Remittance economies

Remittance economies are countries that rely heavily on money sent home by citizens working abroad. These inward financial transfers, known as remittances, support local families and contribute significantly to the nation's GDP. For example, workers from developing countries often send earnings back to their families, helping to improve living standards, fund education, and boost local businesses. Remittance economies can benefit from these inflows, but over-reliance on this income source may also pose economic risks if global employment or migration patterns change.