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November 16, 2010
Remittances

Nov 11th 2010

The World Bank reckons that officially recorded remittances to developing countries will reach $325 billion in 2010, a 6% increase over the previous year. Although giant countries like India and China get the biggest sums of money from their workers abroad, remittances play an even more significant role in smaller nations, where they can amount to a large share of GDP. Lebanon, for instance, gathered $7.6 billion in remittances in 2009, just over 15% of the amount that India received. But whereas remittances amounted to only 3.9% of India’s GDP, they were over a fifth of Lebanon’s. In Tajikistan (not shown) remittances were 35% of GDP, a higher share than in any other country in the world.



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