$39mn remitted into Oman in 2012: World Bank report
A World Bank report has shown that the sultanate received US$39mn in remittances from Omani expatriates in 2012, ranking it 145th out of the 165 countries for which there is remittance inflow data.
There has, however, been no increase in the remittance inflow over the past five years.
The recorded remittance inflow to Oman amounted to about US$39mn in 2012. The annual inflow figure has remained fairly constant over the past five years,â€ said Dilip Ratha, manager of the World Bank's Migration and Remittances Unit and CEO, Global Knowledge Partnership on Migration and Development in the Development Prospects Group of the World Bank.
Jordan remains the main source of remittance inflows to Oman. In 2012, about 33 per cent of the inflows came from Jordan, 18 per cent from the UK and 11 per cent from the US,â€ he said.
â€œAmong MENA countries for which remittance inflow data is available, Oman stands at number 13,â€ he said, adding that the growth in inflows to the sultanate has been zero over the past five years.
Ratha said that for a country that hosts migrants, an increase in remittance outflows indicates, among others, that the economy is doing good due to which migrants can afford to send more resources.
â€œFor countries sending out migrants, an increase in remittance inflows can indicate various things. It may mean there is growing business opportunity in the country, increasing the inflows targeted at growing investment opportunities. On the other hand, an increase in inflows can also happen when the economy faces adverse conditions such as disasters, as migrants send money to support families during the crisis,â€ he said.
Remittance inflow to MENA countries in 2012
Ranking Country Remittance
(US $ in million)
1 Egypt 20,515
2 Lebanon 7,472
3 Morocco 6,894
4 Jordan 3,643
5 Tunisia 2,198
6 Syria 2,079
7 Algeria 1,843
8 West Bank and Gaza 1,545
9 Yemen 1,487
10 Iran 1,376
11 Israel 1,300
12 Iraq 381
13 GCC (S Arabia, Oman) 245, 39*
14 Malta 33
15 Djibouti 32
*(GCC countries are clubbed under one category; data for Bahrain, Kuwait, Qatar and UAE not available in report) Source: World Bank
- Livelihoods trump lawlessness: young working Egyptians risk everything in Libya
- RIP: King Abdullah leaves behind profound legacy for the Saudi Economy
- Impetus from within: why the Arab World needs a very Arab 'Marshall Plan'
- 'Fiscal juggling': just how many economic priorities will Saudi Arabia's new King have to focus on?
- Despite Erdogan's 'harsh rhetoric', Turkish-Israeli is still booming