Remittances - An important source of income
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Remittances refer to money sent by foreign workers to individuals in their home country. In 2013, global remittances totaled over $500 billion USD. India is the largest recipient of remittances, receiving an estimated $70.4 billion USD in 2014. Remittances make up a significant portion of many developing countries' GDPs, with some countries relying on remittances for over 30% of their GDP. Russia's economic crisis poses a threat as countries that rely heavily on remittances from Russian workers could lose over $10 billion collectively in 2015.
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Remittances - An important source of income
- 3. The flow of remittances Remittance = a transfer of money by a foreign worker to an individual in his or her home country
- 4. How big is the remittance market ?
- 5. 0 100 200 300 400 500 600 World Remittance (US$ billion) Remittance Flow Between 2003-2013 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
- 6. World Remittance in 2013 was US$ Billion
- 7. India is the top receiving country of remittances.
- 8. 10Top 2012 2013 2014e India 68,821 69,970 70,389 China 57,987 59,491 64,140 Philippines 24,610 26,700 28,403 Mexico 23,366 23,022 24,866 France 22,053 23,336 24,760 Nigeria 20,633 20,890 20,921 Egypt, Arab Rep. 19,236 17,833 19,612 Pakistan 14,006 14,626 17,060 Germany 15,144 15,792 15,802 Bangladesh 14,236 13,857 14,969 The top remittance recipient was India, receiving an estimated total of 70.4 billion USD. Next was China at 64.1billion, and then the Philippines at 28.4 billion. remittances receiving countries
- 9. The impact of remittances in developing countries The GDP of many developing countries is heavily impacted by the inflow of remittances every year.
- 10. 0 20 40 60 80 Kyrgyzstan Moldova Nepal Tajikistan Tonga Remittance Other income The impact of remittances on GDP
- 11. Russia’s rouble crisis is posing a major threat to other countries According to data projections based on World Bank figures, nine countries that rely heavily on roubles sent home from Russia could collectively lose more than $10bn in 2015.
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