India is expected to retain its position as world’s top recipient of remittances with $80 million in 2018
Published: December 11, 2018
India is expected to retain its position as the world’s top recipient of remittances with $80 million in 2018, as per latest World Bank’s report ‘Migration and Development Brief’. India is followed by China ($67 billion), Mexico and the Philippines ($34 billion each) and Egypt ($26 billion). The bank estimates that officially recorded remittances to developing countries will increase by 10.8% to reach US$528 billion in 2018, , against a 7.8% growth in 2017. The Global remittances, which include flows to high-income countries, are projected to grow by 10.3% to $689 billion. For 2019, it is projected that remittances growth for the region will slow to 4.3% due to a moderation of growth in advanced economies, lower migration to the Gulf Cooperation Council (GCC) and the benefits from the oil price spurt dissipating.