The World Bank estimates that migrants from developing countries sent home remittances totalling $316 billion in 2009.
The World Bank estimates that last year migrant remittances totalled the equivalent of 31% of Kyrgyzstan's gross domestic product (GDP).
The cost of sending money homeSOME 192m migrants 3% of the world population—sent remittances totalling $316 billion to developing countries last year, according to the World Bank.
This represents a potential loss of about US$29.8 billion (estimated remittances totalled $429 billion in 2016, compared to $429.8 billion in 2015 and $444.3 billion in 2014).
(Estimates put the annual remittance total for all of Africa at close to $40 billion).
The first outcomes of interest at the household level are whether any member of it receives remittances and the total amount.
Our first goal is to identify the causal effect of economic conditions of countries which are the main destinations of Colombian migrants on the probability of Colombian household's receiving remittances and the total amount in areas with high and moderate migration rates relative to cities with very low migration.
Last year, total remittances sent worldwide totaled more than $500 billion, according to Manuel Orozco, an expert at the Inter-American Dialogue, a Washington research group.
The Middle East contributes slightly more to Pakistan's total remittances but these account for only 6% of Pakistan's GDP, whereas Bangladesh's remittances are 12% of GDP.The impact is certain to be bad, though how bad is unclear.
We define respectively Remittance, Internal Remittance and External Remittance Income as the total of all cash and in-kind remittances from all sources, internal sources and external sources respectively (all stated in 1000s of rupees).
