Funds that are coming into regional countries by means of remittances from abroad are considerably higher than inflows from foreign direct investments, according to the World Bank.
Remittances from workers abroad represent a significant part of the gross domestic product of the countries of the Western Balkans. The amount of these funds in BiH and Kosovo represent 11 and 14.8 % of GDP, as reported by Al Jazeera Balkans.
The largest inflow of funds from abroad through remittances from workers is recorded by Serbia, Croatia, and BiH. The diaspora sent 3.198 billion BAM in Serbia in the year of 2016, according to the World Bank.
The remittances of Croatian workers amounted to 2,252 billion USD, while 1,831 billion USD came to BiH from abroad.
During the past ten years, remittances from abroad exceeded the inflow of direct foreign investment in the regional countries.
According to data for 2015, foreign companies invested a total of 2,345 billion USD in Serbia. Diaspora sent a lot more money – 3,370 billion USD.
Foreign investors brought 158 million USD to Croatia, and the diaspora a lot more – 2.1 billion USD.
Foreign investments in BiH amounted to 293 million USD, while remittances amounted to 1.8 billion USD, as reported by Al Jazeera Balkans.
Remittances from the diaspora are surpassing foreign investments in other regional countries as well.