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HomeEconomyIndia retains position as top receiver of remittances, says World Bank report

India retains position as top receiver of remittances, says World Bank report

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Over the last three years, India has registered a significant flow of remittances from USD 62.7 billion in 2016 to USD 80 billion 2018.

Washington: India will retain its position as the world’s top recipient of remittances this year with its diaspora sending a whopping USD 80 billion back home, the World Bank said in a report Saturday.

India is followed by China (USD 67 billion), Mexico and the Philippines (USD 34 billion each) and Egypt (USD 26 billion), according to the global lender.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank’s Migration and Development Brief.

The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach USD 528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to USD 689 billion, it said.

Over the last three years, India has registered a significant flow of remittances from USD 62.7 billion in 2016 to USD 65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India’s GDP, it said.

The Bank said remittances to South Asia are projected to increase by 13.5 per cent to USD 132 billion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017. – PTI

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1 COMMENT

  1. Remittances keep the CAD afloat. Countries like Japan are experiencing serious labour shortages. They are naturally averse to conventional immigration. Guest worker programmes – as in the Gulf – would meet their needs and keep buoyancy in remittances. Also find jobs for a growing pool of young people.

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