ISLAMABAD: Pakistan has become the fifth largest remittances recipient developing country in 2011 witnessing a strong growth of 25.8 percent during the last year in 2011 comparing to the 10.1 percent growth in South Asia remittances.
The general upward trend in remittances during the period under review was composed of a per annum average growth from U.A.E of 32.2 percent followed by United Kingdom 30.1 percent, Saudi Arabia 27.3 percent, European Union countries 25.3 percent, other GCC countries 15.1 percent and United States of America 9.5 percent from 2007-08 to 2010-11, reveals document issued in Economic Survey of Pakistan.
During July-April 2011-12 workers remittances grew by 20.2 percent and stood at $1.83 billion 10.9 billion. The cumulative increase of $1.83 billion during July-April 2011-12 over the July-April 2010-11 is largely attributed to the government efforts to diverts remittances form the informal to the formal channel.
Since the launch of the Pakistan Remittances Initiative (PRI), the share of workers remittances coming through the banking channel has increased considerably from 75 percent in 2009-10 to 91 percent in 2011-12.
According to World Bank estimates the remittances flows to developing countries in 2011 increased by 0.8 percent from $ 325 billion 2010 and is forest to grow at 7 to 8 percent annually till 2014.
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