India will retain its position as the world’s top recipient of remittances this year with the Indian community sending a whopping USD 80 billion back home, the World Bank said in a report on Saturday.
India is followed by China (USD 67 billion), Mexico and the Philippines (USD 34 billion each) and Egypt (USD 26 billion), according to the global lender.
With this, India has retained its top spot on remittances, according to the latest edition of the World Bank’s Migration and Development Brief.
The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach USD 528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.
Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to USD 689 billion, it said.
Over the last three years, India has registered a significant flow of remittances from USD 62.7 billion in 2016 to USD 65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India’s GDP, it said.