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% |
|
|
