By Krishan Dutta
KUALA LUMPUR (IDN) – Around US$6 trillion in remittances are expected to be sent to developing countries by 2030: over half of these flows will arrive in the Asia Pacific regions, very often in small towns and villages, says a new report.
Remittances to the Asia-Pacific region amounted to US$ 256 billion in 2017 representing 53 percent of flows worldwide. They have grown by 4.87 percent since 2008, with rates flattening in recent years.
Besides, remittances contribute to the region more than 10 times the official development assistance (ODA) in the region where 400 million people – one out of every 10 people – are directly affected by remittances either as a sender or as a receiver.