Remittances are the sending of money to people in another country. Despite a recent dip because of the global recession, total remittance flows have grown in the world economy over the longer-term as the scale of migration between countries has grown. For many lower-income nations, remittance income is now a sizeable contribution to their Gross National Income (GNI) The World Bank estimates that there are over 250 million people living overseas who send some of their earned income back - remittances to all countries topped $305bn in 2008. The biggest single recipients of remittances are India, Mexico and China but measured as a share of national income is probably a better way of considering their relative importance. The World Bank calculated that in 2007, remittances as a share of GDP was particularly high in these countries:

Tajikistan (45%) Moldova (38%) Tonga (35%) Lesotho (29%) Honduras (25%)

Our Timetric charts provide some data background to the importance of remittances

Data from Timetric.

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Workers’ remittances and compensation of employees from Timetric

India

Data from Timetric.

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Workers’ remittances and compensation of employees from Timetric

Mexico

Data from Timetric.

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Workers’ remittances and compensation of employees from Timetric