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By APD writer Rishika Chauhan
NEW DELHI, Dec.10(APD) -- According to World Bank’s Migration and Development Brief released on Saturday, India was the world’s highest recipient of remittances in 2018.
India’s remittances totalled to US$80 billion, while China stood second with US$67 billion, and Mexico and the Philippines third with US$34 billion each.
According to World Bank, while the remittances to developing countries grew by 7.8% in 2017, the increase in 2018 will be by 10.8%, as it would reach US$528 billion.
Meanwhile remittances to South Asia are expected to rise by 13.5% to US$132 billion by the end of the year. Though, the cost of remitting in South Asia is the lowest at 5.4%. In 2017, remittances made up 2.7% of India’s GDP.
A Hindustan Times report explains, “For 2019, it is projected that remittances growth for the South Asian region will slow to 4.3% due to a moderation of growth in advanced economies, lower migration to GCC and benefits from oil price spurt dissipating.”
The World Bank report also noted that for the diaspora the cost of sending home money is high. By 2030, the remittance flows will reduce by three per cent due to the remittance cost. However, World Bank seeks to reduce the cost.
(ASIA PACIFIC DAILY)
