Impact of Post Covid-19 Pandemic on Foreign Remittance: Beneficiaries

Abstract

Thousands of migrant Bangladeshi workers have been compelled to abandon their occupations as a result of the extensive spread of the coronavirus pandemic, depleting foreign currency reserves. There is a significant effect on the national economy from the money that expats send back home. More importantly, remittances help migrant families directly by increasing consumption and easing investment in sectors like education, healthcare, and infrastructure. The primary goal of this study is to determine whether or not people of Sylhet division of Bangladesh, who have received remittances from abroad, have altered their purchasing habits or quality of life as a result of the Covid-19 epidemic. This study was conducted based on survey. Multiple regression analysis was carried out. The research found that those who receive remittances were negatively affected by the Covid-19 Pandemic monetarily, socially, and psychologically. It is also found that households that received remittances had trouble saving during this period and also had trouble paying back debts. This finding also reveals a dramatic decline in the volume of remittances received over the studied period. Therefore, household spending is severely impacted