While Pakistan ranks fifth in the world for getting the most remittances every year, their growth has remained flat during the past four years, according to World Bank’s data.
For 2016, Pakistan was ranked fifth for receiving the most remittances, with India leading the charts.
Remittances level for the top five countries for 2016 were:
- India: $72 billion
- China: $64 billion
- Philippines: $30 billion
- Mexico: $26 billion
- Pakistan: $19.7 billion
In total an estimated $574 billion (USD) were remitted by migrants to relatives in their home countries in 2016; with almost 28% of the entire remittances going back to top five countries only.
Pakistan’s remittances, while fifth in rank, have slowed down during the past three years.
If we look at the chart, remittances registered a massive uptick after 2002 till 2014. After 2014, the volume of remittances stayed flat to date.
Top sources of International Remittances (for 2016)
Unsurprisingly, Saudi Arabia remained the top country from where Pakistanis sent back the most remittances.
Here is a breakdown of countries from where Pakistani expats remitted the most money back home:
- Saudi Arabia: $5.81 Billion
- United Arab Emirates: $5.7 Billion
- United Kingdom: $1.70 Billion
- United States: $1.33 Billion
- Kuwait: $1.07 Billion
- Canada: $565 Million
- Singapore: $531 Million
- Qatar: $483 Million
- Oman: $403 Million
- Bahrain: $305 Million
- Spain: $251 Million
- Italy: $248 Million
Of all these above mentioned countries Pak has the worst passport ranking (2nd worst in the world). Just imagine if our passport was of same value as is of India or Philippines. Thanks to extremely poor performance of our Army for making Pak and Pakistanis “not welcome” all over the word
Army??? I guess you are pro Indian or Pro American.
O, Moron? these are the politician who are making it, Army is doing greatest job.
i think moron word is better for this idiot
Agreed with Salahudeen and adi, He is really moron
Rightly said Zain
These figures are very promising as far as Pakistan is concerned.
If we divide remittance over population, Pakistan is on top of list in the region
Total Remittance / Population
Pakistan $ 102 per ca-pita
India $ 54 per ca-pita
China $ 47 per ca-pita
We can double this figure and become progressive nation if overseas Pakistani stop purchasing property in Pakistan for at least next 8 years.
They should spend the money on education of their kids, brothers, sisters etc. Overseas Pakistani can build a whole generation of highly qualified Pakistanis by investing in education and sending their loved ones for foreign education. These educated youth can earn a lot to purchase property in Pakistan whenever they need. So overseas Pakistan should start thinking for long term benefit of their own.
There is another phenomenon happening as capacity building of Pakistanis is in full swing! Engineers, technicians, workers employed on CPEC projects are being trained and most of them will go abroad to earn for their better future as well as for Pakistan.
My humble estimate is that remittance is going to touch 30 to 35 billion US $ in next five years. And again if we want progress stop purchasing property now.
I completely agree with you. But a country cannot survive only on remittances as revenue. The number of our citizens involved in CPEC is also not high. If the views of analysts are to be believed, more Chinese people will be involved in CPEC than the locals. Technology transfer from the Chinese to the locals is negligible or nil. Chinese have also made it clear that the infrastructure they are going to build will be based on “China first” basis. Until and unless we have a visionary leader and strong policies, sorry my friend your analysis will fall flat.