In­dia to re­tain top po­si­tion in re­mit­tances with $ 80 bn: WB

In­dia is fol­lowed by China ($ 67 bil­lion), Mex­ico and the Philip­pines ($ 34 bil­lion each) and Egypt ($ 26 bil­lion), ac­cord­ing to the global lender

The Asian Age - - Nation - LALIT K. JHA

In­dia will re­tain its po­si­tion as the world’s top re­cip­i­ent of re­mit­tances this year with its di­as­pora send­ing a whop­ping $ 80 bil­lion back home, the World Bank said in a re­port on Satur­day.

In­dia is fol­lowed by China ($ 67 bil­lion), Mex­ico and the Philip­pines ($ 34 bil­lion each) and Egypt ($ 26 bil­lion), ac­cord­ing to the global lender.

With this, In­dia has re­tained its top spot on re­mit­tances, ac­cord­ing to the lat­est edi­tion of the World Bank’s Mi­gra­tion and Devel­op­ment Brief.

The Bank es­ti­mates that of­fi­cially- recorded re­mit­tances to de­vel­op­ing coun­tries will in­crease by 10.8 per cent to reach $ 528 bil­lion in 2018. This new record level fol­lows a ro­bust growth of 7.8 per cent in 2017.

Global re­mit­tances, which in­clude flows to ◗ high- in­come coun­tries, are pro­jected to grow by 10.3 per cent to $ 689 bil­lion, it said.

Over the last three years, In­dia has reg­is­tered a sig­nif­i­cant flow of re­mit­tances from $ 62.7 bil­lion in 2016 to $ 65.3 bil­lion 2017. In 2017, re­mit­tances con­sti­tuted 2.7 per cent of In­dia’s GDP, it said.

The Bank said re­mit­tances to South Asia are pro­jected to in­crease by 13.5 per cent to $ 132 bil­lion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017.

The up­surge is driven by stronger eco­nomic con­di­tions in ad­vanced economies, par­tic­u­larly the US, and the in­crease in oil prices hav­ing a pos­i­tive im­pact on out­flows from some GCC coun­tries such as the UAE which re­ported a 13 per cent growth in out­flows for the first half of 2018.

Bangladesh and Pak­istan both ex­pe­ri­enced strong upticks of 17.9 per cent and 6.2 per cent in 2018, re­spec­tively, the Bank said.

For 2019, it is pro­jected that re­mit­tances growth for the re­gion will slow to 4.3 per cent due to a mod­er­a­tion of growth in ad­vanced economies, lower mi­gra­tion to the GCC and the ben­e­fits from the oil price spurt dis­si­pat­ing.

The Gulf Co­op­er­a­tion Coun­cil ( GCC) is a re­gional in­ter- gov­ern­men­tal political and eco­nomic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Ara­bia and the UAE.

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