Labor Migrants Around the World Have Transferred $ 529 billion to Their Relatives in 2018Domestic | April 9, 2019, Tuesday // 14:38| views
$ 529 billion - migrant workers around the world have sent to their relatives over $ 529 billion in 2018. The information is from a World Bank report, and according to experts, the sum is a record high. Which countries have received the most funds you can find out in the next sentences.
According to World Bank data, most of the money transfers are made to low or middle income countries.
Previous record high of USD 483 billion was in 2017, which means that the indicator for 2018 grew by 9.6 percent.
According to economists, growth is mainly related to improving the economic situation and reducing unemployment in the United States. The volume of cash flows from the Gulf countries and Russia has also increased considerably.
Total international transfers made by private individuals, including the wealthy country, have reached $ 689 billion in 2018, up from $ 633 billion a year earlier.
Money for the East Asian and Pacific regions increased by 7%, while South Asia rose by 12%. India was the main recipient of these transfers with $ 79 billion, followed by China with $ 67 billion, Mexico with $ 36 billion.