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Article

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The most recent estimates made by the World Bank show that the number of international migrants would surpass 250 million. These migrants send $600 billion to their families in their home countries with developing countries receiving $440 billion—almost four times the amount sent in 2001. These remittances are three times the size of official development assistance. Migrants hold more than $500 billion in annual savings. The remittances and savings have become a major source of financing for development. U.S. ($56 billion), Saudi Arabia ($37 billion) and Russia ($33 billion) were the top three source countries. India ($72 billion), China ($64 billion) and the Philippines ($30 billion) were the top three receiving countries. Pakistan ranks among the top 10 migrant-supplying countries. Table 1 below shows the region-wise distribution of migrants and remittances.

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Blue Chip: The Business People's Magazine

Publication Date

4-1-2016

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Economics Commons

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