The report on “Global Money Remittance Industry-Performance and Forecast 2016” analyses industry size, flow of remittances worldwide and by geography including Europe (UK, Germany), Latin America, The US, Middle East and North Africa and Asian Regions. The industry trends & developments, growth drivers and competitive threats have also been discussed in the report. The report entails the competitive aspect of the market and profiles of key players including their branding and pricing strategies. The report also covers the future expected growth and possible changes in the remittance industry environment worldwide.
Globalization and increasing trade activities increased the job vacancies worldwide and opened door for a large population in developing countries. Prior to 2008, Latin America, Middle East and some of the countries in the EU showed a continuous rise in migrant’s population. The global remittance market is dominated by money transfer companies and agents such as Western Union and MoneyGram. In terms of remittance inflow, India and China is the largest receiver worldwide. Global financial crisis affected political, social and economic environment in European countries which caused fall in per capita expenditures. Remittance inflow to EU countries also fell by 14% during the year. The top five largest remitting countries in the EU account for 49.79% of the total remittance outflow from EU to non-EU countries.
In 2009, remittance inflow witnessed a decline of 14.80% in Mexico, largely affected due to the change in the US economy. During 2010, remittance to Central America improved from previous year though growth rate was only 1.60%. Impact of recession was high in Central Asian countries due to dip in oil prices which affected the overall economic growth. In 2010, South and East Asian remittance flow grew slightly due to the effect of geographic diversity of their migrants. Migrants in Gulf countries were not much affected during credit crisis.
The US, Russia and Germany are expected to continue to hold a leading position in the remittance market worldwide despite a continuous fall in net immigrant’s population from last three years (2009-2011). By 2016 the global money remittance market is expected to grow at CAGR 6.44% (2011-2016) reflecting a slow growth compared to CAGR 8.04% in 2006-2011.
- In 2010, global remittance flow has reached USD ~ billion at a growth rate of 4.33% after showing a negative performance in 2009.
- Remittance inflow to developing countries also grew by 5.27% in 2010 to USD ~ billion result of recovering economy in various parts of the world compared to previous year.
- In year 2011, global remittance flow recorded only 3.00% growth from 2010 level due to mushrooming debt crisis in Europe and the US economies
- The marginal growth of 2.88% in remittance flow to developing countries has been recorded in 2011 which is expected to grow at a slow rate even in 2012.
- In 2010, total Eurozone remittance outflow recorded USD ~ billion compared to USD ~ billion in 2009 and USD ~ billion in 2008, reflecting a continuous decline in remittance money in the Eurozone area.
- In terms of remittance receiving countries, Poland and Russia were the two largest countries in the Eastern European region; wherein Poland accounted for USD ~ billion and Russia for USD ~ billion remittance inflows in 2010.
- In 2009, outflow of remittance from the UK reached USD ~ million in 2009.
- In 2010, remittance outflow from the US reached USD ~ billion compared to USD ~ billion in 2009.
- In 2010, China remittance inflow accounted for USD ~ billion and USD ~ billion in 2011.