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Remittances

By LIFS September 10, 2009 at 12:05 PM

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Remittances from migrant Indian workers grew 90% to $52 billion in 2008 even as the global economy collapsed, according to the World Bank.

India is the largest recipient of remittances, followed by China, which received $40 billion in 2008. In all migrant workers sent $328 billion to their families in 2008. But the Bank is projecting a decline of 7 to 10 in 2009 as economic conditions worsen. Private capital to developing countries is drying up, falling from $1.16 trillion in 2007 to $707 billion in 2008.

Remittances account for almost 46% of Tajikistan’s GDP and 34% of Moldova’s.

Top Recipients of Remittances

Country	Billions
India	$52.00
China	$40.60
Mexico	$26.30
Phlippines	$18.60
Poland	$10.70
Nigeria	$10.00
Egypt	$9.50
Romania	$9.40
Bangladesh	$9.00
Vietnam	$7.20

Remittances as Proportion of GDP
Country	% GDP
Tajikstan	46%
Tonga	39%
Moldova	34%
Lesotho	28%
Guyana	26%
Lebanon	24%
Samoa	23%
Jordan	22%
Hondura	21%
Kyrgyztan	19%