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While it has reduced and aged the population, high emigration seems to have a positive side as well. The considerable income that Albanian immigrants bring to the homeland and which are an important source for the livelihood of thousands of families in the country and the economy.
The World Bank notes that the amounts that have come to Albania from immigrants are almost twice as high as those officially declared by the Bank of Albania.
According to the latest report of the international financial institution, each family received an average of 2,000 euros, while total remittances during 2023 reached about 1.9 billion euros. Beneficiaries were 174 thousand families or 23% of the total families in the country and this income was 18% of family income.
Foreign exchange flows of remittances have been high throughout the last years, testifying to the mass emigration of Albanians.
According to the Bank of Albania, in 2023, remittances from immigrants reached a record of 929 million euros. These foreign exchange flows have accelerated especially in the last four years, which indicates the intensive activation of emigration and the fact that it is young immigrants who are sending money back home.
But how do we present ourselves compared to the countries of the region?
The weight that remittances have in our economy is estimated at 9.2% of the gross domestic product. With this figure, we are ranked among the countries of the region, while Kosovo is the leading country and where remittances make the main contribution to the economy with 17.2%.
But what is the purpose of this money that is sent to the homeland?
26% of Albanian families live with this income, giving a significant impact on domestic consumption. This money is invested in small businesses, in the purchase of real estate, while a part also goes as savings. But remittances have a negative effect, which is discouraging employment./ A2CNN
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