India leads globally in remittances for 2024, with an estimated inflow of $129 billion, followed by Mexico, China, the Philippines, and Pakistan. Remittances to low- and middle-income countries (LMICs) are projected at $685 billion in 2024, with South Asia seeing an 11.8% growth. Remittance growth in 2024 is estimated at 5.8%, up from 1.2% in 2023, outpacing financial flows like Foreign Direct Investment (FDI). FDI has declined by 41% over a decade, while remittances rose by 57%, driven by job market recovery in high-income countries like the U.S. Remittances provide crucial financial support to families globally.
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