Countries That Lead In Outward Remittances

In this section, we aim to bring a series of country led insights on their immigration and remittances. Based on the World Bank Report, these nations have been contributing immensely to the GDPs of numerous developing nations and providing valuable foreign exchange.

We start this series with United States, ranked No. 1 in the remittance outflow at US$ 48.3 billions (as per 2009).

United States

It is classified as one of the high-income countries. Following are certain interesting facts regarding this country: –

Population (2009) 307 million
Population growth (avg. annual %, 2000–09) 1.0
Labor force (2008) 156.3 million
GDP growth (avg. annual %, 2005–09) 1.2

IMMIGRATION, 2010

  • Immigrants: 42,813.3 thousands
  • Immigrants as percentage of population: 13.5%
  • Females as percentage of immigrants: 49.9%
  • Refugees as percentage of immigrants: 1.3%
  • Countries from where citizens migrate to the United States: Mexico, China, the Philippines, India, Puerto Rico, Vietnam, El Salvador, the Republic of Korea, Cuba, Canada.

Outward remittances from the United States have increased on a YOY basis, apart from 2009, which was marginally affected due to the economic slowdown.

Do you think this trend of outward remittance would continue to grow from the US?

Australia

Having analyzed United States of America, now lets take a look at Australia.

 

Population (2009)

 

21.9 million

 

Population growth (avg. annual %, 2000–09)

 

1.4

 

Labor force (2008)

 

10.9 million

 

GDP growth (avg. annual %, 2005–09)

 

2.9

IMMIGRATION, 2010

  • Immigrants: 5,522.4 thousands
  • Immigrants as percentage of population: 25.7%
  • Females as percentage of immigrants: 43.8%
  • Refugees as percentage of immigrants: 0.8%
  • Countries from where citizens migrate to Australia: the United Kingdom, New Zealand, China, Italy, India, Vietnam, the Philippines, Greece, South Africa, Germany

Although the labor force is less as compared to the United States of America, we can see that population is growing at a good pace. The average annual GDP is growing at a faster rate as compared to the United States of America.

Also, from the above table, one may assume that Australia attracts immigrants and thus, may be the outflow of remittances has been increasing on a YOY basis.

Do you think that this trend of outward remittance would continue to grow from  Australia?

 

United Kingdom

 

Population (2009)

 

61.8 million

 

Population growth (avg. annual %, 2000–09)

 

0.5

 

Labor force (2008)

 

31.4 million

 

GDP growth (avg. annual %, 2005–09)

 

0.6

IMMIGRATION, 2010

  • Stock of immigrants: 6,955.7 thousands
  • Stock of immigrants as percentage of population: 11.2%
  • Females as percentage of immigrants: 49.7%
  • Refugees as percentage of immigrants: 4.3%
  • Countries from where citizens migrate to United Kingdom: India, Poland, Pakistan, Ireland, Germany, South Africa, Bangladesh, the United States, Jamaica, Kenya

Based on the data presented above, it can be noted that the population growth in the UK is less as compared to that of the United States of America and Australia. Also outward remittances have been declining post 2007 for 2 consecutive years. One may attribute the steady drop in outward remittances to the economic slowdown in 2009. The labor force is much more as compared to Australia, but the GDP growth is rather slow. But, a noteworthy point is the stock of immigrants which stands at 6955.7 thousands.

Will this factor lead to a steady increase in remittances?

Germany

 

Population (2009)

 

81.9 million

 

Population growth (avg. annual %, 2000–09)

 

0.0

 

Labor force (2008)

 

41.4 million

 

GDP growth (avg. annual %, 2005–09)

 

0.5

IMMIGRATION, 2010

  • Immigrants: 10,758.1 thousands
  • Immigrants as percentage of population: 13.1%
  • Females as percentage of immigrants: 46.7%
  • Refugees as percentage of immigrants: 5.5%
  • Countries from where citizens migrate to Germany: Turkey, Italy, Poland, Greece, Croatia, the Russian Federation, Austria, Bosnia and Herzegovina, the Netherlands, Ukraine

Germany is ranked as no. 5 in the list of top remittance sending countries in 2009. It managed to accumulate 15.9 US$ billions as outward remittances. One very interesting fact to be noted is that Germany has more immigrants as compared to United Kingdom and Australia. There has been no growth in Germany’s population since 2000-09. Hence, one could assume the birth and death rates to be at par in this country.

Other interesting fact to be observed would be the ever-growing outward remittances. The remittances outflows were unaffected even during the economic slowdown in 2009.

Do you think that this trend of outward remittance would continue to grow from Germany?

 

5 Responses to Countries That Lead In Outward Remittances

  1. Pingback: Countries That Lead In Outward Remittances « Remit2India « interestingfactsabout.com

  2. Blammakeimime says:

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