World Bank’s Migration and Development Brief
As per the report of the World Bank’s Migration and Development Brief, India has retained its position as the world’s top recipient of remittances (money sent back home by its nationals working abroad) in 2018.
World Bank Report on Remittances
- Indian diaspora has sent $79 billion (approximately Rs 5.5 lakh crore) home.
- The Remittances grew by more than 14% in India.
- A flooding disaster in Kerala has likely boosted the financial help that migrants sent to families.
- India received $ 62.7 billion remittances in 2016 and it was $65.3 billion in 2017.
- India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion),
- Remittances to low-and-middle-income countries rose 9.6% from 2017 and touched a record high of $529 billion in 2018.
- Global remittances reached $689 billion in 2018, up from $633 billion in 2017.
- Remittances to South Asia grew 12% to $131 billion in 2018.
- The upsurge in remittances was driven by stronger economic conditions in the United States.
- The pick-up in oil prices had a positive impact on outward remittances from some GCC [Gulf Cooperation Council] countries.
- Excluding China, remittances to low and middle-income countries ($462 billion) were significantly larger than foreign direct investment flows in 2018 ($344 billion).
Gulf Cooperation Council
Gulf Cooperation Council is s a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Categories: Economy & Banking Current Affairs