remittance flows

Syllable breakdown

Dictionary meaning

the transfer of money by migrants to family members or communities in their countries of origin, representing one of the largest sources of external finance for developing countries and a critical income stream for millions of households in origin communities; globally, remittance flows exceed official development aid and rival foreign direct investment in significance for many lower-income countries; major recipient countries include India, China, Mexico, the Philippines, and Egypt; remittances support household consumption, education, healthcare, and housing investment, but dependence on them may entrench migration as a livelihood strategy and create vulnerability to economic downturns in destination countries; their transmission is facilitated by banks, mobile money platforms, and informal hawala networks, with transaction costs falling as digital transfer services have expanded