Pakistan

Pakistan is now 8th largest home remittance sender worldwide

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Pakistan becomes the 8th largest home remittance sender worldwide according to recent remittance data inflows October 2015 by World Bank. According to the report of Word Bank, foreign workers’ remittance share in Pakistani GDP in 2014 was 6.9% that is likely to increase at the end of running year. World Bank has also forcasted that this year total remittance to Pakistan would be $20,100 million that is $3,034 million higher than year 2014 and $5,471 million higher than year 2013.

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According to Statistics and Data Warehouse Department of State Bank of Pakistan the amount remitted during July to September 2015 was $4,966.54 million that was 4.01% higher than the same period during 2014. The amount received during September 2015 was $1,775.87 million as compare to the $1,748.49 of September 2014.

Major source of foreign workers’ remittance are: Saudi Arabia, United Arab Emirates, United States of America, GCC Countries, European Countries and some others.

World Bank report also revealed that the overall foreign workers’ remittances are expecting to remain slow during rest of 2015. The reason is the weaker currencies against the US dollar, slash in oil prices and many other issues that are restricting migrants to send money to their family according to the World Bank Migration and Development Brief.

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“One out of seven people in the world is a migrant, and a quarter of them, international migrants. Migration is intimately linked to the development process,” said Dilip Ratha, head of KNOMAD and an author of the MD Brief. “The inclusion of migration and remittances in the SDGs is a welcome step forward.”

Here is the detail of remittance by Pakistani foreign workers from 1976 to 2015

Amount in US Dollars Million

1976 – 412
1977 – 872
1978 – 1,310
1979 – 1,500
1980 – 2,050
1981 – 2,070
1982 – 2,590
1983 – 2,940
1984 – 2,580
1985 – 2,540
1986 – 2,450
1987 – 2,180
1988 – 1,870
1989 – 2,020
1990 – 2,010
1991 – 1,550
1992 – 1,570
1993 – 1,450
1994 – 1,750
1995 – 1,710
1996 – 1,280
1997 – 1,710
1998 – 1,170
1999 – 996
2000 – 1,080
2001 – 1,460
2002 – 3,550
2003 – 3,961
2004 – 3,942
2005 – 4,280
2006 – 5,121
2007 – 5,998
2008 – 7,039
2009 – 8,717
2010 – 9,690
2011 – 12,263
2012 – 14,006
2013 – 14,629
2014 – 17,066
2015 – 20,100f (forecast)

Here are country wise details for the month of September 2015.

Graph showing growth

Table Showing Month Wise Data

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Abdul Hadi

Author is a C.A and professional blogger who has been writing since ten years. He specializes on various topics including Business, Technology, News, and local reviews. Abdul graduated from Skans School of accountancy in 2014. He like to produce useful guides for local readers. He also writes for different newspapers and blogs. You can reach him on Facebook