Overseas Indians send whopping $80b in remittances this year: WB report
India retains its top position, China second with $67b; Pakistan also makes it to top 10 with $19b remittances
India retains its top position, China second with $67b; Pakistan also makes it to top 10 with $19b remittances. PHOTO: AFP/FILE
Indian citizens living in different countries around the world have sent a whopping $80 billion back home making it the world’s top recipient of remittances this year, according to a World Bank report issued on Saturday.
China comes second with $67 billion, Mexico and the Philippines, with $34 billion each, secure third and fourth slots while Egypt managed fifth position with $26 billion, Hindustan Times reported.
Pakistan also makes it top 10 with its diaspora sending $19 billion back home in remittance, according to the global lender. Bangladesh and Pakistan both experienced strong upticks of 17.9% and 6.2% in 2018 respectively, according to the latest edition of the World Bank’s Migration and Development Brief.
Exchange rate, monetary policy to stay stable in short run
The 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 a 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, 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, the year in which remittances constituted 2.7 %of India’s GDP, said the report.
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.
Reviving economy is govt’s top priority: Fawad
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% growth in outflows for the first half of 2018.
For 2019, it is projected that remittances growth for the region will slow to 4.3% due to a moderation of growth in advanced economies, lower migration to GCC and benefits from oil price spurt dissipating.
As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by 4% to reach $549 billion in 2019. Global remittances are expected to grow 3.7% to $715 billion in 2019.
This article originally appeared on Hindustan Times
China comes second with $67 billion, Mexico and the Philippines, with $34 billion each, secure third and fourth slots while Egypt managed fifth position with $26 billion, Hindustan Times reported.
Pakistan also makes it top 10 with its diaspora sending $19 billion back home in remittance, according to the global lender. Bangladesh and Pakistan both experienced strong upticks of 17.9% and 6.2% in 2018 respectively, according to the latest edition of the World Bank’s Migration and Development Brief.
Exchange rate, monetary policy to stay stable in short run
The 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 a 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, 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, the year in which remittances constituted 2.7 %of India’s GDP, said the report.
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.
Reviving economy is govt’s top priority: Fawad
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% growth in outflows for the first half of 2018.
For 2019, it is projected that remittances growth for the region will slow to 4.3% due to a moderation of growth in advanced economies, lower migration to GCC and benefits from oil price spurt dissipating.
As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by 4% to reach $549 billion in 2019. Global remittances are expected to grow 3.7% to $715 billion in 2019.
This article originally appeared on Hindustan Times