In a report on Monday, the World Bank said India has successfully occupied the top position in the Global Remittances with overseas Indians sending a whopping $79 billion back home in 2018.
After India in the list there are China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said. According to the latest edition of the World Bank’s Migration and Development Brief, India has retained its top spot on remittances.
India has registered a remarkable flow of remittances from $62.7 billion in 2016 to $65.3 billion in 2017 over the past three years. In a statement, the World Bank said, “Remittances grew by more than 14 percent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families.”
The report also claims that remittances to low and middle-income countries reached a record high of $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017.
South Asia grew 12 percent to $131 billion in 2018 in remittance, said the World Bank.”The upsurge was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some GCC countries,” it said.
Dilip Ratha, the lead author of the Brief and head of KNOMAD, said that “Remittances are on track to become the largest source of external financing in developing countries. The high costs of money transfers reduce the benefits of migration. Renegotiating exclusive partnerships and letting new players operate through national post offices, banks, and telecommunications companies will increase competition and lower remittance prices.”
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