South Asian countries are the largest beneficiaries of remittances originating from Qatar, according to Xpress Money, a leading money transfer brand.

India, the largest recipient of remittances in the world received $3.99 billion from Qatar in 2015. Nepal followed at $2.02 billion, Bangladesh received $525 million, Sri Lanka $511 million and Pakistan $427 million, said the company, citing data from the World Bank.

Remittances from Qatar showed a strong year-on-year growth over the past five years. In 2014, global transfers out of the country stood at $10.09 billion, comparing favourably to $6.77 billion in 2011.

“Expatriate workers from South Asia are drawn to Qatar’s vibrant economy. They help sustain the high construction and development levels in the country as Qatar prepares for the 2022 FIFA World Cup. At the same time, these expatriates safeguard their future by investing back home and providing for their families. This is clearly visible as trends show that remittances from Qatar to the rest of the world are showing strong year on year growth, and hit their highest levels yet in 2015. The South Asia region is the biggest beneficiary of these remittance flows, which play an invaluable role in spurring economic activity and bolstering the GDP of the key beneficiary countries in that region,” said Xpress Money COO, Sudhesh Giriyan.

In the Mena region, Egypt is the largest recipient of Qatari remittances, benefitting from $1.05 billion. Jordan received $207 million from Qatar in 2015.  

“Global trade and economic hubs such as Qatar are a key part of the global economy, and catalyse economic benefits for a host of countries through money transfers and remittances by expatriate workers. These remittances are directly correlated with increased consumer spending and investments in education, healthcare and infrastructure in receiving countries, and lead to a better quality of life overall,” said Giriyan. - TradeArabia News Service