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The top 10 countries receive remittances from overseas workers
Economy News Baghdad
Egypt is in fifth place among the list of countries receiving the most remittances from overseas workers in 2018, according to a World Bank report.
The report noted that remittances are a lifeline for low- and middle-income countries and an effective means of reducing poverty because they are directed directly at households.
He said that the money sent by workers from abroad to their families in their home countries has become an important part of the economy of many countries around the world.
He pointed out that officially recorded remittances reached a record $ 529 billion in 2018 and are on track to reach $ 550 billion in 2019.
The Big 10
India topped the list of countries receiving remittances from abroad in 2018 worth 78.6 billion dollars, China came in second place with 67.4 billion dollars and Mexico with 35.4 billion dollars, according to the global knowledge of migration and development.
In fourth place came the State of the Philippines about 33.8 billion dollars, and then in fifth place Egypt with a value of 28.9 billion dollars.
Transfers versus investments
The report notes that remittance funds flow almost at the same level as FDI flows, but if China is excluded, they become the largest source of foreign exchange in low- and middle-income countries.
"If China is excluded, remittances have already overtaken foreign direct investment as the largest source of external financing," he said.
Today, remittances are equivalent to or exceed 25 percent of GDP in five countries (Tonga, Republic of Kyrgyzstan, Tajikistan, Haiti, Nepal).
Cost of conversions
Remittances are a lifeblood for poor and middle-income countries, but sending them cost a lot at the same time, the report said.
The report warned that the benefits of remittances are generally reduced by the high cost of sending them, averaging 7 percent for every $ 200.
He added that banks are the most expensive to send remittances, accounting for about 10.9 percent, noting that in sub-Saharan Africa, the cost of sending money out of the average is 9.3 percent.
For the top five channels of cash transfers, the average cost is much higher, at 18.7 percent, almost three times the global average and six times the target of sustainable development goals.
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