Remittances Still Essential, 31% of Liberia’s GDP

Remittances Still Essential, 31% of Liberia’s GDP

From The Providence Journal

The money that Liberian refugees and immigrants send back to family and friends in Liberia is a critical part of life in the West African nation as it enters its 10th year of peace following nearly 14 years of civil war.

The World Bank estimated that in 2011, remittances totaled $360 million in Liberia, or roughly equivalent to 31 percent of the country’s entire gross domestic product and more than half the amount in foreign aid it received that year.

In large part because of its small size, Liberia is the world’s second-highest remittance recipient, behind Tajikistan, according to the World Bank.

The United States represents the single largest source of remittances to Liberia, accounting for $161 million of the country’s $360 million in 2011, according to the World Bank (other significant countries included Guinea and Cote d’Ivoire).

Read more at providencejournal.com