Pakistan among top 5 economies of Asia for foreign remittances in 2019

Pakistan among top 5 economies of Asia for foreign remittances in 2019
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ISLAMABAD - The Asian Development Bank has released the 50th edition of its annual statistical report called “Key Indicators for Asia and the Pacific 2019”, and an online database, “Key Indicators Database”.

Pakistan was in the top five in the remittance receivers in the region last year, according to the latest report by the Asian Development Bank (ADB).

The region’s top five remittance receivers for 2018 were India ($78.6 billion), China ($67.4 billion), the Philippines ($33.8 billion), Pakistan ($21.0 billion), and Vietnam ($15.9 billion).

ADB said that Pakistan was also among the countries that received the largest amounts of financial and technical assistance. The largest average annual financial and technical assistance, during 2009–2017, went to Afghanistan ($1.405 billion), Indonesia ($1.310 billion), and Pakistan ($894 million).

“From 2000–2008 to 2009–2017, the value of average financial and technical assistance more than doubled in 14 of the 41 reporting economies,” ADB said.

In absolute terms, the largest increases occurred in Afghanistan ($843 million), Indonesia ($669 million), and Pakistan ($529 million).

Extreme poverty (includes those earning below $1.9 per day) in Pakistan has gone down from 28.6 percent of the total population in 2001 to 3.9 percent in 2015, Asian Development Bank said in a report.

The report added that on the basis of the National Poverty Line, Pakistan’s poverty ratio declined to 24.3 percent in 2015 compared to 64.3 percent in 2001. Urban poverty decreased from 50 percent in 2001 to 12.5 percent in 2015 while rural poverty has gone down from 70 percent in 2001 to 30 percent in 2015.

Overall numbers show that the people living in extreme poverty in Asia and Pacific declined from 1.1 billion in 2002 to 264 million in 2015.

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