CRITICAL EXAMINATION OF THE CONTRIBUTION OF MIGRANTS’ REMITTANCES TO DEVELOPMENT; INSIGHTS FROM THE PROGRESS OF VARIOUS COUNTRIES

Abstract

This paper critically examines the contribution of migrants’ remittances to development in various countries. Migrants’ remittances have emerged as an important drive for economic growth and social development in developing countries. Remittances provide considerable source of foreign exchange and household income, while their long term contribution to sustainable development remains comtested. This paper prob the role of migrants’ remittances in fostering development. It draws insight from the progress and economic condition of different countries across Asia. By means of comparative analysis and secondary data from international financial institution reports, the research explores the influence of remittances in poverty reduction, education, healthcare services, investment and macroeconomic stability. Moreover, findings of the study reveals that remittances often serve as a lifeline for households. It highlights that remittances reduce immediate poverty and enhance access to education and health sector. However, their impact on systemic change and long-term economic growth is constrained when not reinforced by good governance financial inclusion and developmental policies. Thus, the paper concludes that remittances can play a catalytic role in development only when effectively harnssed within broader institutional and policy frameworks.