The value of the UAE's remittances reached $44.96bn
UAE - Mubasher: The UAE has been ranked second in the world as a source of remittances, the World Bank announced in its report 'Migration and Development'.
The value of the UAE's remittances reached $44.96 billion (AED 165 billion) in 2019, accounting for 10.7% of the gross domestic product (GDP).
The UAE's remittances declined by around 2.4% last year, compared to $46.1 billion in 2018.
The US topped the world as the largest source of remittances with $71 billion in 2019, compared to $67 billion in the earlier year.
The report referred that the UAE was placed in the fifth position among the countries transferring remittances to the Philippines.
The World Bank expected that the amount of money that migrant workers will send home would decrease by 14% by 2021, compared to the pre-coronavirus (COVID-19) levels in 2019.
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