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June 16 is International Remittance Day. For many countries, such as Albania, important in economic and social terms. This considering that we are the third country in the world for the largest diaspora, with waves of immigrants that are still active.
But how much money have Albanian immigrants brought to their homeland?
The latest official data shows an amount of 242 million euros in the first three months of 2024 alone, with a 12% increase compared to the same period a year ago.
This figure signals that most likely, foreign exchange flows of remittances will continue to be high throughout this year. In fact, remittances have been continuously increasing in recent years, proving that Albanians continue to emigrate en masse.
In 2023, migrant remittances 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 to discourage employment.
But for more about remittances and the diaspora that enables them, we follow a material and come back./ A2CNN
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