Top 5 countries that benefit the most from international remittances

1. TOP 5 COUNTRIES THAT BENEFIT THE MOST FROM INTERNATIONAL REMITTANCES

2. INTRODUCTION Most developed countries have national income from their public expenditures, tax, exports, business investments etc. Whereas international remittances are an important source of income for the developing countries surpassing their global imports and exports, national tourism etc. Money sent from their expats form a significant part of the nation’s economic growth fueling different developmental activities in terms of construction, education, health, infrastructure etc. Most migrants make international money transfers for their loving families living in another country to support them financially and emotionally.

3. Here is the list of top 5 countries that receive the most remittances globally: China: India: I As per the reports of the World Bank, India is the top recipient of remittances with 83.1 billion (USD) in 2019, which is likely to fall to $76 billion in 2020 due to Covid-19 pandemic. Indian citizens mostly like to work in Canada, Australia, United Arab Emirates, New Zealand, the United Kingdom, and the United States for professional growth, steady income and better living conditions. China comes next in line after India with 68.4 billion dollars remittance inflow in 2019. Chinese diasporic workers spread across the nations, especially in Hong Kong, Singapore, United States, Australia, and Canada. Although China is second in the statistics of global recipients list, it is one of the countries with a low ratio of migrant workers with only less than one per cent of its total population settled outside the country. C remittance

4. The Philippines: Mexico P Mexico comes in third with 38.5 billion dollars of remittance inflow in 2019. Migrants workers of Mexico in the United States were well- established in terms of remittance inflow from long ago. It was in 2007 the construction and housing industry declined and the migrant workers were hard-hit followed by the great financial crisis. It was in 2012, the situation came back to the new normal and continued further to 2019. 2020 Covid is sure to shrink the remittance inflow of all countries including Mexico. Fourth in line is the Philippines with 35.2 billion dollars of remittance inflows. There are over 10 million overseas Filipino workers working in different parts of the world like Middle Eastern countries like Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait, Australia, Canada, the United States which is a rising trend. M along with Egypt: E The top 5th country on the list is Egypt, with a remittance inflow of 26.8 billion dollars in 2019. Reports have proved that even in this global pandemic Egypt is likely to receive 24.4 billion dollars by the end of 2020, which is like 6.7 percent of their GDP (Gross Domestic Product).

5. CONCLUSION These numbers are just the major 5 countries receiving remittances the list goes beyond with many countries like Pakistan, Nepal, Sri Lanka, Yemen, South Sudan, Indonesia etc. Statistics have proved that nearly 31 countries have more than 10% of their GDP coming from international remittances. Remittances come in varying forms as online money transfers, wire transfers, bank transfers, in-store etc.

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