Remittances constitute a significant source of external financing for many countries, particularly those facing economic vulnerability. Together, in 2020, the EU and non-EU members of the Organisation for Economic Co-operation and Development (OECD) countries accounted for around 55% of global remittance outflows. These transfers, sent by migrant workers and diasporic communities to their countries of origin, represent an important source of income for millions of households, supporting, inter alia, education, healthcare, and productive investments.
Remittances contribute directly to poverty reduction, local development, job creation and economic stability in the countries of origin. Migrant workers and diasporas serve as essential bridges between societies, channelling not only financial resources but also skills, knowledge and transnational networks that foster cross-border innovation and mutual development.
However, changing migration policies, high transfer costs, the introduction of new remittance taxes, limited access to formal channels and insufficient policies promoting the productive use of these funds in major host countries all restrict the positive impact of remittances. Advancing digital and financial innovation, strengthening regulatory frameworks for labour migration and the integration of migrant workers into the European labour market, and mobilising diaspora resources would help to optimise the use of this important tool for shared growth. It is also important to recognise migrants as contributors rather than burdens.
The Parliamentary Assembly should therefore acknowledge and value remittances as a key factor for mutual growth, review existing barriers to efficient remittance transfers, and promote policies that emphasise the role of migrant workers and diasporic communities as assets to both host societies and countries of origin.