Impact of remittances on the social and economic development of developing countries
At the present stage of development of the world economy, remittances have become one of the most important sources of external financing in developing countries, exceeding the amount of official development assistance, international lending and even foreign investment. They contribute not only to reduce poverty and social tensions in these countries, but also create favorable conditions for economic development, growth of savings and investments, maintenance of stability of the national currency exchange rate and external debt service. The article presents the role of remittances in the social and economic development of developing countries, trends in the world economy, the factors contributing to their changes, as well as macroeconomic, financial and social effects of remittances.