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An Important Source Of
Income
What Are Remittances ?!
The flow of
remittances Remittance
=
a transfer of money by a
foreign worker to an
individual in his or her
home country
How big is the
remittance
market ?
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
World Remittance in 2013 was
US$ Billion
India is the top receiving
country of remittances.
10 Top
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
The impact of remittances in developing countries
The GDP of many
developing countries is
heavily impacted
by the inflow of
remittances every year.
0 20 40 60 80
Kyrgyzstan
Moldova
Nepal
Tajikistan
Tonga
Remittance
Other income
The impact of remittances on GDP
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.
