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World Bank:India Largest Recipient of Remittances in the World

Apr 20, 2013 15:10 IST

India is the largest recipient of remittances in the world, receiving 69 billion US Dollars in 2012, according to the latest edition of the World Bank’s Migration and Development Brief released on 20 April 2013. India is followed by China (60 billion US dollars), the Philippines (24 billion US dollars), Mexico (23 billion US dollars) and Nigeria and Egypt (21 billion US dollars each). Other large recipients include Pakistan, Bangladesh, Vietnam, and Lebanon.

World Bank recorded that remittance flows to developing countries grew by 5.3 per cent to reach an estimated 401 billion dollar in 2012.
Other major points of the report are as following:
• Remittances to developing countries are likely to grow by an annual average of 8.8 per cent for the next three years and are expected to reach 515 billion US dollars in 2015.
• Remittance flows to South Asia have been predicted to increase by 12.8 per cent to 109 billion US dollars in 2012.
• As a percentage of GDP, the top recipient nations of remittances, in 2011, were Liberia (31 percent), Kyrgyz Republic (29 percent), Nepal (22 percent), Lesotho (27 percent), Tajikistan (47 percent), Moldova (23 percent), and Samoa (21 per cent).
• Remittance flows to developing nations have more than quadrupled since 2000.
• Global remittances, including those to developed countries, are estimated to have reached USD 514 billion in 2012, in comparison to USD 132 billion in 2000.

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Read more Current Affairs on: India , World Bank , Remittances

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