Indians abroad sent $27 bn home in 2007

[OhioChick]

20 Mar, 2008, 2049 hrs IST

WASHINGTON: An estimated 5.7 million Indian workers abroad sent home $27 billion in 2007 to make India the top receiver of migrant remittances while the US was the main remittance source, according to latest World Bank data.

Workers from China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion) made up the rest of top five, the bank's new Migration and Remittances Factbook 2008 released here Wednesday said.

While South-South migration nearly equals South-North migration, rich countries are still the main remittances source, led by the US, it said.

The US was also the top immigration country in 2005, with 38.4 million immigrants, followed by the Russian Federation (12.1 million), and Germany (10.1 million). Among low-income countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million).

The factbook provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional and income groups.

http://economictimes.indiatimes.com/Indians_abroad_sent_27_bn_home_in_2007/articleshow/2885060.cms

[enid602]

1. France

How did France make the list of countries who rec'd the most remittances from ex-pats living abroad? That's weird.

[OhioChick]

2. .....

:shrug:

It sure would be nice if some of these countries would spend money here where it was made, instead of sending billions home.

[ET Awful]

3. There are a LOT of French scientists, researchers, etc. involved in the US pharmaceutical industry

That's just one example I can think of.

[enid602]

4. yes, but

I can see that, but they would have had to have left their families in France, to send so much in remittances.

[ET Awful]

5. I've worked with at least a dozen people in the past year that did just that.

Many French companies are parent companies of smaller corporations in the US. They have employees that they send to the US for a few years at a time that send a good chunk of their salaries back to France.

[angstlessk]

6. so, by not hiring Americans to do the jobs, we are sending out 100 bn+ to other

countries, AND our wages are slipping AND our manufacturing is failing..wow, what a benefit to... whom again?

[OhioChick]

7. You got it....

"Who" is benefiting?