(Yicai Global) June 16 -- The total amount of remittances by Chinese expatriate workers last year reached more than USD445 billion globally, representing an increase of 51 percent over 10 years ago, the latest report released by the International Fund for Agricultural Development (IFAD) shows.
Chinese expatriate workers remitted USD610 billion, more than two times the sum of the Philippines (USD29.9 billion), while remittances from India's expatriate workers totaled USD62.7 billion.
This marks the first time that India has surpassed China as the largest recipient of remittances from expatriate workers worldwide. The report anticipates that remittances by overseas migrant workers worldwide will increase by another USD5 billion to USD450 billion this year. Estimates hold that one in every seven people in the world will remit money back home or receive remittances from relatives working abroad, IFAD noted.
Around 200 million expatriate workers in the world support 800 million family members. Although they remit home only USD200 to USD300 per year on average, this makes up about 60% of household income, leaving a huge change in the lives of relatives who stay home, the report concluded. Economically-backward countries depend most on expatriate workers’ remittances. The most-dependent country is Nepal, with expatriate remittances equal to 32 percent of its GDP, followed by Liberia (31 percent), Tajikistan (29 percent) and Kyrgyzstan (26 percent).