Tuesday, January 16, 2007

Migrant workers sending money home has become the biggest source of foreign income in some poor European countries, the World Bank has said.

In a report on European and Central Asian (ECA) nations, the bank said that remittances sometimes beat foreign investment aid and exports in size.

Officially recorded payments in the region – which includes former Soviet states – were over $19bn (?9.67bn).

The largest amount of remittances, as a share of GDP, were sent to Moldova.

The study, using data from 2004, indicated that money sent there by migrants was equivalent to 27% of GDP – an estimated $705m.

Continue reading “Money sent home ’more than aid’“?

Source: BBC (link opens in a new window)