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Sat, Nov 17, 2018 | Last Updated 5:07 pm IST

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India is the highest recipient of remittances

India is the highest recipient of remittances
India is the highest recipient of remittances
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Washington sources reported that as per a statement "Remittance inflows improved in all regions and the top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion)". Meanwhile the remittances to India rose sharply by 9.9% in 2017, reversing the previous year’s sharp decline.



Media reports global remittances are expected grow 4.6% to $642 billion in 2018. As per the World Bank's latest Migration and Development brief the remittances to low and middle-income countries rebounded to a record level in 2017 after two consecutive years of decline.

India is the highest recipient of remittances

Dilip Ratha, lead economist at the World Bank in his blog said “The overall recovery in remittances is better than we expected. It is driven by stronger growth in the European Union, the Russian Federation, and the United States. Moreover the rebound in remittances, when valued in US dollars, was helped by higher oil prices and a strengthening of the euro and ruble".

India is the highest recipient of remittances

India is the highest recipient of remittances
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