Remittance Flows Worldwide in 2016

in remittances was sent from to other countries in 2016

in remittances was sent to from other countries in 2016

Worldwide, an estimated $574 billion (USD) was sent by migrants to relatives in their home countries in 2016, a 1% decline from 2015, when the amount was $581 billion, according to economists at the World Bank. This is the second drop in global remittances since the global financial crisis. Despite this recent decline, remittances sent by migrants are still about double what they were a decade ago, before the sharp decline in the global economy during the late 2000s.

Tracking remittances worldwide is difficult because many countries do not track funds that are sent or received. Based on data it is able to collect, the World Bank has used a statistical model to estimate the amount of money coming from each sending country to each receiving country. Because these numbers are estimates, there is some room for error. For example, the total incoming or outgoing remittances for some countries may not be the same as actual remittances.

Analysis:

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"Remittances" are funds or other assets that migrants send to their home countries. Remittances displayed in this interactive, as reported by the World Bank, include remittances sent via formal channels such as banks and other businesses that transfer money. Remittance data in this interactive are provided by the World Bank and follow World Bank definitions adopted from the International Monetary Fund nations (World Bank, 2016). Countries with no data in the interactive have no known remittance flows. Estimates less than $1 million are shown as <$1,000,000. Estimates of $1 million or greater are rounded to the nearest million. Country remittance flow totals are based on unrounded data. If unofficial remittances were counted, such as funds not sent through formal channels or other tangible items, the total could be as much as 50% higher or more, according to household surveys and other evidence cited by the World Bank (World Bank, 2005). Remittance flows presented in this map are based in part on World Bank estimates derived from a statistical model. For more information, see Ratha and Shaw, 2007.

*According to the State Bank of Pakistan, in FY 2016 remittances from Pakistan to India were $116,000 and remittances from India to Pakistan were $329,000.

**Remittances from Israel to Lebanon and Lebanon to Israel are not available.

Source: World Bank 2016 Bilateral Remittance Matrix, accessed December 6, 2017.