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Indicator ECO4.7.3
Total annual remittances as a proportion of GDP
This table provides metadata for the actual indicator available from Vanuatu statistics closest to the corresponding global SDG indicator. Please note that even when the global SDG indicator is fully available from Vanuatuan statistics, this table should be consulted for information on national methodology and other Vanuatu-specific metadata information.
Definition
Remittances is the financial or in-kind transfers made by migrants to friends and relatives back in communities of origin.
It is a transfer of money, often by a foreign worker to an individual in their home country.
Concept
Remittances usually flows to developing countries
Money sent home through remittances competes with international aid as one of the largest financial inflows to developing countries. Workers’ remittances are a significant part of international capital flow, especially with regard to labour-exporting countries.
Rationale
Workers’ remittances have become a major source of external development finance especially to the communities which assist government financial development to rural settings specially to alleviate the problem of poverty on individual basis.
This will also enable the community on how best to manage and strengthen their remittances.
