Among them is an Arab country … the 10 largest receiving countries for expatriate transfers economy

About 200 million workers in the world have left their countries to work and search for better opportunities in life, and a billion people around the world, or about one in every 8 people, depend on financial transfers from their expatriate and immigrant children, according to the International Fund for Agricultural Development.

Expatriate workers send an average of 200 to 300 dollars to their homeland every month or two, which represents only 15% of their income, while the rest remains in their host countries, but what they send constitutes up to about 60% of the total family income in their homelands, which represents a lifeline for millions of families, according to the fund.

Transfers recorded in official channels to low and medium -income countries will reach $ 685 billion in 2024, but the real size of transfers, including flows through informal channels, is believed to be much larger.

The rate of transfers growth in 2024 is estimated at 5.8%, and exceeding the stages of the growth rate recorded in 2023, which amounted to 1.2%, according to a special report from the World Bank.

The number of Arab expatriate workers

According to the regional report for labor immigration statistics in the Arab countries issued in July 2023, based on the statistics of the International Labor Organization, the number of expatriate Arab workers exceeded 24 million workers in 2019, which fair 14.3% of the total migrant workers in the world at that time.

Despite this high number, statistics on the migration of labor in the Arab countries remain relatively limited in terms of sources, quantity and quality, according to the report.

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10 factors that highlight the importance of expatriate workers’ remittances

The following are the 10 most prominent factors that explain the importance of remittances of migrant workers to their families and the economy in their countries and homelands, according to the International Fund for Agricultural Development:

1. Over the past 20 years, financial transfer flows have increased 5 times, despite negative events, tensions and numerous wars that have occurred in many parts of the world.
2. More than 50% of financial transfers are sent to rural areas, where 75% of the poor people with food insecurity in the world live.
3. About 75% of financial transfers are used to save food, cover medical expenses, school fees, or housing expenses. In times of crisis, migrant workers are likely to send more money to their homelands to cover crop losses or family emergency situations, while the remaining percentage is 25%, it is savings or invested in the assets or activities of income generation and job opportunities.
4. More than 80 countries in the world depend on financial transfers in at least 3% of their gross domestic product, and these countries show that financial transfers constitute an engine for economic and social growth, especially in rural areas.
5. Between 2022 and 2030, immigrant workers are expected to send about $ 5.4 trillion to their original societies. From this amount, about $ 1.5 trillion will be savings or investing.
6. Immigrant workers contribute an invaluable way to achieving sustainable development goals through financial transfers and investments, stability of exchange rates and financial reserve support in the receiving countries, and they contribute in particular to eliminating poverty and hunger, promoting good health, good education, clean water and sanitation, decent work and economic growth, and reducing class and social inequality in these countries.
7. Financial transfers to rural areas are able to enhance the ability to adapt to climate change, these financial flows enable societies to adopt environmentally friendly technologies and practices, enhance food security, and mitigate the effects of climate change, and this helps in building environmental sustainability and long -term economic stability.
8. Strategic partnerships and progress made in the field of financial transfers are converging side by side. Partnerships between the stakeholders from the public and private sectors paved the way for the reduction of the cost of financial transfers and the provision of financial services to migrants and their families.
9. One of the most prominent problems that expatriate workers face is the cost of high financial transfers for their countries, and restricting these transfers from some countries. At the present time, the cost of currency and fees transfers is 6.4% of the total amount sent, and this is twice the goal set by the sustainable development goals, but modern innovations, such as blockchain technology and digital money transfer applications that have reduced costs, and there are huge potentials for innovative digital financial services in this field.
10. Digital financial transfers can help develop rural economies by reducing costs, enabling beneficiaries to track money and reach them quickly without the need to travel for long distances.

The 10 largest countries in the world are receiving transfers of migrant workers and expatriates

Here is a list of the 10 largest countries receiving transfers of migrant workers and expatriates in the world in 2024, according to a special report from the World Bank:

1. India: 129.1 billion dollars.
2. Mexico: 68.2 billion dollars.
3. China48 billion dollars.
4. The Philippines: 40.2 billion dollars.
5. Pakistan: 33.2 billion dollars.
6. Bangladesh: 26.6 billion dollars.
7. Egypt: 22.7 billion dollars.
8. Guatemala: 21.6 billion dollars.
9. Nigeria: 19.8 billion dollars.
10. Uzbekistan: 16.6 billion dollars.

The 10 largest Arab countries receiving the transfers of migrants and expatriate workers in 2024 (according to the World Bank):

1. Egypt: 22.7 billion dollars.
2. Morocco: 12 billion dollars.
3. Lebanon: 5.8 billion dollars.
4. Jordan: $ 4.8 billion.
5. Yemen: 3.8 billion dollars.
6. Tunisia: $ 2.8 billion.
7. Algeria: $ 1.94 billion.
8. Qatar: $ 1.5 billion.
9. Sudan: One billion dollars.
10. Iraq: 879 million dollars.

The 10 largest countries in the world are exporting financial transfers in 2023

According to the World Bank, the 10 largest countries in the world came to financial transfers in 2023 (not yet issued report 2024).

1. America: 93 billion dollars.
2. The UAE: 38.5 billion dollars.
3. Saudi Arabia: $ 38.4 billion.
4. Switzerland: $ 37 billion.
5. Germany: 21 billion dollars.
6. China: 20.2 billion dollars.
7. France: 19.8 billion dollars.
8. Lamburg: 18 billion dollars.
9. Holland: 17 billion dollars.
10. Kuwait12.7 billion dollars.

The 10 largest Arab countries exporting financial transfers in 2023 (according to the World Bank):

1. The UAE: 38.5 billion dollars.
2. Saudi Arabia: $ 38.4 billion.
3. Kuwait12.7 billion dollars.
4. Qatar: 11.8 billion dollars.
5. Sultanate of Oman: 9.4 billion dollars.
6. Bahrain: $ 2.7 billion.
7. Lebanon: $ 1.8 billion.
8. Iraq: 867 million dollars.
9. Jordan: $ 544 million.
10. Egypt: 359 million dollars.