International migration is one of the most important factors that affect economic relations between developed and developing countries in the 21st century.
According to the United Nations (2009), more than 215 million people (3% of the world population) live and work outside the country of their birth. The money which these workers are sending to an individual in their home country is known as remittances.
A striking increase in remittances flows is noticed in the past few years. The developing world is expected to receive $414 billion in migrant remittances in 2013, an increase of 6.3 percent over the previous year and this is projected to rise to $540 billion by 2016.
Remittances to the low-income transition economies are estimated to grow by 10.8 percent and to reach $42.6 billion in 2013. With $9.3 billion, Ukraine remains the largest remittances’ recipient in the region in 2013, followed by Tajikistan with $4.1 billion, Romania with $3.6 billion and Serbia with $3.5 billion. But, the true size of remittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger. The size of remittance flows to developing countries is now more than three times that of official development assistance.
This site contains data, research and links on remittances and migration in the Western Balkan countries.