4/24/2018 2:55:01 PM
|written By : Team India Se|
India retained the top position as recipient of remittances with its diaspora sending about US$69 billion back home in 2017, the World Bank said.
"Remittance inflows improved in all regions and the top remittance recipients were India with US$69 billion, followed by China (US$64 billion), the Philippines (US$33 billion), Mexico (US$31 billion), Nigeria (US$22 billion), and Egypt (US$20 billion)," the statement said.
Remittances to India rose sharply by 9.9 per cent in 2017, reversing the previous year's sharp decline, but were still short of USD 70.4 billion received in 2014.
Global remittances grew 7 per cent to US$613 billion in 2017, from US$573 billion in 2016, and are expected to grow 4.6 per cent to US$642 billion in 2018.
"The overall recovery in remittances is better than we expected. It is driven by stronger growth in the European Union, the Russian Federation, and the United States," said Dilip Ratha, lead economist at the World Bank on his blog.
Remittances to South Asia grew a moderate 5.8 per cent to US$117 billion in 2017.
Remittances to the East Asia and Pacific region rebounded 5.8 per cent to US$130 billion in 2017, reversing a decline of 2.6 per cent in 2016.