Remittances are the money transfers that migrants send to their families and friends in their home countries. Remittances are a vital source of income for many developing countries, as they help to reduce poverty, improve living standards, and support economic growth.
Some countries saw a significant increase in remittances, such as India (19.6 percent), Mexico (11.5 percent) and Guatemala (15.4 percent). This could be due to the recovery of the economies and labor markets in the countries where the migrants work, such as the United States, Saudi Arabia, and the United Arab Emirates.
In this blog post, we will look at the top 10 most received remittance countries in 2022, based on the Statista data.
TOP 10 COUNTRIES RECEIVING MOST REMITTANCE
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Nigeria
Nigeria is the most populous country in Africa and the seventh most populous country in the world. It has a large diaspora population, as many Nigerians choose to travel and live abroad for work, education, or other reasons. Nigeria is also the largest economy in Africa, with a GDP of $398 billion in 2020.
In 2022, Nigeria is expected to receive $14.2 billion in remittances, according to Statista. This is a slight decrease from $14.6 billion in 2021, but still a significant amount that accounts for about 3.6% of the country's GDP. The main sources of remittances to Nigeria are the United States, the United Kingdom, Canada, and other African countries.
Remittances play an important role in Nigeria's economy, as they help support household consumption, education, health, and investment. EzyRemit helps you to send money to Nigeria in such a simple way.
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Germany
Germany is the most populous country in the European Union and the fourth largest economy in the world, with a GDP of $3.89 trillion in 2020. It is also a leading importer and exporter of goods and services, with a strong industrial and technological base.
Germany is expected to receive $17.4 billion in remittances in 2022, according to Statista. This is equivalent to about 0.4% of the country's GDP. The main sources of remittances to Germany are Switzerland, Luxembourg, and the United States.
Remittances are mainly used by migrants and their families for personal purposes, such as consumption, savings, or investment. Remittances also contribute to Germany's social welfare system, as they help reduce poverty and inequality among migrant households. From Australia to Germany, the transaction would be so simple to be completed by EzyRemit.
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Bangladesh
Bangladesh is a densely populated country in South Asia, with a population of about 165 million people. It has a vibrant agrarian culture, as more than half of its population engages in agriculture. It is also one of the world's leading exporters of garments and textiles.
Bangladesh is expected to receive $36 billion in remittances in 2022, according to Statista. This is an increase of 11% from $32.4 billion in 2021, and represents about 6.7% of the country's GDP. The main sources of remittances to Bangladesh are Saudi Arabia, the United Arab Emirates, India, and Malaysia.
Remittances are a crucial source of income for many Bangladeshi households, as they help improve their living standards, education, health, and resilience. Remittances also support Bangladesh's balance of payments, foreign exchange reserves, and fiscal revenue.
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France
France is one of the most visited countries in the world, known for its rich culture, cuisine, and history. It is also one of the founding members of the European Union and a major economic and political power globally. It has a GDP of $2.71 trillion in 2020. France is expected to receive $21 billion in remittances in 2022.
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Egypt - An Important Source of Foreign Currency
Egypt features on the list due to its sizable workforce abroad, primarily in the Gulf countries and Europe. Egypt has a large and growing migrant population of over 6 million people, mainly in the GCC countries, Europe, North America, and Africa. The remittances to Egypt are driven by the political and economic reforms undertaken by the country since 2016, which have improved its macroeconomic stability, fiscal discipline, and investment climate. Remittances to Egypt also benefit from the depreciation of the Egyptian pound against the US dollar, which increases the value of the transfers.
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Pakistan
In 2022, Pakistan received an estimated $26 billion in remittances, which accounted for 9.4 percent of its gross domestic product (GDP). This was an increase of 8.6 percent from 2021 when Pakistan received $24 billion in remittances.
Remittances play a vital role in Pakistan's economy and society. They help reduce poverty, improve living standards, and finance consumption and investment. They also support the balance of payments and the foreign exchange reserves of the country. You can send to Pakistan through three different payout methods with EzyRemit, including cash pickup and cash delivery.
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Philippines - Sustaining Economic Growth
The Philippines stands 4th on the list, receiving approximately USD 35 billion in remittances, accounting for about 6% of the global total. The Philippines has a large and diverse migrant workforce of over 10 million people, mainly in the GCC countries, East Asia, North America, and Europe. Overseas Filipino workers, often hailed as modern-day heroes, play a pivotal role in supporting their families and contributing to the nation's prosperity.
The Philippines holds a prominent position in the remittance landscape. Overseas Filipino workers (OFWs) contribute significantly to the country's economy by sending money back to their families. These remittances support consumption, education, and investments, driving economic growth and stability. Remittances to the Philippines also benefit from the strong support and protection provided by the government to its overseas workers, such as through bilateral agreements, consular services, and welfare programs.
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China - A Magnet for Overseas Funds
As the world's most populous nation, China holds the third position in remittance inflows. The country has a vast number of migrants primarily working in other Asian nations and North America. The remittances play a vital role in supporting families, particularly in rural areas, and fueling domestic consumption.
China has a large and diverse migrant population of over 10 million people, mainly in Hong Kong, Macao, Taiwan, Southeast Asia, North America, and Europe. The remittances to China are driven by the rapid economic development and urbanization of the country, which create opportunities for migrants to invest in real estate, education, health care, and business ventures. Remittances to China also benefit from the stable political and social environment of the country, which ensures the safety and security of the funds.
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Mexico - A Lifeline for Families
With an impressive USD 61.1 billion in remittances, Mexico secured the 2nd position. As the largest remittance-receiving country in Latin America, Mexico benefits from its proximity to the United States, where millions of Mexican immigrants reside. Remittances serve as a financial lifeline for many families, improving their standard of living and supporting local businesses.
The remittances to Mexico are driven by the strong economic and trade integration between the two countries, as well as by the historical and cultural ties between the migrants and their families. Remittances to Mexico also benefit from the low-cost and efficient money transfer services available in both countries, which reduce the transaction fees and increase the speed of delivery.
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India - A Leading Recipient of Remittances
India stands at the top of the list as the world's largest remittance-receiving country. According to the World Bank, India received $87 billion in remittances in 2022, an increase of 19.6 percent from 2021. This amount accounted for 2.9 percent of India's gross domestic product (GDP) in 2022.
The main sources of remittances to India are the Gulf Cooperation Council (GCC) countries, the United States, and the United Kingdom. These countries host millions of Indian migrants who work in various sectors such as construction, services, IT, and health care.
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Conclusion
Remittances are expected to continue growing in the future, as more people migrate for work, education or other reasons. They can have positive effects on poverty reduction, human development and social inclusion. However, they can also have negative effects on inequality, dependency and brain drain. Therefore, it is important to have policies and regulations that facilitate safe, affordable and productive remittance flows for both senders and receivers.
