Personal remittances in Belarus: trends and challenges

Abstract

In recent years, international labour migration has become an integral part of the modern
world economy. Labour migration is an important source of financial inflow for certain countries.
The migrants' personal remittances sent to the country enable families to increase their consumption
level and a cumulative demand as well as stimulate production development. In other words,
they are a tool by means of which the country can solve a complex of internal social and economic
problems more successfully. Some part of the money received is invested in development of the
national economy through purchasing shares, land and real estate. In this regard the account and
cost assessment of the migrants' personal remittances are urgent. The chapter concerns the trends
of the global international migration as well as international migration in Belarus. Special attention
will be given to detailed analysis of the size and structure of the migrants' personal remittances in
their basic elements, the countries of departure and countries of destination. The analysis is based
on the statistical data of the National Statistical Committee, the National Bank of Belarus, the Department
of Economic and Social Affairs and Population Division of the United Nations.