Remittances, or money transferred by foreign workers to their home countries, have grown significantly in size and importance. In 2005, global remittances totaled over $232 billion, with developing countries receiving about two-thirds of that amount. The top three recipient countries were India, China, and Mexico, receiving around a quarter of global remittances. However, when viewed as a percentage of GDP, smaller, poorer countries tend to rely more heavily on remittances. Remittances have also become a more stable and important source of capital than foreign direct investment or official development assistance. Improving remittance processes through new technologies could help further economic development in receiving countries.
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The Impact of Remittances
1. Knowledge Leadership
The Impact of Remittances
on Economic Growth
MasterCard Worldwide Insights
A research study by
Dr. Michael A. Goldberg and Dr. Maurice D. Levi
2Q 2008