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The importance of migrant remittances

Many migrant workers systematically send some money back to their home countries to family members who could not follow them or others they know. How important is this source of income for these home countries? Hard to say. But the graph offers three examples, which offer three quick takeaways: 1) remittances can make up a significant share of local GDP, 2) they appear to be growing, and 3) they can be quite variable. We can speculate that this last point may involve adverse consequences, but also that Moldova (for one) is better off with remittances than without.

How this graph was created: Search for “remittances,” pick your countries, and add them to a graph.

Suggested by Christian Zimmermann

View on FRED, series used in this post: DDOI11MDA156NWDB, DDOI11NIA156NWDB, DDOI11PHA156NWDB

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