US $70b in Remittances Sent from Gulf Countries

World Bank released a recent report for global migration and remittances indicated the total remittances entering developing countries this year will reach U.S. $351 billion and the total remittances in the world, including high-income countries, reach U.S. $406 billion.

The report also included a survey of the main exporting countries of remittances. It explained the Gulf co-operation countries possess 17 percent of total remittances in the world is worth U.S. $70 billion; Saudi Arabia with U.S. $27 billion, U.A.E with U.S. $17 billion, Kuwait with U.S. $12 billion, Oman and Qatar with U.S. $6 billion each and Bahrain with U.S. $2 billion.

53 percent of remittances from Gulf co-operation countries go to South Asia countries and 28 percent of total remittances go to Middle East and North African countries, 14 percent of total remittances go to European and Central Asian countries, 9 percent of total remittances to African countries and 6 percent to West Asian countries.

Countries that receive the greatest remittances, according to estimates in 2011, are India with U.S. $58 billion, China with U.S. $57 billion, Mexico with U.S. $24 billion, the Philippines with U.S. $23 billion. These countries also include Pakistan, Bangladesh, Nigeria, Vietnam, Egypt and Lebanon.

The report says while economic decline will reduce employment opportunities for immigration workers in some high-income countries, remittances are expected to reach U.S. $515 billion. Developing countries will receive approximately U.S. $441 billion of these remittances, Director Development Prospects Group of World Bank, Hans Timmer said.