Nepal was one of the
highest receivers of remittance on the basis of per cent to gross domestic
product (GDP) in 2011.
The large remittance
recipient countries as a share of GDP include Tajikistan (47 per cent), Liberia
(31 per cent), Kyrgyz Republic (29 per cent) Lesotho (27 per cent), Moldova (23
per cent), Nepal (22 per cent), Samoa (21 per cent) and Tonga (20 per cent) in
2012, according to an estimation of the World Bank.
Nepal has also been
witnessing significant outflow of remittance in last three years. In the year
2009, remittance worth $12 million went out, whereas the amount more than
tripled in 2011 to $39 million, the report added.
Though the top recipients of officially recorded remittance in 2011 were India ($64 billion), China ($62 billion), Mexico ($24 billion), and the Philippines ($23 billion), remittance sent home by migrants to developing countries are three times the size of official development assistance and can have profound implications for development and human welfare, it added.
Though the top recipients of officially recorded remittance in 2011 were India ($64 billion), China ($62 billion), Mexico ($24 billion), and the Philippines ($23 billion), remittance sent home by migrants to developing countries are three times the size of official development assistance and can have profound implications for development and human welfare, it added.
Remittance can
contribute in lowering poverty and to the building up of human and financial
capital for the poor, according to the latest issue of World Bank’s Migration
and Development Brief.
Despite the current
global economic weakness, remittance flows are expected to continue growing,
with global remittance expected to reach $615 billion by 2014, of which $467
billion will flow to developing countries. Although remittance costs have
fallen steadily in recent years, they still remain high in small nations where
remittance provides a lifeline to the poor.
Reducing the cost of
remittance transfers produces significant benefits to migrants and their
families, and to receiving countries more broadly as the steady stream of
foreign currency improves a country's creditworthiness for external borrowing.
The World Bank has made
considerable strides in developing financial instruments for leveraging
migration and remittance for national development purposes. Diaspora bonds can
be a powerful financial instrument for mobilising diaspora savings to finance
specific public and private sector projects, as well as to help improve the
debt profile of the destination country.
South Asia comes second
to Sub-Saharan Africa in the cost of sending money that is one of the obstacles
to growth of remittance flows, it said. "The cost of sending remittance is
a key driver of remittance flows."
Cost of sending
remittance to South Asia stood at 6.5 per cent — in the third quarter of 2012 —
though average cost masks variation across countries, it said, adding that
Sub-Saharan Africa is the most expensive region to send remittance to, with a
transfer costing about 12.4 per cent of the amount transferred.
The average cost,
however, stood at 7.5 per cent in the third quarter of 2012 for the top 20
bilateral remittance corridors and nine per cent for all countries for which
cost data are available, it added.
The global average
remittance price — average based on all countries for which price data is
available — has declined over the same period from 9.81 per cent in 2008 to
8.96 per cent in the third quarter of 2012.
Russia is, by far, the
cheapest source country with a weighted average remittance cost of two per
cent.
Likewise, in many large
remittance source countries like Gulf Cooperation Council (GCC), US and UK, the
average cost is around five per cent. By contrast, Japan ranks among the
highest cost corridors. As of the third quarter of 2012, the weighted average
cost of sending remittance from Japan to its five top remittance receiving
countries was about 17 per cent of the remittance amount.
Similarly, Germany is
the next most expensive country, among the top remittance source countries,
with the transfer costs consuming, on average, about 14 per cent of the
remittance amount.
Likewise, the report
noted that regions and countries with large numbers of migrants in oil
exporting countries continue to see robust growth in inward remittance flows,
compared with those whose migrant workers are largely concentrated in the
advanced economies, especially Western Europe.
Thus, South Asia, MENA
and East Asia and Pacific regions, with large numbers of workers in GCC countries,
are seeing better-than-expected growth in remittance.
For South Asia,
remittance in 2012 is expected to total $109 billion, an increase of 12.5 per
cent over 2011. Remittance to developing countries is estimated to have reached
$372 billion in 2011, an increase of 12 per cent over the previous year. Global
remittance flows, including those to high-income countries, were an estimated
$501 billion in 2011.
Remittance inflow and
outflow to and from Nepal
Year — Inflow — Outflow
2007 — $1,734 million —
$4 million
2008 — $2,727 million —
$5 million
2009 — $2,986 million —
$12 million
2010 — $3,469 million —
$32 million
2011 — $4,217 million —
$39 million
(Source: World Bank)
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