India was followed by China, Mexico, the Philippines, and Egypt, the global lender said. India retained its position as the world’s top recipient of remittances with its diaspora sending a whopping USD 79 billion back home in 2018, the World Bank said in a report Monday. India was followed by China, Mexico, the Philippines, and Egypt, the global lender said. With this, India has retained its top spot on remittances, in accordance with the most recent edition of the World Bank’s Migration and Development Brief. Over the last 3 years, India has registered a substantial flow of remittances from USD 62.7 billion in 2016 to USD 65.3 billion in 2017.
Remittances grew in India, where a flood disaster in Kerala boosted the financial aid that migrants sent to families, the Bank said. In Pakistan, remittance growth has been moderate, a result of significant declines in inflows in Saudi Arabia, its remittance source. In Bangladesh, remittances showed a brisk uptick. In accordance with the report, remittances to low and middle incomes nations reached a record of USD 529 billion in 2018, a rise of 9.6 percent over the previous record high of USD 483 billion in 2017. Global remittances, which include flows into large income nations, reached 689 billion in 2018 from $633 billion in 2017, it said.
The Bank said remittances into South Asia grew 12 percent to USD 131 billion in 2018, outpacing the six percent increase in 2017. The upsurge was driven by stronger economic conditions in the US and a pickup in petroleum prices, which had a more positive effect on external remittances from some GCC countries, it said. The Gulf Cooperation Council is a regional intergovernmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
Nevertheless, The bank stated in its report ruled that the average price of sending USD 200 remained at around seven percent in the first quarter of 2019. Reducing remittance prices to 3 percent by 2030 is a global target beneath Sustainable Development Goal 10.7. Remittance prices across several African corridors and islands in the Pacific remain above 10 percent remittance prices, Dilip Ratha, lead author of. On ways to reduce mind of KNOMAD, said, Remittances are on the head of KNOMAD, said, Remittances are on course growth competition and lower remittance funding in developing countries. The large prices of cash transfers decrease the advantages of migration. Renegotiating partnerships and letting players run via national post offices and telecoms companies rates. PTI LKJ RCJ, & rdquo.