International Day of Family Remittances Observed, Spotlighting Migrant Workers’ Contribution to Global and Nepal’s Economy

The International Day of Family Remittances is being observed across the world, including in Nepal, through various programmes honoring the immense contribution of migrant workers to their families, communities, and national economies.

Observed annually on June 16 and officially recognized by the United Nations General Assembly, the day pays tribute to more than 200 million migrant workers worldwide whose remittances continue to support household livelihoods and drive economic development across nations.

This year’s observance has placed special emphasis on utilizing remittances not only for household consumption but also for rural entrepreneurship, employment generation, and broader local economic transformation.

According to the United Nations, remittances currently support nearly 800 million family members globally. Over the past decade, migrant workers have transferred an estimated USD 5 trillion to low- and middle-income countries, an amount that has surpassed official development assistance and remained comparable to foreign direct investment inflows. More than one-third of these remittance flows are estimated to have reached rural communities.

At present, developing economies receive around USD 700 billion annually through remittances, with projections suggesting an additional USD 4.4 trillion could flow into these economies by 2030.

Global data further shows that remittances account for at least 3 percent of GDP in more than 80 countries, while in 30 countries, remittance inflows exceed 10 percent of GDP, highlighting their increasingly critical role in socio-economic development.

In Nepal, remittance inflows continue to play a central role in the economy. According to the country’s latest Economic Survey, remittances are estimated to account for 33.02 percent of GDP in the ongoing fiscal year 2025/26, rising significantly from 27.80 percent recorded in the previous fiscal year. This marks the highest remittance-to-GDP ratio ever recorded in Nepal.

Against this backdrop, the International Day of Family Remittances has also renewed calls for governments and private sector institutions to expand affordable remittance services, strengthen financial inclusion, and create investment opportunities that can channel remittance income into sustainable economic growth, entrepreneurship, and long-term employment generation.