The role of international migrant remittances in countries` development

Abstract

The amount of annual inward remittances worldwide reached US$557.1 billion in 2013. Inflows of international migrant remittances exceed annual inward ODA, FDI, and private capital flows in the majority of developing countries. Annual inflows of remittances in Ukraine reached 5% of GDP in 2013 and outweighed annual inward FDI and ODA combined. This paper analyses key patterns and trends of international migrant remittance flows from and to Ukraine, their determinants and impact on social and economic development of the country.