Migrant Workforces, Foreign Remittance, and Economic Growth Nexus in an Emerging Country

Migrant workforces and remittance inflow have drawn considerable attention in global economic research. During the past few decades, remittance inflow became a crucial economic growth component in many emerging nations. The current study, employing a time–frequency-based wavelet technique, investigates the dynamic causal relationship between migration, foreign remittance, and economic growth in an emerging country such as Bangladesh. The findings reveal the dynamic causal among the variables; however, the results present time-varying movement under the time–frequency spaces framework. Notably, the evidence shows a significant relationship among the variables in the long run. A strong correlation appeared on the 5–16 band scales among the pair of migration and foreign remittance (MIG-REM), migration and economic growth (MIG-GDP), and foreign remittance and economic growth (REM-GDP). The outcomes suggest that Bangladesh’s economic indicators are highly interrelated in the long run. Therefore, the fluctuation of indicators altered and exposed a low volatility scale for the Bangladeshi economy in the long run.