Along with FDI and ODA, remittances can ease the credit constraints of poor households, facilitate asset accumulation and business investments, and reduce poverty. In 2016, remittances to low- and lower-middle-income countries were more than three times the amount of ODA and were greater than ODA and FDI combined. Compared to the two other types of external finance, personal remittances tend to be a more reliable, less volatile, source of income. Flows to lower-middle-income countries grew from $287.9 billion in 2007 to $452.9 billion in 2015, then dropped slightly to $422.1 billion in 2016.ĭespite the upward trend in volume over the last decade, the growth of ODA and FDI has stagnated over the last several years. ODA remained the largest source of external financing for low-income countries, while in lower-middle-income countries, remittances accounted for most (61 per cent) of the external financial flows. Most of the increase is attributed to the steady rise of remittance inflows, from $6.8 billion in 2007 to $19.9 billion in 2016. Together, the volume of foreign direct investment (FDI), ODA and remittances by international migrants to low-income countries grew from $41.2 billion in 2007 to $71.4 billion in 2013, then dropped slightly to $68.5 billion in 2016. Remittances are a lifeline for families and communities in low- and lower-middle-income countries Conversely, limitations in the capacity and speed of fixed-broadband connections affect the quality and functionality of this development tool, widening existing inequalities. Such access can enhance international cooperation, improve access to science, technology and innovation, and facilitate knowledge-sharing. In 2016, only 6 per cent of the population in these countries had access to high-speed fixed broadband Internet, compared to 24 per cent in the developed regions. High-speed fixed broadband Internet connection remains largely inaccessible across the developing worldĭespite a global rise in subscriptions for high-speed fixed broadband, access to this type of Internet connection remains largely unavailable for residents across the developing world. Humanitarian aid totalled $15.5 billion in 2017, an increase of 6.1 per cent in real terms compared to 2016. Overall, ODA remained at 0.31 per cent of GNI in 2017. However, only five DAC countries-Denmark, Luxembourg, Norway, Sweden and the United Kingdom-met this target. The United Nations has set a benchmark for ODA contributions of at least 0.7 per cent of a country’s gross national income (GNI). Bilateral ODA from DAC countries to LDCs increased by 4.0 per cent in real terms since 2016. The decline is mainly attributed to lower spending on refugees inside donor countries: in 2017, DAC countries reportedly spent $14.2 billion, or 9.7 per cent of total ODA, to host refugees in their countries this represents a drop of 13.6 per cent in real terms compared to 2016. This represents a slight drop (of 0.6 per cent) in real terms from the 2016 level. In 2017, net official development assistance (ODA) from member countries of the Development Assistance Committee (DAC) of the Organization for Economic Cooperation and Development (OECD) totalled $146.6 billion. Official development assistance dropped slightly in 2017, due to lower costs for refugee assistance
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