Knowledge

Remittances constitute a critical lifeline for around 1 billion people around the world. These vital flows of private money, sent by over 200 million international migrant workers, help families raise their living standards and contribute to improved health, education and housing. 

Remittances have increased in low-income and lower- middle-income countries in recent years, playing an important role as a stable source of finance at the macro-level, and in poverty reduction at the micro-level. 

Drawing on a critical review of the literature and econometric analyses based on cross-country panel data, this study examines the relationships among remittances, growth and poverty reduction in Asia and the Pacific and highlights policy implications to be considered by governments and policy-makers.

In 2015, Member States of the United Nations issued a call to action to eradicate global poverty, reduce economic inequality and place the world on a more sustainable pathway: the 2030 Agenda for Sustainable Development. 

The International Day of Family Remittances recognizes the efforts of millions of migrants to improve the lives of their families and to create a future of hope for their children. Remittances – the money that is sent home by migrants – help to sustain 800 million people and are a major contributor to development. Some 40 per cent of remittances go to rural areas, where poverty and hunger are concentrated. 

This report provides data and analysis of remittances and migration trends for developing countries over the past decade, as well as the potential contributions of remittance families to reaching the SDGs by 2030.