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Top 10 Developing Country Recipients of Remittances
 

Top 10 Developing Country Recipients of Remittances

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The World Bank estimates developing countries will receive 76 percent of the projected $700 billion in global remittances by 2016. This year, money transfers to developing countries are expected to ...

The World Bank estimates developing countries will receive 76 percent of the projected $700 billion in global remittances by 2016. This year, money transfers to developing countries are expected to reach $414 billion — China and India alone are estimated to receive one-third of these remittances.

Here are the top 10 developing country recipients of remittances in 2013.

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  • These remittances are a sad statement. Look at the Philippines where I live. Almost 10% of the GDP is remittances provided by Overseas Foreign Workers, the best and brightest of the Filipinos who leave the country.

    Much of the remittance money is poorly spent, rarely invested. The dumb brother goes to the mall and squanders the funds his hard working OFW brother sends home. In the better cases a nice home is built for the family in the Philippines. It is rare for a productive business to result from remittances.

    All in all this is a sad comment on the Philippines economy's inability to generate well paying jobs at heme.
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