India highest recipient of remittances in 2018
The World Bank (WB) has recently released its latest edition of Migration and Development Brief. In it, India has retained its position as the world’s top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018. India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion). Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion 2017. According to the report, remittances to low-and middle-income countries reached a record high of $529 billion in 2018, an increase of 9.6% over the previous record high of $483 billion in 2017. Global remittances, which include flows to high-income countries, reached $ 689 billion in 2018, up from $633 billion in 2017.