BAKU, Azerbaijan, May 24
By Tamilla Mammadova – Trend
Some 12.92 percent of the country's economy is generated by remittances sent by Georgian citizens working abroad, said World Bank, Trend reports via Georgian media.
Without these funds, the size of the country's local demand would have been much smaller.
As reported, Georgia ranks 21st in the world in terms of dependency on remittances
World Bank statistics are based on 2019 data when Georgia received $1.73 billion in remittances. In the COVID-19 pandemic, 2020 remittances reached a record $1.88 billion. Accordingly, Georgia will be included in the top twenty countries dependent on remittances in the following ranking.
In the first 4 months of 2021, remittances to Georgia increased by 48 percent ($225 million) compared to 2020, reaching a record $693 million. This year, the largest remittance - $194 million - came in April, up 145 percent from April 2020.
World Bank statistics show that the share of remittances is highest in low-income countries. According to the World Bank, the ranking of countries by dependence on remittances is as follows (remittances to GDP as of 2019):
1. Tonga - 37.16 percent;
2. Tajikistan - 28.61 percent;
3. Kyrgyz Republic - 28.51 percent;
4. Nepal - 26.92 percent;
5. Haiti - 23.21 percent.
---
Follow the author on Twitter: @Mila6197935