The Graphic Truth: Who depends most on remittances?

Around the world, hundreds of millions of households and families depend on remittances sent home by migrants working abroad. For many nations, those flows form a sizable chunk of the national economy. But the World Bank has now warned that coronavirus-related lockdowns could slash remittances by as much as 20 percent this year, wreaking havoc on the economies that depend on that cash the most. Consider Haiti, the poorest country in the Western Hemisphere, where remittances account for almost a third of GDP. Or Central American countries like El Salvador and Honduras where the figure is roughly 20 percent. Tiny Lebanon's giant diaspora sends home cash worth 12 percent of GDP, while transfers from Philippine seamen and overseas domestic workers support 10 percent of their home economy. Here's a look at some of the countries that will be hit hardest if global remittance flows grind to a halt because of the coronavirus pandemic.

More from GZERO Media

Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland gestures during a press conference before delivering the fall economic update in Ottawa, Canada, November 21, 2023.
REUTERS/Blair Gable/File Photo

Canada’s finance minister and deputy prime minister, Chrystia Freeland, resigned from cabinet Monday morning over differences with Prime Minister Justin Trudeau on how Canada should deal with incoming US President Donald Trump.

This footage, published Sunday (29May2022) shows the Frigate Admiral of the Fleet of the Soviet Union Gorshkov conducts a test firing of Zircon hypersonic cruise missile in the Barents Sea. According to the Russian Ministry of Defence, the test firing hit a target in the White Sea. It was part of a test of new Russian weapons. Russian officials claimed the missile successfully hit a sea target located at a distance of about 1,000 km. Where: Russian Federation
Credit: Ministry of Defence of the Russian Federation/Cover Images via Reuteers

On Monday, Russia’s President Vladimir Putin warned that he might lift self-imposed restrictions on Russia’s development of short- and medium-range missiles, while warning that the West was pushing on “a red line we can’t step back from.”

French Gendarmerie forces cross a damaged area in the aftermath of Cyclone Chido, in Mayotte, France December 15, 2024.
Gendarmerie Nationale/Handout via REUTERS

France rushed aid to Mayotte on Monday, with death estimates running into the thousands after the most powerful cyclone in nearly a century devastated the small Indian Ocean island overnight.

As the macro landscape evolves and new market dynamics emerge, corporations and investors must understand the trends driving capital allocation, sector shifts, and emerging opportunities to position themselves for success. While there is growing optimism in the market, critical questions persist about geopolitical risks, the impact of tariffs and trade policies, the long-term outlook for the USD, and how to interpret the economic narratives and structural changes likely to shape the immediate future. Get insights from RBC Capital Markets experts on the economy, markets, and deal activity.