Economic report: Yemen is the third country whose economy depends on expatriate remittances

Yemen

Yamanat

A study by the Yemeni Monetary Union (CCY) indicates that Yemen is the third country in the world to rely on financial remittances, after Tajikistan and Tonga.

According to the study, remittances now account for more than 38% of the country’s gross domestic product, but growing sanctions, economic warfare and collapsing infrastructure threaten to cut off the last financial lifeline for millions of families already facing a severe humanitarian crisis, according to the “Bugsh” Economic Observatory.

Economic experts say that the value of Yemen’s exports does not exceed $1 billion, while the value of imports is around $20 billion per year.

Yemen is one of the economically fragile countries, very vulnerable to shocks affecting stability.

Yemen