Nigeria missing in top 10 dollar recipient countries, GDP
India, China, Mexico, Philippines, France, Spain , Belgium, Germany , United Kingdom, and Romania however made the list of top ten remittance-recipient countries in United States dollar.
On the other hand, Tajikistan, Maldova, Tonga , Kyrgyz Republic, Honduras, Lesotho, Guyana, Lebanon, Haiti, and Jordan lead the list of top remittance-recipient countries in percentage of GDP.
As the worldwide flows of remittances are expected to reach N40.3trillion ($318 billion) in year 2007, remittances sent home by migrants from developing countries are expected to exceed N30.4trillion ($240 billion) in the year under review.
This expected level of remittances from developing countries is up from N28.06trillion ($221 billion) in 2006 and more than double the level reached in 2002.
According to the World Bank, this amount ($240 billion) reflects only officially recorded transfers.
"The actual amount, including unrecorded flows through formal and informal channels is believed to be significantly larger. Recorded remittances are more than twice as large as official aid and nearly two-third of foreign direct investment flows to developing countries. Remittances are the largest source of external financing in many poor countries. Also, remittances have been less volatile than other sources of foreign exchange earnings in developing countries."
Meanwhile, a recent IFAD report (Sending Money Home, October 2007 - not to be confused with DFID’s sendmoneyhome.org initiative) suggests that remittance flows to developing countries were about N38.1trillion ($300 billion) in 2006.
modeling with average remittances obtained from small-scale surveys, which may not have been nationally representative."
These differences once again highlight the great need for improving the data on remittances.
According to the report, the remittance industry is experiencing some positive structural changes with the advent of cell phone and internet-based remittance instruments. These changes may have profound effects on remittance flows to previously underserved areas.
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