While in 2000, the total remittance was less than $2.2 billion, it exceeded $5.4 billion by 2006.
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.
Total remittances from diaspora communities, furthermore, dwarf international aid.
In 2011 remittances to poor countries totalled $372 billion, according to the World Bank (total remittances, including to the rich world, came to $501 billion).
Total remittances to Mexico in 2014, according to the World Bank, were $25bn, with most of that coming from the US.
They spread wealth from rich to poor countries, but now remittances are being squeezed.In November the World Bank suggested that total remittances to poor countries last year would be at least $283 billion.
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.
Moreover, more than 60percentt of the total remittances has been transfered to Iran from UAE, the US, and Germany with 26.3, 24.8 and 9.8percentt, respectively.
In addition, official remittances are thought to make up only 54 % of total remittances (Sarr, 2009).
Yi is the logarithm of the total remittances sent by the migrant.
In 2009, predicts Roberto Newell, chief executive of the Mexican Institute of Competitiveness, total remittances may be off by as much as 25% from last year.
