Role of Remittances in Economic Development

Remittances are money sent home by people working abroad, and they play a significant role in economic development, especially in poorer countries. These funds help families meet basic needs like food, education, and healthcare. By increasing household income, remittances can boost local economies and support small businesses. They also contribute to national economic stability by providing a steady flow of foreign currency. Overall, remittances empower communities, reduce poverty, and can even drive investment in infrastructure and economic growth, making them a vital part of many countries' development strategies.