With $80bn, In­dia tops re­mit­tances list

The Times of India (New Delhi edition) - - TIMES NATION - TIMES NEWS NET­WORK

New Delhi: In­dia re­tains the top spot as the coun­try re­ceiv­ing the largest amount in re­mit­tances in 2018 with $80 bil­lion be­ing sent home by the di­as­pora, a World Bank re­port said on Satur­day.

It is fol­lowed by China ($67 bil­lion), Mex­ico and the Philip­pines ($34 bil­lion each), and Egypt ($26 bil­lion). In­dia has been a top coun­try in terms of re­mit­tances as the large di­as­pora in the Gulf and other coun­tries send money home.

The re­cent floods in Ker­ala in Au­gust is likely to have boosted re­mit­tances to In­dia , 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.

Bangladesh and Pak­istan ex­pe­ri­enced upticks of 17.9% and 6.2% in 2018, re­spec­tively. For 2019, it is pro­jected that re­mit­tance growth for the re­gion will slow to 4.3% due to a mod­er­a­tion of growth in ad­vanced economies, lower mi­gra­tion to the GCC and the ben­e­fits from the oil price spurt dis­si­pat­ing.

The World Bank es­ti­mates that of­fi­cially recorded re­mit­tances to de­vel­op­ing coun­tries will in­crease by 10.8% to reach $528 bil­lion in 2018. This new record level fol­lows ro­bust growth of 7.8% in 2017. Global re­mit­tances, which in­clude flows to high-in­come coun­tries, are pro­jected to grow by 10.3% to $689 bil­lion.

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