India received most remittance revenues in 2023 but Tajikistan was most dependent on them

France was the 5th destination for remittances last year.

Indians working abroad sent $125 billion to their home country in 2023, maintaining the record as remittance senders for 23 years in a row. Although the amount is impressive, the share of remittances in India’s GDP constituted just 3.4%, according to the latest report published by the Global Knowledge Partnership on Migration and Development (KNOMAD).

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Mexico is on the second place with $67 billion (3.7% of GDP) and China is the third with $49.5 billion (0.3%).
Another destination for remittances was the Philippines, which received $40 billion or 9.2% of GDP. The top five is closed by France: $34 billion or 1.1%, which is surprising for an industrialized nation.

Only 17 more countries received remittances over $10 billion, their share in the national gross product fluctuating up to maximum 26.6% (Nepal).

However, there are nations where remittances constituted nearly half of GDP. Tajikistan, a former Soviet republic in Central Asia, received $5.7 billion in migrants’ revenues, which accounted for 48.2% of its GDP.

Trinidad and Tobago, an insular state of just 5,100 square kilometers north of the Venezuela coast, received $222 million, or 40.6% of GDP. Other notable recipients dependent on remittances were Samoa ($300 million / 31.9%), Lebanon ($6.73 billion / 27.5%), and Nicaragua (over $4.66 billion / 26.9%).

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The United States received over $7.2 billion in remittances – somewhere close to less than 0.1%.

Globally, remittances amounted to more than $860 billion last year, averaging 0.8% of GDP, with the bulk of money targeting low- and middle-income countries – nearly $670 billion. Compared with the year 2000, remittances have increased sevenfold.

See the analytical part of the KNOMAD report

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