Expat remittances from Qatar surges to $10.4bn in 2015

Qatar accounted for more than $10.4bn in remittances to countries across the globe in 2015, with South Asian countries receiving 70% of it, Xpress Money said citing data from the latest "World Bank Bilateral Remittances Matrices."

India, the largest recipient of remittances in the world, received $3.99bn from Qatar in 2015. Nepal followed at $2.02bn, Bangladesh ($525m), Sri Lanka ($511m) and Pakistan ($427m).

Remittances from Qatar show a "strong" year-on-year growth trend over the past five years.

In 2014, global transfers out of the country stood at $10.09bn, comparing favourably to $6.77bn in 2011.

Xpress Money COO Sudhesh Giriyan said: “Expatriate workers from South Asia are drawn to Qatar’s vibrant economy. They help sustain the high construction and development levels in the country as Qatar prepares for the 2022 FIFA World Cup. At the same time, these expatriates safeguard their future by investing back home and providing for their families.

“This is clearly visible as trends show that remittances from Qatar to the rest of the world are showing strong year-on-year growth, and hit their highest levels yet in 2015. The South Asia region is the biggest beneficiary of these remittance flows, which play an invaluable role in spurring economic activity and bolstering the GDP of the key beneficiary countries in that region.”

In the Middle East and North Africa (Mena) region, Egypt is the largest recipient of Qatari remittances with $1.05bn. Jordan received $207m from Qatar in 2015.

“Global trade and economic hubs such as Qatar are a key part of the global economy, and catalyse economic benefits for a host of countries through money transfers and remittances by expatriate workers.

“These remittances are directly correlated with increased consumer spending and investments in education, healthcare and infrastructure in receiving countries, and lead to a better quality of life overall,” Giriyan added.

Qatar's population stood at 2.477m on June 30, according to the Ministry of Development Planning and Statistics (MDPS). This shows a 5.7% year-on-year increase, although on a month-on-month basis, the country's population declined 4.3%. Expatriates constitute a majority of the country's population.

Courtesy: gulf-times.com