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Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families. In some countries, remittances account for more than 30% of the total economic output.
The United States accounts for the largest portion of official remittances, followed by the United Kingdom, Italy, Canada, Spain and France. On the African continent, Egypt, Equatorial Guinea, Chad, Libya, and South Africa are important source countries of remittance flows to Nigeria, while China is the biggest remittance-sending country in Asia.
Despite their extreme dependence on U.S. remittances, the poorest households receive a disproportionate amount of remittances sent to the country. The poorest decile of the population in 2005 received only $270 million of the $3 billion in total remittances or only about 9%.
Remittances to Bangladesh are money transfers (remittances) sent by the Bangladeshi diaspora to Bangladesh. According to the World Bank , Bangladesh is the 7th highest recipient of remittances in the world [ 1 ] with almost $22.1 billion in 2021 and was the third highest recipient of remittances in South Asia . [ 2 ]
India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [1] [2] Remittances to India stood at US$125 billion in 2023, up from US$69 billion in 2017. Remittances from India to other countries totalled US$5.710 billion in 2017, for a net inflow of US$63.258 billion in 2017. [3] [4] [5]
In 2013, 23% of all remittances globally were sent from the GCC region. The total official value was estimated to be approximately US$90 billion. [8] In 2016, Saudi Arabia was second on the list of remittance sending countries and other GCC member states were also among the top countries concerning outflows of remittances.
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
List of countries by net international investment position per capita; List of countries by average wage; List of minimum wages by country; List of countries by public debt; List of countries by wealth per adult; List of countries by credit rating; List of countries by government budget; Gross national income. List of countries by GNI (PPP) per ...