Breaking News

You are here » Indian-Commodity  :  Top News  :  India retains top slot as largest recipient of remittances at $69 billion: World Bank

24-Apr2018

India retains top slot as largest recipient of remittances at $69 billion: World Bank

With remittances from overseas Indians increasing nearly 10% in 2017, the World Bank in its latest Migration and Development Brief has stated that India retained the top position as the largest recipient of remittances. As per the report, remittances to India jumped 9.9% to about $69 billion in 2017, reversing the previous year's dip of $62.7 billion in 2016, but were still short of $70.4 billion received in 2014. It estimated that officially recorded remittances to low-and middle-income countries reached $466 billion in 2017, with an increase of 8.5% over $429 billion in 2016. Besides, global remittances, which include flows to high-income countries, grew 7% to $613 billion last year, from $573 billion in 2016.

The report estimated that the upsurge is likely to continue into 2018 on the back of stronger economic conditions in advanced economies (particularly the US) and an increase in oil prices that should have a positive impact on the GCC countries. It added that remittances to the region will likely grow modestly by 2.5% to $120 billion in 2018. It stated that the stronger-than-expected rebound in remittances is supported by growth in Europe, Russia and the US. It also said that the recovery in remittances, when valued in US dollars, was driven by higher oil prices and a strengthening of euro and ruble.

According to the report, India continued to top in terms of receiving remittance, and was followed by China at $64 billion, the Philippines at $33 billion, Mexico at $31 billion, Nigeria at $22 billion, and Egypt at $20 billion. Besides, remittances to South Asia grew a moderate 5.8% to $117 billion. However, flows to Pakistan and Bangladesh were both largely flat in 2017, while Sri Lanka saw a small decline (-0.9%). Pakistan received $20 billion in remittances, whereas Bangladesh received $13 billion. Moreover, sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4%.

The World Bank further said that major barriers to reducing remittance costs are de-risking by banks and exclusive partnerships between national post office systems and money transfer operators. These factors constrain the introduction of more efficient technologies-such as internet and smartphone apps and the use of crypto currency and blockchain-in remittance services. It also said that while remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money.



Related News

View all news

Copper futures end lower on Tuesday

Copper futures ended lower on Tuesday as global equities slumped after the International Monetary Fund (IMF) on Monday warned of a darkening growth outlook. In its World Economic Outlook report, the IMF......

Physical Rubber prices witness some weakness on Tuesday

Physical Rubber prices showed some weakness on Tuesday amidst dull volumes in the market. Spot prices for RSS-4 variety remained unchanged at Rs 125/kg; while the RSS-5 variety declined to Rs 120/kg compared......

Cardamom futures trade lower on profit taking

Cardamom futures traded moderately lower on MCX, due to profit taking by the market participants after it peaked to an eight-year high on firm physical demand from domestic and export markets.The contract......

Top News

View all news

RPP Infra Projects bags orders worth Rs 62.90 crore from BHEL

RPP Infra Projects has bagged orders from Bharat Heavy Electricals (BHEL), Chennai for worth of Rs 62.90 crore. The first order is for providing civil works of Boiler, Mill and Bunker, ESP area of unit......

Glenmark gets tentative ANDA approval for Abiraterone Acetate Tablets

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Abiraterone Acetate Tablets USP, 250 mg, a generic......

HDFC Standard Life Insurance reports 18% rise in Q3 net profit

HDFC Standard Life Insurance has reported results for third quarter ended December 31, 2018. The company has reported a rise of 18.48% in its net profit at Rs 245.63 crore for the quarter under review......