India retained its position as the world’s largest recipient of remittances from abroad in 2015 by attracting $69 billion despite experiencing a $1 billion drop from the previous year, the first decline since 2009, the World Bank said on Thursday.
Other large remittance recipients in 2015 were China, with $64 billion, the Philippines ($28 billion), Mexico ($25 billion) and Nigeria ($21 billion).
The World Bank said while remittances to developing countries amounted to $431.6 billion in 2015, an increase of 0.4 per cent over $430 billion in 2014, total global remittances, which include those to high-income countries, contracted by 1.7 per cent to $581.6 billion in 2015, from $592 billion in 2014.
“The growth pace in 2015 was the slowest since the global financial crisis,” the Washington-based bank said in its annual report “Migration and Development Brief.”
The remittances to India fell short of the $72 billion World Bank estimated for 2015. Traditionally, the GCC is the second-largest source for remittances after North America, accounting for around 35 per cent of the total remittances to India.
In 2014, the total global remittances were $583 billion. The US led the sending markets with $131 billion transferred out, followed by Saudi Arabia ($45 billion), the UAE ($29 billion), the UK ($25 billion) and Germany ($24 billion). Meanwhile, the top five fund-receiving countries are India ($70 billion), China ($64 billion), the Philippines ($28 billion), Mexico ($25 billion) and France ($25 billion). The United States, Saudi Arabia, Germany, Russia and the UAE remain the top five migrant destination countries.
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