Moldova leads in terms of money remittances share in GDP

Moldova ranks fifth in the world, in terms of money remittances share in the GDP, according to a research carried out by the World Bank.

According to this rating, Tajikistan ranks first in the top, since the money remittances sent home by gastarbeiters accounted for 47% of the Gross Domestic Product. In Moldova, this figure stands at 23%.

Among the first five countries is also Liberia – with a money remittances share in the GDP of 31%, Kirgizia - 29% and Lesotho – 27%.

According to the calculations of the World Bank, gastarbeiters will transfer to their countries over US$406 billion in all, which is 6.5% more against 2011.

«The financial remittances serve not only as an important background for the support of poor families, but also as a sustainable and reliable source of foreign currency for many poor countries that receive money transfers from gastarbeiters,» said Hans Timmer, Director of the Development Prospects Group at the World Bank.

In monetary terms, India ranks first, with money remittances of US$70 billion, China ranks second - US$66 billion, Philippines and Mexico – about US$24 billion each.

As already reported by Infotag, data provided by the National Bank of Moldova show that in January-September 2012, the volume of money remittances to Moldova made US$1.072 billion, which is US$16.4 million more against the equivalent period of 2011. According to the National Statistics Bureau, there are over 350 thousand Moldovan citizens working abroad.

Adapted from Infotag


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