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Context on the importance of remittances
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14th August 2017
Remittances are an important source of external finance for many developing / emerging countries. Here is a selection of fresh background data and examples of the significance of remittances.
According to the World Bank, remittances to developing countries are projected to grow by 3.3% in 2017 to $444 billion.
More detail here from this paper published by the World Bank
25% of Haiti’s #GDP in 2015 came from significant amounts of remittances from its diaspora #IPPMD https://t.co/ybIg0nG5v7
— OECD Development (@OECDdev) August 14, 2017
One of the continuing issues is the cost of making money transfers from one country to another. The global average cost of sending $200 was 7.5% in the first quarter of 2017, significantly higher than the Sustainable Development Goal (SDG) target of 3 percent. Sub-Saharan Africa, with an average cost of 9.8 percent, remains the highest-cost region.
*New Report* - Blockchains and Distributed Ledger Technology can Reduce the Cost of Remittances to #Africa https://t.co/qD4yJWNuUR pic.twitter.com/ftWPdF1SUN
— FSD Africa (@FSDAfrica) August 14, 2017
Remittances: the huge cost to Africa in money transfer fees | Overseas Development Institute (ODI) https://t.co/I0KDl4nElL
— Faisal Khan 🍉 (@babushka99) August 4, 2017
Some examples of the significance of remittances by country including Pakistan and Somalia
Pakistan Remittances rise 16% with Start of the New Financial Year. pic.twitter.com/go109vcocC
— Emerging Pakistan (@dev9_) August 11, 2017
@WorldBank: #Somali’s steady rise fuelled by remittances https://t.co/94KzwPBoE1
— Horndiplomattv (@Horndiplomattv) August 4, 2017
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