Remittances

Syllable breakdown

Dictionary meaning

Money transferred by migrant workers to family members or communities in their home countries; for many developing nations, remittances constitute a major source of foreign income, often exceeding foreign direct investment and official development assistance.

Examples

• Remittances from the diaspora account for nearly a quarter of some small island nations' GDP.
• The World Bank tracks remittance flows as a key indicator of economic wellbeing in developing countries.

Synonyms: money transfers, migrant transfers, family remittances