The Countries Who Depend On Remittances The Most

Remittance inflows to low- and middle-income countries rose to $685 billion in 2024, up from $647 billion the previous year, according to estimates from the World Bank. Globally, remittances also grew, reaching $905 billion.

In absolute terms, India ($129 billion), Mexico ($68 billion), and China ($48 billion) remained the top recipients of remittances in 2024. However, it’s smaller and poorer economies that feel the impact the most, as these inflows make up a significant share of their economies. Tajikistan, where remittances accounted for 45.4 percent of GDP in 2024, is one such case. OECD analysts say this is partly driven by the higher demand in Russia for migrant workers.

As the following chart shows, three of the top four countries where remittances made up the largest share of GDP were classified as highly fragile by the OECD. Nicaragua (27.2 percent of GDP), for example, saw high remittances as economic and political instability drove migration, primarily to the United States. Honduras was previously also listed a “high fragility” context in an earlier OECD report, but has since been downgraded to a lower fragility rating.

Overall, the OECD identified 14 out of 61 highly or extremely fragile contexts where remittances made up more than 10 percent of GDP in 2023.