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IMPACTS OF REMITTANCE ON THE SOCIOECONOMIC CONDITION OF BANGLADESH: AN ANALYSIS

Remittance is considered to be one of the influential sectors of the socioeconomic development of the Third World countries, particularly countries like Bangladesh. In Bangladesh, remittance contributes to the socioeconomic development, maintain foreign exchange reserves, and manage balance of payment, etc. This paper particularly explains the impacts of remittance on the socioeconomic condition of Bangladesh. The paper is written based on secondary sources, published documents on the impacts of remittance. The paper reveals that remittance has both positive and negative impacts on the socioeconomic condition of Bangladesh. However, the positive impacts are more influential than negative one. In Bangladesh, remittance helps people generate income, provide children advanced education, increase social status, create employment opportunities for poor, and above all empower women. People can avail material and non-material culture and can enjoy civic amenities of the modern era. Although, it creates inequality in the society and cultural lag among people, its influential aspect to the socioeconomic development of Bangladesh is more prevailing. As a result, this paper recommends for necessary initiatives from Government Organizations and Non Government Organizations to maintain both remittance and migration flow normal and congenial.