Remittances come up in the CIE A2 Economics Syllabus under Developing Economies. The Economist in their ‘Economic and Financial Indicators’ sections has an informative graph and commentary of 2015 remittances. Key points for 2015:
- Migrants from developing countries sent home $439bn
- 25% of GDP in Haiti is made up of remittances
- Flows into Europe and central Asia fell by 23% in 2015 mainly due to the weak Russian economy
- India received $69bn in remittances – the most of any country.
The figures quoted might even be higher as it is a lot harder to track transactions from smaller money shops. Below are some examples of the importance of remittances in some developing countries:
- Sri Lanka – remittances > tea exports receipts
- Nepal – remittances > tourism receipts
- Morocco – remittances > tourism receipts
- Egypt – remittances > revenue from the Suez Canal
Advantages of Remittances
- money goes directly to the people…
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