In Remittances, We Trust
Interesting to see Citi making it easier for ex-pats to remit monies back to home countries. Leaving aside the issue of remittances’ effect on the U.S., it’s interesting to look at the top countries worldwide by remittance income total, and by remittances as a share of GDP.
The takeaway? A host of countries are highly exposed as a percentage of GDP to other countries, like the U.S., experiencing mass layoffs, thus cutting remittances.
Source: World Bank