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Data coverage:

The data encompasses personal remittances as well as migrant stock data. This market uses remittance calculations from the World Bank and its KNOMAD division. Figures are based on "personal transfers" and "compensation of employees" recorded in the Current Account of the Balance of Payments framework, which records a country's transactions.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the World Bank, annual market size estimates, country flow estimates, third-party reports, and publicly available databases. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, inflation rates, exchange rates, unemployment, consumer spending, internet penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. In this market, we use multiple linear regression method to forecast future development. The main drivers are GDP growth rate, exchange rate fluctuation, inflation rate, and migrant population growth.

Additional notes:

This remittances market uses remittance calculations from the World Bank and its KNOMAD division as a base, including annual market size estimates, bilateral country flow estimates, and a database on remittances prices. In theory, inward and outward remittances should balance out and be equal because remittances are financial flows between countries. However, practical issues such as data collection methods, informal channels, fees, and timing lead to a mismatch in the reported figures. The focus on inward remittances in developing countries, which rely heavily on these flows, often results in better tracking of inflows than outflows. The figures therefore differ in the respective markets. The market is updated twice a year in case market dynamics change.