Remittances: “critical means of financial support for generations”

Oscar H. Blayton writes writes via All African Bazaar:

Remittances, the portion of migrant workers’ earnings sent back home to their families, have been a critical means of financial support for generations. But, for the most part, these flows have historically been “hidden in plain view”, often uncounted and even ignored. All that is now changing - as the scale of migration increases, the corresponding growth in remittances is gaining widespread attention. Today, the impact of remittances is recognized in all developing regions of the world, constituting an important flow of foreign currency to most countries and directly reaching millions of households, totaling approximately 10 per cent of the world’s population. The importance of remittances to poverty alleviation is obvious, but the potential multiplier effect on economic growth and investment is also significant…

Facts and figures for Africa
* Total number of migrants: 29,199,544
* Total remittances (US$ million): $38,895

* North Africa: $17,129
* West Africa: $10,803
* East Africa: $5,153
* Central Africa: $1,317
* Southern Africa: $4,493

Read the full article: Remittance Flows to Developing Countries