Remittance goes up in Nepal

Nepal is third among the countries receiving the highest proportion of remittance in terms of gross domestic product (GDP) with the country receiving remittance worth 25 percent of GDP in 2012, according to a report made public by the World Bank (WB). African country Lesotho had also received remittance of 25 percent of GDP in 2012.

Nepal was fifth in the list in 2011.

Nepal received remittance worth 23.1 percent of GDP in the FY 2068/69 and 22.1 percent in 2069/70, according to the economic survey made public by Ministry of Finance (www.mof.gov.np). The country had received Rs 359.60 billion of remittance in 2068/69 when GDP was Rs 1.53 trillion while the figure was Rs 434.58 billion in 2069/70 when the estimated GDP was Rs 1.71 trillion.

Tajikistan topped the list in 2012 at 48 percent followed by Czech Republic at 31 per cent.

WB estimated the remittance inflow of developing countries to grow by 6.3 percent and reach US$ 414 billion in 2013.

China and India received around one/third of the remittance income of developing countries in 2012, according to WB.   India received remittance income of US$ 71 billion, China US$ 60 billion.

The total remittance income of the developing and developed countries reached US$ 550 billion in 2012.