,
Its a great article and gives insights on a macroeconomic factor which is widely accepted to be a major driver of economic growth in many developing countries. In Bangladesh, remittance growth is generally cited as a pivotal factor in bringing our above 6% annual GDP growth rate.
But I agree with Milica (previous comment) that it is known in Bangladesh that measurement methodologies (along with money sent back through informal channels) distort actual growth rates. Citing a former central bank governor in Bangladesh, our remittance figures would probably be twice of what they are if remittance through informal channels could be measured. We believe what's more important is how best to make the public data more accurate and reflective of the true picture. With that regard, Bangladesh Bank has taken great strides in updating remittance info
(as reported by all the commercial banks) on a bi-weekly basis. But , there is still a lot to be done in areas such as accurately recording number of yearly manpower exports, consistency in methodologies used to calculate remittance inflow by the banks etc. These changes are happening gradually in Bangladesh and it will be very interesting to see if the "share of recorded remittance growth accounted for" of 27.6 for Bangladesh improves in the next few years.