India: World’s Largest Recipient of Global Remittances

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Apr. 25 – The World Bank has listed India as the world’s largest recipient of remittances from its overseas diaspora in 2012 after having received over US$69 billion in remittances.

Following India is China (US$60 billion), the Philippines (US$24 billion), Mexico (US$23 billion), Nigeria (US$21 billion) and Egypt (US$21 billion). Pakistan, Bangladesh, Vietnam and Lebanon are also on the list of large recipients.

Remittance flows to developing countries reached US$401 billion in 2012, a 5.3 percent year on year increase. This number is expected to grow by an average of 8.8 percent annually over the next three years to reach US$515 billion by 2015. Remittance flows to South Asia increased by 12.8 percent to US$109 billion.

“Although migrant workers are, to a large extent, adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many poor remittances recipient countries,” stated Hans Timmer, the Director of the World Bank’s Development Prospects Group.

The World Bank Report, titled “The Remittance Market to India: Opportunities, Challenges & Policy Options”, can be downloaded here.

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