World Economy

Migrants’ Remittances Rising

Migrants’ Remittances RisingMigrants’ Remittances Rising

Migrants from the world’s poorest nations have sharply increased their remittances. Most of the money sent back home went to Asia last year, DW quoted the United Nations Conference on Trade and Development as reporting. Migrants from the poorest corners of the globe send a record sum of money to their relatives and friends back home last year, UNCTAD stated Thursday in its most recent report on the situation of the world’s 48 least developed nations. Remittances amounted to a total of $35.8 billion in 2014, the UN organization reported, marking a 7.1% increase year-on-year. Back in 2004, remittances totaled only $11 billion, UNCTAD added. Last year, the bulk of migrants’ remittances went to Asia, which received some $26 billion. Major increases were recorded in Bangladesh and Nepal, and also in Cambodia, Liberia and Yemen, it said. The organization pointed out that the world’s poorest nations had experienced a slowdown of their economies. Back in 2013, GDP rose by 6.1% in the 48 nations under review, while economic expansion slowed down to 5.5% last year.