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14 Jul, 2013

Saudi labour crackdown to hit Asia hard – GulfNews.com

The clampdown could hurt countries from Egypt to the Philippines that rely on Saudi Arabia’s economy to prop up their own with money sent from abroad. Neighboring Yemen, whose economy is significantly bolstered by remittances, has already warned the measures could destabilize its fragile government.

Saudi Arabia is the third-biggest global provider of worker remittances after the U.S. and Switzerland, sending $28.5 billion in 2011, according to World Bank data.

Egypt, the Arab world’s most populous country, received $14.3 billion in remittances in 2011, representing 6 percent of its gross domestic product, according to the World Bank. For the Philippines, it’s 10 per cent. In Yemen, pushed to the brink of a civil war in 2011, remittances account for 4 percent.

Read the rest: Saudi crackdown to hit Asia hard | GulfNews.com.