Diaspora Impact: Bulgarians Abroad Set New Record with €4M Daily Contributions

Society | February 3, 2024, Saturday // 12:20
Bulgaria: Diaspora Impact: Bulgarians Abroad Set New Record with €4M Daily Contributions

Bulgarians living abroad set a new record by sending over 4 million euros per day to their homeland in 2023, underscoring their enduring commitment to support family and contribute to Bulgaria's economic well-being. Germany emerges as the leading contributor, followed by the USA and Great Britain. The surge in financial contributions, marking a historic high, highlights the ongoing dedication of the diaspora to their roots.

Pavlin Blagoev, a Bulgarian living in Germany, shares his story, in front of Nova TV, of migration over a decade ago. Despite facing challenges, he has not only built a life in Germany but also actively contributes to his family's well-being in Bulgaria. Reflecting a common sentiment among expatriates, Blagoev mentions the monthly financial support to his mother and occasional assistance to others in need.

The financial inflow from Bulgarians abroad, exceeding 4 million euros daily, has been described as an absolute record by Iliyan Naskov, the executive director of a remittance-focused financial company. Over the past decade, these remittances have seen a notable increase, amounting to approximately 600 million euros from 2013 to 2023. Naskov emphasizes the positive impact on the standard of living for numerous families in Bulgaria, contributing to increased consumption and a subsequent boost to the local economy.

Germany, the USA, and Great Britain emerge as the top three countries from which Bulgarians abroad provide substantial financial aid. Naskov underscores the significance of these funds, constituting around 1.5% of the country's gross domestic product. The financial support primarily caters to essential needs such as household expenses, utility bills, telecommunications, and healthcare, directly injecting into Bulgaria's economic bloodstream.

According to Naskov, more than 3 million households benefit from these remittances, considering the data from the National Statistical Institute, which indicates over 2 million Bulgarians working abroad. The impact extends beyond immediate family support, with every second person directing funds to their parents.

Pavlin Blagoev, like many expatriates, dreams of returning to Bulgaria and is actively involved in preparations, including constructing a home. Despite uncertainties, he remains optimistic about the future and hopes to reunite with his homeland in the coming years.

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Tags: Bulgarians, record, support, Germany

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