{"id":236750,"date":"2005-11-18T09:27:00","date_gmt":"2005-11-18T09:27:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/11\/18\/moldova-ranks-2nd-place-in-world-top-on-share-of-remittances-in-gross-domestic-product-6653-eng\/"},"modified":"2005-11-18T09:27:00","modified_gmt":"2005-11-18T09:27:00","slug":"moldova-ranks-2nd-place-in-world-top-on-share-of-remittances-in-gross-domestic-product-6653-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/moldova-ranks-2nd-place-in-world-top-on-share-of-remittances-in-gross-domestic-product-6653-eng\/","title":{"rendered":"Moldova ranks 2nd place in world top on share of remittances in Gross Domestic Product"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Moldova is ranked the second place in a world after Tonga, with a share of 27.1 percent of remittances of Moldovans who work legally or illegally abroad in the Gross Domestic Product, according to the annual r eport of the World Bank Global Economic Prospects – GEP, released in Washington on Wednesday. <\/p>\n

"Migration may bring a plus of welfare and reduce poverty," reads the report. Following are the countries for which remittances represent the highest share in GDP: Tonga – 31 percent, Moldova 27.1 percent, Lesotho 25.8 percent, Haiti 24.8 percent, and Bosnia-Herzegovina 22.5 percent. The officially registered remittances at world level exceeded 232 billion dollars in 2005. The report developers suggest that the sums sent through informal channels could represent another at least half of the estimated of ficial amount. <\/p>\n

The National Bank of Moldova estimates the incomes of Moldovan citizens who work abroad at 475 million dollars in 2005. On the other hand, local experts evaluate the transfers at about 600 million dollars, while others indicate one billion. Remittances r ose from 99.7 million dollars in 1998 up to an estimated amount of 600 million dollars in 2005. <\/p>\n

Besides the rise of consumption of families of people who migrate, the constant inflow of currency of remittances may enhance the reliability of a country in case of foreign credits, the report said. The remittances represent a hardly earned income and m ost of them were already taxed and, therefore, they must not be taxed again, while governments must not try to consider them as development assistance, according to Francois Bourguignon, senior economist of the World Bank. <\/p>\n

About 571,000 Moldovan people or 39 percent of the economically active population at end-2003 work abroad, according to the first comprehensive study dealing with migration and remittances in Moldova that the International Organisation for Migration carr ied out in October-November 2004. The National Bureau for Statistics estimates that 367,000 Moldovans work abroad. Following are the temporary emigration destinations of Moldovans: Russia – 58.2 percent, Italy 18.9 percent, Portugal 5 percent, Greece 2.7 percent, etc. <\/p>\n

According to a report that the International Monetary Fund released early this year, many Moldovans had no other alternative after the 1998 regional crisis but to leave for work abroad. As a result, the share of remittances in GDP rose from 5 percent in 1996 up to almost 25 percent in 2003, and this is a very high level compared with most countries of the world, including the CIS and Central and Eastern Europe, where remittances exceeded 5 percent of GDP in only several \/\/  \/\/ BASA-Press<\/p>\n

\"Western Send Money with Western Union \"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Moldova is ranked the second place in a world after Tonga, with a share of 27.1 percent of remittances of Moldovans who work legally or illegally abroad in the Gross Domestic Product, according to the<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-236750","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Moldova is ranked the second place in a world after Tonga, with a share of 27.1 percent of remittances of Moldovans who work legally or illegally abroad in the Gross Domestic Product, according to the annual r eport of the World Bank Global Economic Prospects – GEP, released in Washington on Wednesday. <\/p>\n

"Migration may bring a plus of welfare and reduce poverty," reads the report. Following are the countries for which remittances represent the highest share in GDP: Tonga – 31 percent, Moldova 27.1 percent, Lesotho 25.8 percent, Haiti 24.8 percent, and Bosnia-Herzegovina 22.5 percent. The officially registered remittances at world level exceeded 232 billion dollars in 2005. The report developers suggest that the sums sent through informal channels could represent another at least half of the estimated of ficial amount. <\/p>\n

The National Bank of Moldova estimates the incomes of Moldovan citizens who work abroad at 475 million dollars in 2005. On the other hand, local experts evaluate the transfers at about 600 million dollars, while others indicate one billion. Remittances r ose from 99.7 million dollars in 1998 up to an estimated amount of 600 million dollars in 2005. <\/p>\n

Besides the rise of consumption of families of people who migrate, the constant inflow of currency of remittances may enhance the reliability of a country in case of foreign credits, the report said. The remittances represent a hardly earned income and m ost of them were already taxed and, therefore, they must not be taxed again, while governments must not try to consider them as development assistance, according to Francois Bourguignon, senior economist of the World Bank. <\/p>\n

About 571,000 Moldovan people or 39 percent of the economically active population at end-2003 work abroad, according to the first comprehensive study dealing with migration and remittances in Moldova that the International Organisation for Migration carr ied out in October-November 2004. The National Bureau for Statistics estimates that 367,000 Moldovans work abroad. Following are the temporary emigration destinations of Moldovans: Russia – 58.2 percent, Italy 18.9 percent, Portugal 5 percent, Greece 2.7 percent, etc. <\/p>\n

According to a report that the International Monetary Fund released early this year, many Moldovans had no other alternative after the 1998 regional crisis but to leave for work abroad. As a result, the share of remittances in GDP rose from 5 percent in 1996 up to almost 25 percent in 2003, and this is a very high level compared with most countries of the world, including the CIS and Central and Eastern Europe, where remittances exceeded 5 percent of GDP in only several \/\/  \/\/ BASA-Press<\/p>\n

\"Western Send Money with Western Union \"\"<\/p>\n

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