India
tops global remittances list
PTI WASHINGTON, April
21, 2013
India is the largest recipient of
remittances in the world, receiving $69 billion in 2012, the World Bank has
said.
India topped the list of
countries receiving remittances, followed by China ($60 billion), the
Philippines ($24 billion), Mexico ($23 billion) and Nigeria and Egypt ($21
billion each), it said on Friday.
Other large recipients include
Pakistan, Bangladesh, Vietnam, and Lebanon.
According to the latest edition
of the World Bank’s Migration and Development Brief, officially recorded
remittance flows to developing countries grew by 5.3 per cent to reach an
estimated $401 billion in 2012.
Remittances to developing
countries are expected to grow by an annual average of 8.8 per cent for the
next three years and are forecast to reach $515 billion in 2015, it added.
“Migration and remittances offer
a vital lifeline for millions of people and can play a major role in an
economy’s take-off. They enable people to partake in the global labour market
and create resources that can be leveraged for development and growth.
“But they are also a source of
political contention, and for that very reason deserving of dispassionate
analysis,” said Kaushik Basu, the World Bank’s Chief Economist and Senior
Vice-President for Development Economics.
Officially recorded remittance
flows to South Asia are estimated to have increased sharply by 12.8 per cent to
$109 billion in 2012, the World Bank report said.
This follows growth averaging 13.
8 per cent in each of the previous two years, it added.
Remittance flows to developing
countries have more than quadrupled since 2000.
Global remittances, including
those to high-income countries, are estimated to have reached $514 billion in
2012, compared to $132 billion in 2000, the report added.
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