This publication by the UNDP Regional Bureau for Asia and the Pacific explores the significant impact of remittances on the region's economies. In 2023, Asia and the Pacific region accounted for 38% of the global remittance inflows, remaining the largest recipient of international remittances, which have become a crucial financial lifeline for many countries.

The brief highlights that remittances in developing countries of the region have reached levels comparable to total foreign direct investments (FDIs). Key recipient countries include India, China, the Philippines, Pakistan, and Bangladesh, while Tonga, Samoa, Nepal, Vanuatu, and the Marshall Islands have the highest remittance shares relative to GDP.

The brief outlines several key recommendations to enhance the benefits of remittances. These include reducing the cost of sending remittances, educating migrants and their families about the safest and most cost-effective remittance channels, and leveraging remittances for development through innovative instruments like diaspora bonds. By implementing these strategies, UNDP aims to maximize the positive impact of remittances on sustainable development and economic growth in the Asia-Pacific region.