Nepal tops global ranking for remittances by GDP
KAROBAR CORRESPONDENT
Thursday, Feb 01, 2018
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Nepal has topped in terms of foreign remittances as a percentage of GDP in 2016, according to a report by a US-based think-tank launched this week.
Nepal is leading the way with an estimated $6.6 billion in remittances equivalent to 31.3 percent of the country’s GDP, according to the Pew Research Center. The center in its analysis of World Bank report for 2016 also reads that Nepal (31.3 percent) was followed by Kyrgyzstan ($2 billion, 30.4 percent of GDP) and Tajikistan ($1.9 billion, 26.9 percent of GDP) with regard to remittances by percentage of GDP.
Qatar, Saudi Arabia, India and the United Arab Emirates remained the biggest source of remittances for Nepal in 2016, though the inflow of remittance has seen a gradual slowdown in late 2017.
Nepal saw GDP revenue of $21.1 billion in 2016, ranking 96th in the global ranking in terms of purchasing power parity. According to the Pew Research Center, more than 1.6 million Nepalis were living in other countries in 2015.
Nepal has been among the top remittance recipient countries over the last three years.
Though remittances to Nepal have almost doubled over the 2007-16 period boosting the country’s status as the top remittance-dependent nation, it has been on the decline lately.