Money from migrant workers

Daily Star

In a real turn up for the books, the World Bank's latest report released here has stated that India received the largest amount of remittances from migrants in 2007--all of US$27 billion--followed by China, Mexico, the Philippines and France.

The Chinese expatriate community spread across the globe has for long been thought to have been the unquestioned leaders when it came to sending remittances back home; indeed, remittances have been a major driver of economic growth in the Communist country.


India, now, has knocked China off the top spot with its $27 billion remittances while China comes in a close second with remittances worth $25.7 billion in 2007, according to the World Bank.

Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion) make up the top five. (Tajikistan, Moldova and Tonga were the top remittance-receiving countries as a percentage of GDP.)

“In many developing countries, remittances provide a lifeline for the poor,” said Dilip Ratha, senior economist and co-author of the Migration and Remittances Factbook 2008.

He added that remittances are "often an essential source of foreign exchange and a stabilising force for the economy in turbulent times”.


In terms of migration, the United States of America was the top immigrant-receiving country with 38.4 million immigrants, followed by Russia with 12.1 million and Germany with 10.1 million.