Remittance-based economies

Remittance-based economies rely heavily on money sent home by citizens working abroad. These remittances, often sent via banks or money transfer services, provide significant income to households and support national economies by boosting consumer spending and reducing poverty. Countries depend on these inflows, which can constitute a large percentage of their GDP, especially in developing nations. Remittances help alleviate economic hardships, fund education and healthcare, and improve living standards. While beneficial, such economies remain vulnerable to global job markets and policies affecting migrant workers.