Current Affairs

World Bank: India highest recipient of remittances in 2017

According to the World Bank’s Migration and Development Brief reports, India has topped as the highest recipient of remittances globally in 2017, with its diaspora sending back $69 billion.
According to the World Bank’s Migration and Development Brief reports, India has topped as the highest recipient of remittances globally in 2017, with its diaspora sending back $69 billion.
  • Remittances to low- and middle-income countries rebounded to a record level in 2017 after two consecutive years of decline.

Highlights

  • As per the estimates, the officially recorded remittances to low- and middle-income countries reached $466 billion in 2017, an increase of 8.5 percent over $429 billion in 2016.
  • Global remittances, which include flows to high-income countries, grew 7 percent to $613 billion in 2017, from $573 billion in 2016.
  • Remittances are expected to continue to increase in 2018, by 4.1 percent to reach $485 billion. 
  • Global remittances are expected to grow 4.6 percent to $642 billion in 2018.
  • It include flows to high-income countries. The stronger-than-expected recovery in remittances was driven by growth in Europe, Russia and US.
  • The rebound in global remittances was due to higher oil prices and strengthening of Euro and Ruble. 
  • The transit migrants-who only stay temporarily in transit country, are usually not able to send money home. Migration may help migrants to escape poverty or persecution, but many also become vulnerable to exploitation by human smugglers during transit. 

The top remittance recipients were –

  • India ($69 billion)
  • China ($64 billion)
  • the Philippines ($33 billion)
  • Mexico ($31 billion)
  • Nigeria ($22 billion)
  • Egypt ($20 billion)

Top International migrants (origin countries)

  • India ($16.4 million)
  • Mexico ($11.9 million)
  • Russia Federation ($11 million)
  • China ($10.1 million)
  • Bangladesh ($7.8 million)
World Bank: India highest recipient of remittances in 2017 World Bank: India highest recipient of remittances in 2017 Reviewed by Aman Bhatia on April 25, 2018 Rating: 5

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