India has retained its number one position as the world’s top recipient of remittances with its diaspora sending a whopping USD 79 billion back home in 2018.
According to a report from World Bank, India was followed by China (USD 67 billion), Mexico (USD 36 billion), the Philippines (USD 34 billion), and Egypt (USD 29 billion). With this, India has retained its top spot on remittances, according to the latest edition of the World Bank’s Migration and Development Brief. 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. Remittances grew by more than 14% in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families.
In Pakistan, remittance growth was moderate (7%), due to significant declines in inflows from Saudi Arabia, its largest remittance source. In Bangladesh, remittances showed a brisk uptick in 2018 (15%). According to the report, remittances to low-and middle-income countries reached a record high of USD 529 billion in 2018, an increase of 9.6% over the previous record high of USD 483 billion in 2017. Global remittances, which include flows to high-income countries, reached USD 689 billion in 2018, up from USD 633 billion in 2017, it said. The Bank said, remittances to South Asia grew 12% to USD 131 billion in 2018, outpacing the 6% growth in 2017.