India highest recipient of remittances in 2017
As per World Bank (WB)’s latest report “Migration and Development Brief”, India is the highest recipient of remittances globally in 2017 with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion). In its report, the World Bank estimated that officially recorded remittances to low-and middle-income countries reached USD 466 billion in 2017. This was an increase of 8.5% over USD 429 billion in 2016. Remittances are expected to continue to increase in 2018, by 4.1% to reach $485 billion. Global remittances are expected to grow 4.6% to $642 billion in 2018. As per report, the longer-term risks to growth of remittances include stricter immigration policies in many remittance-source countries. Also, de-risking by banks and increased regulation of money transfer operators, both aimed at reducing financial crime, continue to constrain the growth of formal remittances.