Personal remittances back to home country could be up to US$125 billion per year
If I am the one working abroad, I would also save a lot too
My brother-in-law shared me the story of the foreign workers in his factory over 10 years ago. He said that the foreign workers are very good at saving money. During lunch time, they will take a huge bowl of rice and then put a lot of gravy and that’s all they will eat and that’s how they spend just RM30 per month for lunches. They also eat a lot of vegetables because it’s cheap and thus, they were able to send nearly all their earnings back to their home country.
If I am the one working abroad in a country where the currency has a higher value than RM, I would also do my very best to save as much money I could so that I could save within a few years something which would have needed for me to work for over 10 years or more.
When we look at the foreign worker in my brother-in-law’s factory and even my own thoughts, you may now realise that many times, when people are willing to work in another country, they also have the vision to really make the best of their time there too. Let’s now look at the examples from all over the world, how people leave their country to work overseas and sending their earnings back to their home country. The numbers are huge!
Article in visualcapitalist.com. Top Countries Receiving Money from Abroad
Do refer here for the full article: Article in visualcapitalist.com
There is one country which will rise very fast in the list
That country is Nigeria. Just look at their fertility rate in the year 2000. It was 6.12. All these new babies in the year 2000 are 24 years old today… They are working in Nigeria, they are working outside Nigeria and all of them are contributing to Nigeria’s economy. In the year 2000, Nigeria was not even in the top 10 list. They are now 9th in 2023e and just imagine what will happen with every passing year.
India has surpassed China in terms of population in April 2023
Info source: UN-ilibrary.org ” In April 2023, India’s population is expected to reach 1,425,775,850 people, matching and then surpassing the population of mainland China. India’s population is virtually certain to continue to grow for several decades. By contrast, China’s population reached its peak size recently and experienced a decline during 2022. ”
Happy learning about the world we live in today and how some countries are also growing because of huge remittances.
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