India tops in receiving remittances
As per a World Bank report, India held on to its top position as the country that receives the largest amount in remittances in 2018 with $80 billion being sent home by the diaspora. India is followed by China, Mexico ,the Philippines and Egypt.
India get a large amount of money from Gulf as large number of migrants living there. This year the floods in Kerala have played a big role in the boosted remittances, as migrants sent financial help to families back home, according to the World Bank’s Migration and Development Brief.
Remittances to south Asia are projected to increase by 13.5% to $132 billion in 2018, a stronger pace than the 5.7% growth seen in 2017.
The upsurge is driven by stronger economic conditions in advanced economies, particularly the United States, and the increase in oil prices having a positive impact on outflows from some GCC countries, such as the United Arab Emirates, which
reported a 13% growth in outflows for the first half of 2018.
The World Bank estimates that officially recorded remittances to developing countries will increase by 10.8% to reach $528 billion in 2018. The rise in the level is an extension to robust growth of 7.8% in 2017.