IMPACT OF REMITTANCES ON THE ECONOMY OF THE GAMBIA
IMPACT OF REMITTANCES ON THE ECONOMY OF THE GAMBIA

Summary/Abstract: The most tangible links between migration and economic development are remittances. They represent one of the most important foreign financial resources—external financing, which was the driving force behind Foreign Direct Investment (FDI) and Overseas Development Assistance (ODA) in most of Sub-Saharan Africa. Migrant remittances have surpassed FDI in significance as a private financial resource for households and an external financial resource for developing countries' economies, particularly in Sub-Saharan Africa. In this study, a time series data set from 2004 to 2019 is used to investigate the impact of remittances on the Gambia's economy. The findings suggest that remittances have a positive impact on the economy of the Gambia, but that this effect is statistically insignificant.

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