Monday 16 July 2018

GCC expatriates sent $98bn home in 2014

MANAMA, February 2, 2016

Expatriates working in Gulf Cooperation Council (GCC) countries sent $98 billion in outward remittances in 2014, according to a World Bank report.

GCC countries have seen a significant increase in migration inflows in the past few years, mostly from South and East Asia, said the Migration and Remittances Factbook 2016, produced by the World Bank Group’s Global Knowledge Partnership on Migration and Development (Knomad) initiative.
International migrants will send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion, said

The US was the largest remittance source country, with an estimated $56 billion in outward flows in 2014, followed by Saudi Arabia ($37 billion) and Russia ($33 billion).

India was the largest remittance receiving country, with an estimated $72 billion in 2015, followed by China ($64 billion), and the Philippines ($30 billion), it said.
The number of international migrants is expected to surpass 250 million this year, an all-time high, as people search for economic opportunity, it said. And, fast growing developing countries have increasingly become a strong magnet for people from other parts of the developing world.

Migrants from the Middle East and North Africa region totaled 23.9 million, nearly 38 percent of whom were living in OECD countries and nearly 31 percent were living within the region. The largest sources of emigrants were West Bank and Gaza, Syria, Egypt, Morocco and Iraq.  The region hosted 11.7 million immigrants, mainly from Jordan, Iran, Lebanon, Syria and Libya. Remittances to the region amounted to $52 billion in 2015.

Migrants from South Asia totalled 37.1 million, of whom 20.6 percent were living in OECD countries and nearly 43 percent were in high-income non-OECD countries (such as the GCC). The largest source countries of migrants were India, Bangladesh, Pakistan, Afghanistan and Nepal. The region hosted 12.4 million migrants the majority of whom were from within the region. Remittances to South Asian countries amounted to $123 billion in 2015, while outward remittances were $16 billion in 2014.

“At more than three times the size of development aid, international migrants’ remittances provide a lifeline for millions of households in developing countries. In addition, migrants hold more than $500 billion in annual savings. Together, remittances and migrant savings offer a substantial source of financing for development projects that can improve lives and livelihoods in developing countries,” said Dilip Ratha, co-author of the Factbook.

The top 10 migrant destination countries were the US, Saudi Arabia, Germany, Russia, UAE, United Kingdom, France, Canada, Spain and Australia. The top 10 migrant source countries were India, Mexico, Russia, China, Bangladesh, Pakistan, the Philippines, Afghanistan, Ukraine, and the UK.

Mexico-US was the largest migration corridor in the world, accounting for 13 million migrants in 2013. Russia-Ukraine was the second largest, followed by Bangladesh-India, and Ukraine-Russia. The latter three are South-South corridors according to United Nations classification.

In 2014, there were 14.4 million refugees (excluding 5.1 million Palestinian refugees), accounting for 6 percent of international migrants. About 86 percent of the refugees were hosted by developing countries, with Turkey, Pakistan, Lebanon, Iran, Ethiopia, Jordan, Kenya, Chad, and Uganda the largest host countries. In contrast, the number of refugees in advanced countries was 1.6 million, the report said. -TradeArabia News Service

Tags: GCC | Home | Expat | Remittance | sent |

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