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Approaches to increasing the productive value of remittances.
Some have lost their jobs and come home, but the value of remittances sent back through banks has actually risen.
Egypt, the sixth largest, has seen the value of remittances surge from less than $9bn in 2008 to nearly $18bn last year.
First of all it must be realised that big as the British aid donation to Pakistan is, it is only half the value of remittances from the Pakistan diaspora.
But the value of remittances to developing countries is acknowledged to be far higher because a significant proportion of money is transferred through informal methods, so it is not officially accounted for.
The large and recently renovated mosque, almost as austere as its Gulf counterparts, silently testifies to how, as India's economy has faltered in recent years, the rupee has weakened significantly, boosting the value of remittances.
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In terms of the absolute value of remittance flows, Senegal ranks fourth in sub-Saharan Africa, behind only demographic giants Nigeria, Kenya, and Sudan, while it ranks fourth in remittances as a percentage of GDP behind the much smaller countries of Lesotho, Togo, Cape Verde, and Guinea-Bissau (Cisse, 2011).
One can see in the example that expected returns to remittances tend to dominate returns to savings for all relevant values of remittances.
For instance, the OLS model is also estimated under three specifications with the following dependent variables: (i) the value of cash remittances sent, (ii) the value of in-kind remittances sent, and (iii) the value of both cash and in-kind remittances sent.
But when adjusted for inflation, the value of the remittances is actually expected to decline.
But many workers say that production has dwindled; the talk is of lay-offs, unpaid leave and the cancelling of overtime, on which most rely to make any savings.The value of their remittances has been further eroded by the appreciation of Myanmar's currency, the kyat.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com