According to the World Bank, Georgia ranks 21st in the world in terms of dependency on remittances. 12.92% of the country's economy is generated by remittances sent by Georgian citizens working abroad. Without these funds, the size of the country's local demand would have been much smaller.
World Bank statistics are based on 2019 data when Georgia received $ 1.73 billion in remittances. In the pandemic, 2020 remittances reached a record $ 1.88 billion. Accordingly, Georgia will be included in the top twenty countries dependent on remittances in the following ranking.
World Bank statistics show that the share of remittances is highest in low-income countries. In this regard, Tonga is in the first place, with 37% of its GDP being filled by remittances. In the second place, with 28.6% of GDP, is Tajikistan, whose significant part of the population is employed in Russia and other countries. Like Georgia, in Ukraine and Armenia, more than 10% of the economy is also dependent on remittances.
According to the World Bank, the ranking of countries by dependence on remittances is as follows (remittances to GDP as of 2019):
1 Tonga - 37.16%;
2 Tajikistan - 28.61%;
3 Kyrgyz Republic - 28.51%;
4 Nepal - 26.92%;
5 Haiti - 23.21%;
6 Honduras - 21.52%;
7 El Salvador - 20.93%;
8 Lesotho - 20.84%;
9 Bermuda Islands - 20.67%;
10 Samoa - 17.22%;
11 Yemen - 16.70%;
12 Moldova - 15.96%;
13 Kosovo - 15.76%;
14 Jamaica - 15.57%;
15 Gambia - 15.09%;
16 Uzbekistan - 14.75%;
17 Comoros - 14.47%;
18 Lebanon - 14.25%;
19 Guatemala - 13.89%;
20 Nicaragua - 13.47%;
21 Georgia - 12.92%;
22 Cape Verde - 11.90%;
23 Liberia - 11.28%;
24 Bosnia and Herzegovina - 11.21%;
25 Armenia - 11.18%;
26 Senegal - 10.70%;
27 Montenegro - 10.54%;
28 Ukraine - 10.27%;
29 Kiribati - 10.26%;
30 Jordan - 9.86%.
2 Tajikistan - 28.61%;
3 Kyrgyz Republic - 28.51%;
4 Nepal - 26.92%;
5 Haiti - 23.21%;
6 Honduras - 21.52%;
7 El Salvador - 20.93%;
8 Lesotho - 20.84%;
9 Bermuda Islands - 20.67%;
10 Samoa - 17.22%;
11 Yemen - 16.70%;
12 Moldova - 15.96%;
13 Kosovo - 15.76%;
14 Jamaica - 15.57%;
15 Gambia - 15.09%;
16 Uzbekistan - 14.75%;
17 Comoros - 14.47%;
18 Lebanon - 14.25%;
19 Guatemala - 13.89%;
20 Nicaragua - 13.47%;
21 Georgia - 12.92%;
22 Cape Verde - 11.90%;
23 Liberia - 11.28%;
24 Bosnia and Herzegovina - 11.21%;
25 Armenia - 11.18%;
26 Senegal - 10.70%;
27 Montenegro - 10.54%;
28 Ukraine - 10.27%;
29 Kiribati - 10.26%;
30 Jordan - 9.86%.
In the first 4 months of 2021, remittances to Georgia increased by 48% ($ 225 million) compared to 2020, reaching a record $ 693 million. This year, the largest remittance - $ 194 million - came in April, up 145% from April 2020.
