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Facts Related to Remittances

The facts related to the remittances are mentioned below:

(1) As per the report submitted by the World Bank, almost US$250 billion was sent through remittance throughout the world in the year 2006. The amount of money sent via remittance has been increasing steadily with thirty percent growth every year

(2) The share of the global remittances sent to the developing nations rises from fifty seven percent in 1995 to seventy two percent in 2005. It was equivalent to an amount of $167 billion in the time period of ten years.

(3) India is the leading remittance receiver globally and accounts for the maximum remittance received every year. In the year 2006, $26.9 billion was remitted to India and it increased up to $55.06 billion in 2009. India is followed by China at second position with $22.52 billion in 2006 to $40.5 billion in 2008. These two are followed by Philippines ($17.3 billion); Mexico ($21.2 billion) and Poland.

Remittances (4) A large chunk of remittances from the US is directed to Asian countries including India ( 26 billion USD), Philippines (16 billion USD) and China (23 billion USD). In the year 2003.2004, five out of seven top remittance recipient countries belonged to Asia. The Asian countries were India, Philippines, China, Pakistan and Bangladesh. Non Asian countries in the top seven include Mexico and France.

(5) The Asian countries like India, China and non Asian such as Mexico and France accounts for a third of global remittances.

(6) The remittances make up a high share of GDP gross domestic product in only two countries including the Philippines and Serbia and Montenegro.

(7) In fact, approx ten percent of the population globally is involved directly with remittances.

(8) USA tops the list of countries that offers the largest amount of remittances, with $31 billion of remittance is sent every year from USA to other countries.

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