02-May-19, Asia Times
New economic data shows that foreign remittances sent to Asian countries hit over USD300 billion for the first time last year, underscoring the ever-rising importance of overseas employment for the region’s poor and middle-class workers.
%20World%20Bank%20staff%20estimates%20World%20Development%20Indicators%20IMF%20Balance%20of%20Payments%20Statistics%20_Asia%20Times.jpg "Asias record remittances show globalization alive and well (c) World Bank staff estimates World Development Indicators IMF Balance of Payments Statistics Asia Times")
Image: World Bank staff estimates, World Development Indicators, IMF Balance of Payments Statistics / Asia Times
Freshly released World Bank statistics put the total amount of remittances for 2018 to countries in South Asia, Central Asia, Southeast Asia, East Asia and the Pacific at $299.6 billion.
Globally and in Asia, remittance figures are growing year by year, despite heady 6-7 percent gross domestic product growth in countries such as the Philippines, a nation which has around 10 million of its citizens working abroad across various vocations.