Retaining its position, India is yet again the world’s top recipient of remittances, according to the latest edition of the World Bank’s Migration and Development Brief.
According to the report, India received a whopping $79 billion remittance in 2018. Moreover, India has registered a significant flow of remittances from $ 62.7 billion in 2016 to $ 65.3 billion in 2017.
“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,” revealed the report.
However, due to major fall of in inflows from Saudi Arabia, remittance growth in Pakistan was moderate (seven percent). In Bangladesh, remittances showed a slight improvement in 2018 (15 percent).
The report further stated that remittances to low-and-middle-income countries witnessed a record high of $ 529 billion in 2018, a growth of 9.6 percent as compared to the previous record high of $ 483 billion in 2017.
Global remittances, comprising the transfers to high-income countries, reported to be at $ 689 billion in 2018, up from $ 633 billion in 2017, said the World Bank.
Remittances across South Asia inflated by 12 percent and reached $131 billion in 2018, surpassing the six percent growth in 2017.
“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.