Our standard is 660 pixels, but you can customize how the statistic is displayed to suit your site by setting the width and the display size. In Ukraine, remittance growth is estimated at 2%, lower than earlier projections as funds for Ukrainians were sent to countries hosting them, and hand-carried money transfers likely increased. proper attribution to Statista. Popular Destinations for Sending Money Abroad. Top 25 countries with highest remittance costs in the world as of Q3 2022; The most important statistics. Please note that the code must be integrated into the HTML code (not only the text) for WordPress pages and other CMS sites. Meanwhile, remittances to other countries in the region have soared because of money flowing out of Russia due to relocations and the ruble appreciating on the back of high commodity prices. Due to political and economic situations, the flows between certain countries was considered to be 0 (zero). Specific, representative migration and remittances surveys can provide more detailed, and reliable information at the national or local level (World Bank, 2011). Leveraging Economic Migration for Development : A Briefing for the World Bank Board (English). Event:Remittances Brave Global Headwinds, Press Release, May 2022: Remittances to Reach $630 billion in 2022 with Record Flows into Ukraine. Completing the list of top five recipient countries for remittances in 2022 was Pakistan, with total remittances amounting to US$30 billiondespite a 4.3 percent decline compared to its 2021 . "Largest recipient nations of inflow remittances in 2021, by estimated value of remittances received (in billion U.S. dollars) ." If you continue to navigate this website beyond this page, cookies will be placed on your browser. and over 1Mio. Remittances now stand more than threefold above official development assistance and, excluding China, more than 50 percent higher than foreign direct investment. 32(4): 926-948. Which topics are covered by the "Chart of the Day"? You're right. Before the war in Ukraine started, projections estimated that Tajikistans remittance inflow would increase by 3%, but now forecasts show that it will decline by 32% instead. Remittances as a share of GDP are significant in Tonga (50%) and Samoa (34%). As a Premium user you get access to background information and details about the release of this statistic. a positive and signicant link between nancial development and remittances. Due to the largely unknown scope of informal transfers, some countries, in particular in sub-Saharan Africa, do not report remittances figures to the IMF in their balance of payments. May 5, 2023. More people work in other countries and send money home to family members in India than in any other country in the world. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). In 2023, remittances will likely moderate to 4.7% growth due to a weaker economic outlook for the United States, Italy, and Spain. Remittances are a vital source of household income for LMICs. The United States accounted for the. In 2021, the total remittance inflow received by Samoa was $606.4 million, accounting for almost a third of the countrys GDP of $2.19 billion. Get quick analyses with our professional research service. The first African country on this list is the old home of pharaohs and gods, but many modern-day Egyptians live abroad and send money home to relatives. "Largest Recipient Nations of Inflow Remittances in 2021, by Estimated Value of Remittances Received (in Billion U.S. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. ", Statista, Largest recipient nations of inflow remittances in 2021, by estimated value of remittances received (in billion U.S. dollars) Statista, https://www.statista.com/statistics/962827/leading-remittance-receiving-countries/ (last visited July 01, 2023), Largest recipient nations of inflow remittances in 2021, by estimated value of remittances received (in billion U.S. dollars) [Graph], Statista, December 2, 2022. The Migration and Development Brief analyzes trends in migration-related SDG indicators: increasing the volume of remittances as a percentage of GDP, reducing remittance costs, and reducing recruitment costs. In terms of remittances asa share of gross domestic product, by contrast, the top five recipients in 2022 were smaller economies: Tajikistan (51%), Tonga (44%), Lebanon (36%), Samoa (34%), and the Kyrgyz Republic(31%)(Ratha et al., 2023). US Bank. (December 2, 2022). Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Migrants may also need protection against overwork or underpayment by employers during the crisis. Assuming the Gulf Cooperation Council (GCC) countries as a source of low-skilled and the Group of Seven (G7) as the source of high-skilled labor-abundant sending countries, remittance from relatively low-skilled emigrants has a greater impact on financial inclusion in the recipient countries than their high-skilled counterparts. It is thus not possible to ascertain whether the official IMF and World Bank figures are accurate for these countries or considerable overestimates due to embassy, UN and foreign companies staff salaries being counted as well (Alvarez et al., 2015). Unlike India, Chinas amount has varied over the past ten years. Nepal. Bilateral remittance estimatesare prone to the limitations of data on migrant stocks described here. Social remittances include innovative ideas, valuable transnational networks, knowledge, political values, policy reforms and new technological skills. Migration and Development Brief, No. South Africa and Ivory Coast accounted for a combined 25 percent of the total outflow of remittance-sending countries in Africa in 2021. So, despite the global economic slowdown, the remittances to Pakistan are growing, especially compared to those a decade ago. A hyperlink or a reference to a broker should not be taken as an endorsement of that broker. In the second component of remittances personal transfers the IMF considers if a transfer is made across borders, regardless of the residency status, nationality or country of birth of a person, as this information is often not available. 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Remittances in the African, Caribbean and Pacific countries, Background note ACPOBS/2011/BN02. Up to 35 USD. Please create an employee account to be able to mark statistics as favorites. This amount is a drastic decline from their all-time high in 2019 of $25.4 billion. Global estimates of financial transfers by migrants include transactions beyond what are commonly assumed to be remittances, as the statistical definition used for the collection of data on remittances is broader (see IMF, 2009). Of course, India takes the most significant piece of the pie because Indian migrant workers have sent more than $100 billion home. Check out the stats below to find out details about the countries with the biggest remittance inflows in the world, rankings based on remittance as a percentage of countries GDP and absolute figures, and more. Provides data on the cost of sending and receiving relatively small amounts of money from one country to another. In 2023, remittance receipts are projected to moderate further to 4.2% growth due to a softer outlook for major remittance-sending countries. 29, Data Notes, The Migration and Remittances Factbook 2011, Migrant Remittance Flows. on two sectors: "Media and Technology", updated The basis forbilateral remittancesestimatesare weighted migrant stock data, the weighted income of migrants based on the per capita income in the country of destination, and the weighted income in the origin country of the migrant (Ratha and Shaw, 2007: 43). National and regional development strategies should be viewed through a climate migration lens, he added. As these transfers that are not systematically included in balance of payments can be significant in volume, in particular in the context of South-South corridors, theofficial figures are likely tounderreport the phenomenon by as much as 50 per cent(Irving et al., 2010;World Bank, 2011). In terms of remittances as a share of gross domestic product, by contrast, the top five recipients in 2022 were smaller economies: Tajikistan (51%), Tonga (44%), Lebanon (36%), Samoa (34%), and the Kyrgyz Republic (31%) ( Ratha et al., 2023 ). They alleviate poverty, improve nutritional outcomes, and are associated with increased birth weight and higher school enrollment rates for children in disadvantaged households. Remittances to South Asia grew an estimated 3.5% to $163 billion in 2022, but there is large disparity across countries, from Indias projected 12% gainwhich is on track to reach $100 billion in receipts for the year--to Nepals 4% increase, to an aggregate decline of 10% for the regions remaining countries. This statistic is not included in your account. Sending $200 to the region cost 6% on average in the second quarter of 2021, up from 5.6% a year ago. Indians are set to receive $100bn in remittances this year, according to a World Bank report - the first time a single country has reached that number. These are called internal remittances. Why Dont Remittances Appear to Affect Growth? Guatemala also saw a rise in remittances, with a 20% year-over-year growth for the first nine months of the year. According to a recent survey, 83% of the households in Tonga receive money from abroad, predominantly from workers working under seasonal employment schemes in Australia and New Zealand. For instance, in 2021, India received around $87 billion in yearly remittances, compared to only $68.82 billion back in 2012. Differences in transaction costs based on the amount sent, with the higher amounts likely to cost less to send, distorts therepresentativeness of relevant data. In addition, both reporting of remittance transactions has been improved and migrants have increasingly used more formal payment methods as informal channels decreased as part of anti-money laundering measures (ibid.). Links on this site may direct you to the websites of our partners. This process is hindered by anti-money laundering and countering the financing of terrorism (AML/CFT) regulations, which remain stringent, e.g., not facilitating e-KYC onboarding. Remittance inflows are projected to grow by 2% in 2023. According to KNOMAD, improved data on remittances will directly support the Sustainable Development Goal indicators on reducing remittance costs and increasing the volume of remittances as well as support the first Objective of the Global Compact on Migration to improve data (ibid.). Yes, Statista allows the easy integration of many infographics on other websites. The increase was led by wage rises and . India is the first country for money received from workers abroad. In some developing countries, remittances are among the most significant economic drivers. Leveraging Remittances for Development., Workers Remittances: An Important and Stable Source of External Development Finance., Sending Money Home: Contributing to the SDGS, one family at a time, Sending Money Home: European flows and markets, Sending Money Home to Asia: Trends and opportunities in the world's largest remittance marketplace, Remittances in the African, Caribbean and Pacific countries, Background note ACPOBS/2011/BN02, Remittances, in Global Migration Group (eds.). This country has seen a steady increase over the past ten years, with about $2 billion increases every year. Tajikistan. For example, the remittance inflow to Chinese GDP in 2022 stood at 0.12%, significantly contributing to the countrys economy. According to the Central Bank of Nigeria (CBN), diaspora remittances increased by 5.1% quarter-on-quarter between Q1 2021 and Q1 2020. With an average cost of 11.8 per cent during Q4 2022, banks remained the most expensive channel for remittance transfers (ibid.). Among developing nations, India and Mexico received the most remittances in total and also saw some of the biggest increases in remittance payments in 2022 compared to 2021, at 19.6 percent and. Since 2007, the Financing Facility for Remittances (FFR) of the International Fund for AgriculturalDevelopment (IFAD) has published data and statistics on remittances through its series ofSending Money Homereports based on information from Central Banks, the IMF, and the World Bank RPW database, among others. Global Economic Prospects 2006: Economic Implications of Remittances and Migration. Please share your thoughts on how we can improve our service! Higher oil prices aided economic recovery and drove the spike in remittances from the GCC countries which employ over half of South Asia . to incorporate the statistic into your presentation at any time. Lebanon (54%) With $6.6 billion in remittance inflow, Lebanon is the third-highest recipient of remittances in the MENA region as of 2021. The Bank estimates that officially recorded annual remittance flows to low- and middle-income countries reached $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017. Like many other countries, Egypts remittances are trending upwards, with modern payment methods facilitating remittance flows. Overseas Pakistani workers were more generous than in previous years, breaking the record in 2021 and significantly boosting the domestic economy. The reports cover central issues affecting remittances from both a global and regional perspective and provide comparative indicators to measure the importance of remittances among regions and subregions. In 2021, the top five remittance recipients in current US dollar terms were India, China, Mexico, the Philippines, and the Arab Republic of Egypt. The cost of sending $200 to the region rose to 6.2% on average in the second quarter of 2022 from 5.8% a year earlier. Edward Elgar: Cheltenham, UK and Northampton, MA, USA: 186-206. The testing ofremittance channelsthrough fictitious transfers of money by World Bank analysts entails significant limitations as well. Bangladesh is another Asian country with a regular spot among the leading remittance receivers, even though the Bangladeshi government reported only a 2.2% remittance growth in 2021. Statista. Can I integrate infographics into my blog or website? Costs may also change quickly, meaning the reported transaction costs rapidly become outdated (Alvarez et al., 2015). Recovery: COVID-19 Crisis Through a Migration Lens, Migration and Development Brief 34. [Online]. Dashboard (Central America, Mexico and the Caribbean), Migration data relevant for the COVID-19 pandemic, Global Compact for Migration development process, Ukraine: Migration Statistics, Policy and Humanitarian Responses, Afghanistan: Migration statistics, policy and news, Sudan: A 360 view on the migration and mobility dimensions of the current crisis, SDG 11: Sustainable cities and communities, SDG 16: Peace, justice and strong institutions, International Working Group to Improve Data on Remittance Flows, International Fund for AgriculturalDevelopment, Balance of Payments and International Investment Position Manual, Remittances: How reliable are the data?, Handbook for Improving the Production and Use of Migration Data for Development. Though remittances are private funds and therefore cannot replace public spending, remittances to LMICs have been about three times the volume of Official Development Assistance (ODA) for more than a decade (Ratha et al., 2022). Corridor-specific data reveal that remittance costs tend to be higher when remittances are sent through banks than through digital channels or money transmitters offering cash-to-cash services. In 2022, for the first time a single country, India, is on track to receive more than $100 billion in yearly remittances. (2) Personal transfers: These are all current transfers in cash or in kind made or received by residents (be it migrants or non-migrants) from or to individuals in other countries (all current transfers between resident and non-resident individuals (IMF, 2009: 273). Chase. Out of the ten biggest remittance recipients around the world, incoming payments have decreased in five. Here are the top five countries with the largest amounts of remittances received in absolute value. This is according to a. If you are an admin, please authenticate by logging in again. While recognizing the wealth of data and research that already exists on remittances, our Global Remittances Guide serves as a central hub for the dissemination of data on remittances as they are linked to international migration and development. 30, Migration and Remittances: Recent Developments and Outlook. Over the past ten years, the amount of money sent home to India has increased every year. Slower growth in remittances is partly tied to the erosion of real wage gains in the Euro Area, even as demand for remittances in home countries increased amid deteriorating conditions, including drought in the Maghreb and high imported wheat prices. Growth in remittance flows is estimated at 9.3% for Latin America and the Caribbean, 3.5% in South Asia, 2.5% in the Middle East and North Africa, and 0.7% in East Asia and the Pacific. This allows the user to understand trends and the magnitude of transfers, comparing them to other flows such as Official Development Assistance (ODA). The remittance inflow received by Kyrgystan in 2021 is $2.798 billion, and 82% of this money was sent from Russia. Top Remittance-Receiving Countries in 2022, the first country to receive over $100 billion in remittances, remittance inflow to Chinese GDP in 2022 stood at 0.12%, China received $70.3 billion in remittances, Philippines between 1977 and 2021 were $8.5 billion, Egyptian diaspora sent around $31.5 billion in remittances in 2021.