India world’s largest remittance recipient in 2015: World Bank

Posted on:15 Apr 2016 10:14:52

India world’s largest remittance recipient in 2015: World Bank
15 April 2016 Current Affairs: India was the world's largest remittance recipient in 2015 despite experiencing a USD 1 billion drop from the previous year, the first decline in its remittances since 2009, the World Bank .India retained its top spot in 2015, attracting about USD 69 billion in remittances, down from USD 70 billion in 2014, the World Bank said in its annual report 'Migration and Development Brief'. 

Other Reports : Other large remittance recipients in 2015 were China, with USD 64 billion, the Philippines (USD 28 billion), Mexico (USD 25 billion) and Nigeria (USD 21 billion). 

India : 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 .Officially recorded remittances to developing countries amounted to USD 431.6 billion in 2015, an increase of 0.4 per cent over USD 430 billion in 2014. The growth pace in 2015 was the slowest since the global financial crisis, the report .

Global : Global remittances, which include those to high-income countries, contracted by 1.7 per cent to USD 581.6 billion in 2015, from USD 592 billion in 2014, the World Bank 

According to the report, the growth of remittances in 2015 slowed from eight per cent in 2014 to 2.5 per cent for Bangladesh, from 16.7 per cent to 12.8 per cent for Pakistan, and from 9.6 per cent to 0.5 per cent for Sri Lanka. Remittances to Nepal rose dramatically in response to the earthquake, by 20.9 per cent in 2015 versus 3.2 per cent in 2014. 


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