Data · Capital flows
Beyond FDI: the external financing mix
Current US$, net inflows (remittances are gross receipts)
- FDI inflows
- Remittances
- Official aid (ODA)
- Portfolio equity
Source: World Bank, World Development Indicators (BX.KLT.DINV.CD.WD, BX.TRF.PWKR.CD.DT, DT.ODA.ODAT.CD, BX.PEF.TOTL.CD.WD). ODA reported to 2023.
Economies, 2024
Where remittances outweigh FDI — and where FDI dominates
Low- and middle-income economies ranked by the gap between personal remittances and net FDI inflows, both as a share of GDP. In 2024, remittances exceeded FDI in 62 of the 103 economies with data for both.
Remittances far exceed FDI
Largest gap, remittances minus FDI, percentage points of GDP
| Economy | Remittances and FDI, % of GDP | Gap (pp) |
|---|---|---|
| TajikistanLower-middle income | Remittances: 47.2% FDI: 2.0% | 45.1 |
| TongaUpper-middle income | Remittances: 39.2% FDI: −1.9% | 41.1 |
| NepalLower-middle income | Remittances: 26.0% FDI: 0.1% | 25.9 |
| HondurasLower-middle income | Remittances: 25.7% FDI: 1.3% | 24.5 |
| SamoaUpper-middle income | Remittances: 24.0% FDI: 0.3% | 23.7 |
| El SalvadorUpper-middle income | Remittances: 24.3% FDI: 3.0% | 21.3 |
| LesothoLower-middle income | Remittances: 19.9% FDI: −0.5% | 20.4 |
| NicaraguaLower-middle income | Remittances: 26.6% FDI: 6.9% | 19.8 |
| Marshall IslandsUpper-middle income | Remittances: 23.5% FDI: 4.7% | 18.8 |
| GuatemalaUpper-middle income | Remittances: 19.1% FDI: 1.6% | 17.5 |
| HaitiLower-middle income | Remittances: 16.9% FDI: 0.1% | 16.9 |
| KyrgyzstanLower-middle income | Remittances: 17.6% FDI: 1.4% | 16.2 |
FDI far exceeds remittances
Largest gap, FDI minus remittances, percentage points of GDP
| Economy | Remittances and FDI, % of GDP | Gap (pp) |
|---|---|---|
| MozambiqueLow income | Remittances: 1.2% FDI: 15.4% | 14.2 |
| NamibiaLower-middle income | Remittances: 0.7% FDI: 14.2% | 13.5 |
| MauritaniaLower-middle income | Remittances: 0.9% FDI: 13.2% | 12.4 |
| SurinameUpper-middle income | Remittances: 3.6% FDI: 15.1% | 11.5 |
| MaldivesUpper-middle income | Remittances: 0.1% FDI: 11.4% | 11.3 |
| MongoliaUpper-middle income | Remittances: 2.2% FDI: 11.7% | 9.5 |
| GrenadaUpper-middle income | Remittances: 3.6% FDI: 12.1% | 8.6 |
| ZambiaLower-middle income | Remittances: 1.3% FDI: 9.3% | 8.0 |
| Saint LuciaUpper-middle income | Remittances: 2.3% FDI: 7.2% | 4.8 |
| LaosLower-middle income | Remittances: 1.5% FDI: 6.0% | 4.5 |
| EgyptLower-middle income | Remittances: 7.6% FDI: 12.0% | 4.4 |
| Saint Vincent and the GrenadinesUpper-middle income | Remittances: 7.9% FDI: 12.0% | 4.1 |
Source: World Bank, World Development Indicators (BX.TRF.PWKR.CD.DT, BX.KLT.DINV.WD.GD.ZS, NY.GDP.MKTP.CD). Remittances as % of GDP computed by FDIstats from US$ values. High-income economies excluded. Very small economies and resource projects can produce large ratios in a single year.
Concepts
Why the mix matters
FDI
A lasting stake (10%+ of voting power) in a business abroad. Because investors own plants, offices and networks that are hard to sell quickly, FDI tends to be the most stable private flow in a crisis — and it can bring technology, management know-how and access to export markets.
Remittances
Money migrants send to families at home. They go directly to households, often rise when the home economy is hit by a shock, and for many small and lower-income economies are the single largest source of foreign exchange.
Official aid (ODA)
Concessional grants and loans from donor governments and multilaterals. Still vital for low-income economies, where private flows are smaller. Reporting lags other flows by a year or more.
Portfolio equity
Purchases of listed shares without a controlling stake. Liquid and quick to reverse, these “hot” flows swing with global risk appetite and can turn sharply negative when investors pull out.
FDI explainedGlossary of termsSources & methodsMap remittances by country