Description: Every year, migrant workers send to their home countries billions of US dollars. In 2019, the World Bank report stated that the remittances total value reached…
Every year, migrant workers send to their home countries billions of US dollars. In 2019, the World Bank report stated that the remittances total value reached an outstanding record of over 554 billion US dollars. For certain nations, these remittances comprise quite a big portion of their gross domestic product.
Remittances are an international payment transaction such as that of a bank funds transfer that is sent by a migrant worker to someone in their home country. The money sent is that of the private saving of these migrant workers, which are spent by their families in their home county.
For a lot of developing nations, these remittances from their citizens who are working abroad do provide a vital source of funds for the economy. In particular cases, the total amount of remittances of the developing country do far exceed any aide sent by those developed nations and might only be exceeded by such the influx of funds like that of foreign direct investment.