YEREVAN. – According to data released by the World Bank (WB), Armenia is in the top ten among the countries that are most dependent on individual remittances, Haykakan Zhamanak daily reported.

“According to the WB data, individual remittances make up 21 percent of Armenia’s GDP; with this indicator, Armenia shares the 7th place with Haiti. 

“[Solely] Tajikistan (47.5 percent of the GDP), Kyrgyzstan (31.5 percent), Nepal (28.8 percent), Moldova (24.9 percent), and Togo (23.8 percent) are more dependent [on private remittances] than us [, Armenia].

“This indicator is 12 percent in Georgia, [and] 2.9 percent in Azerbaijan.

“The large volume of remittances means that labor creates value not in its homeland, but in other countries,” Haykakan Zhamanak wrote.