Senegalese send money to Senegal as remittance is 10 per cent of Gross domestic product (GDP). Senegal is known for being a stable democracy with strong economic development in a volatile country. People, however, continue to take the risk of migrating to Europe.
It’s impossible to say how much Senegalese leave because migration is mainly unregulated. According to EU statistics, Senegal was the tenth country of origin for illegal sea crossings into Europe in 2018. Furthermore, several migrants arrive on visas that they then overstay, resulting in them becoming asylum seekers.
The main drivers of migration were labor demand in Europe and Senegal’s economic instability and low wages. In a sentence, migration was a tactic for most people to diversify their income sources while also improving their well-being and social status through transfer money to Senegal from Europe.
What Is The Impact Of Migration On Country Economy and Household?
In Senegal, migration has had a significant effect on households. By analysts, it is discovered that roughly half of the European migrants send money to Senegal online regularly – and that the sums sent were substantial, given migrants’ low and erratic wages. These remittances potentially boost and significantly raise household incomes, enabling families to invest in things like schooling and housing.
They also protect citizens from insecurity, faulty economies, ineffective government policies, and a lack of government-provided social security. Remittances have proven to be an increasingly significant and stable source of foreign currency at the state level. While migrants send money to their families, these funds start a chain reaction that affects the entire economy.
What Is the Migration Rate of Sub-Saharan African Countries?
The number of refugees minus the number of emigrants over a given period, divided by the number of person-years lived by the accepting country’s population during that time period. It is calculated as the number of net migrants per 1,000 people. Senegal’s net migration rate was minus 1.28 migrants per 1,000 people in 2020, down from minus 3.14 migrants per 1000 people in 2015, a reduction of 59.34%. This reduction in the ratio of immigrants causes declination of remittance to the country. Online money transfer to Senegal by expatriates is considered important than foreign aids. It goes directly to the families of the sender, and there is no risk of corruption.