What is the Significance of Migrant Remittances?
- Jeff Ashia
- Oct 1, 2022
- 1 min read
Despite the average migrant worker sending just $200 home every month, repeated month-on-month remittances accumulate to create a tidal wave of international currency transfers.
The scale and significance of remittance payments are simply astounding. For example:
In 2013, India received $72 billion in remittances — more than it’s entire IT exports.
Egypt’s annual remittance income is triple the revenue it receives from the Suez Canal.
Remittances account for a staggering 43% of Tajikistan’s GDP.
In the world’s most fragile and conflicted countries, political unrest and economic instability can leave entire populations dependent on remittances. In Somalia, for example, the annual flow of overseas payments is higher than the average yearly income of $250.
Kommentare