As per World Bank’s Migration and Development Brief, India received the highest remittances of USD 69 billion from its diaspora in 2017. The report was released on April 23, 2018.
Indian remittances rose sharply by 9.9 percent in 2017. India had received remittances of USD 68.91 billion in 2015, which fell to USD 62.74 billion in 2016.
The top remittance recipients were India with USD 69 billion, followed by China at second (USD 64 billion), the Philippines at 3rd (USD 33 billion), Mexico at 4th (USD 31 billion), Nigeria at 5th (USD 22 billion) and Egypt at 6th (USD 20 billion).
Highlights of the World Bank’s Migration and Development Brief
• Global remittances, which include flows to high-income countries, grew by 7 percent to USD 613 billion in 2017 from USD 573 billion in 2016.
• As per the report, the global remittances are expected grow by 4.6 percent to USD 642 billion in 2018.
• Remittances to low and middle-income countries jumped back to a record level in 2017, following the two consecutive years of decline.
• The officially recorded remittances to low and middle-income countries reached USD 466 billion in 2017 from USD 429 billion in 2016, an increase of 8.5 percent.
• Remittances to South Asia grew by 5.8 percent to USD 117 billion in 2017, while in East Asia and Pacific region, remittances rebounded by 5.8 percent to USD 130 billion in 2017.
• Remittances in Europe and Central Asia grew by 21 percent to USD 48 billion in 2017, after three consecutive years of decline.
• Remittances to the Middle East and North Africa grew 9.3 percent to USD 53 billion in 2017, led by strong flows to Egypt.
• Remittances to Sub-Saharan Africa increased by 11.4 percent to USD 38 billion in 2017, supported by improving economic growth in advanced economies.
• The global average cost of sending USD 200 was 7.1 percent in the first quarter of 2018.
What: Stated by World Bank