Global remittances in 2024
25.12.2024 - The Hindu
Remittances
Remittances refer to the money that individuals working abroad send back to support their families in their home country.
They are often a crucial source of income for households in developing countries and can contribute significantly to the economy of the recipient country.
India received an estimated $129.1 billion worth of remittances, the highest ever for a country in any year
India’s share in global remittances was 14.3% this year, the highest such share since the turn of the millennium for any country.
Published by World Bank.
Remittances, as a share of GDP
- In Nepal, remittances formed over 25% of the GDP in 2024.
- In Tajikistan, Nicaragua, Lebanon, Samoa, Honduras, and Tonga, the share of remittances in 2024 formed over 25% of their respective GDPs.
- In India, remittances formed 3.3% of the GDP this year.
