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India largest remittance recipient in 2015: World Bank

By Ritika Bisht
In Economy
April 14, 2016
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world-bankA recent report by World Bank has revealed that India retained its top spot as the world’s largest recipient of remittances from abroad in 2015. The annual report titled ‘Migration and Development Brief’ stated India retained its top spot in 2015, attracting about USD 69 billion in remittances, down from USD 70 billion in 2014.

India was followed by China, with USD 64 billion, the Philippines (USD 28 billion), Mexico (USD 25 billion) and Nigeria (USD 21 billion). “Remittances to India, the (South Asian) region’s largest economy and the world’s largest remittance recipient, decreased by 2.1 per cent in 2015, to USD 68.9 billion. This marks the first decline in remittances since 2009,” the World Bank report said.

Officially recorded remittances to developing countries amounted to USD 431.6 billion in 2015, an increase of 0.4 percent over USD 430 billion in 2014. The growth pace in 2015 was the slowest since the global financial crisis, the report added. Global remittances, which include those to high-income countries, contracted by 1.7 percent to USD 581.6 billion in 2015 from USD 592 billion in 2014.

 

“Remittances are an important and fairly stable source of income for millions of families and of foreign exchange to many developing countries,” said Augusto Lopez-Claros, Director of the World Bank’s Global Indicators Group. He added, “However, if remittances continue to slow, and dramatically as in the case of Central Asian countries, poor families in many parts of the world would face serious challenges including nutrition, access to health care and education.”