World Bank: India Becomes World’S Largest Remittance Recipient in 2015 [ Current Affairs ]
According to the recent report Migration and Development Brief of World Bank, India continued the world’s largest remittance recipient in 2015. India intricate about 69 billion US dollars in remittances, down from 70 billion in 2014
Key Highlights of Report:
- Other large remittance recipients in 2015 were
- China with 64 billion dollars
- Philippines with 28 billion
- Mexico with 25 billion
- Nigeria with 21 billion dollar
- Global scenario:
- In 2015 Global remittances which include those to high-income countries thin by 1.7 % to 581 billion US dollar likened to 592 billion in 2014.
- Indian scenario:
- In 2015 remittances to India reduced by 2.1 per cent to USD 68.9 billion.
- Since 2009 this marks the first decline in remittances.
- Developing countries:
- Officially recorded remittances to developing countries amounted to 431.6 billion dollars in 2015, an increase of 0.4 per cent over 430 billion dollars in 2014. The growth pace of remittances to developing countries in 2015 was seen as the slowest since the global financial crisis.
- India’s neighbors:
- Bangladesh 8 % in 2014 and 2.5 % in 2015
- Pakistan 16.7 % in 2014 to 12.8 % in 2015
- Sri Lanka 9.6 % in 2014 to 0.5 % in 2015
- Published on: April 15, 2016