Remittances to low and middle income countries rebounded last year after two consecutive years in decline. That's according to the World Bank's latest Migration and Development brief which reported that remittances to low and middle-income countries amounted to an estimated $466 billion in 2017, an 8.5 percent increase on 2016's $429 billion. Globally, the volume of cash flows abroad also increased, reaching $613 billion. Reasons for the rebound include higher oil prices and strenghtening of major currencies including the euro and ruble.
India ($69 billion), China ($64 billion) and the Philippines ($33 billion) were the top recipient countries for remittances last year in dollar terms. Despite those massive transfers of cash, remittances make a much bigger impact in poorer and smaller countries. When they are taken as a share of gross domestic product, the top countries in 2017 were Kyrgyzstan (35 percent), Tonga (33 percent), Tajikistan (31 percent), Haiti (29 percent) and Nepal (29 percent).
The Countries Who Depend On Remittances The Most
Remittances
