World Bank: Indian migrants remitted $70 billion last year, tops chart again
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The World Bank has said India continues to be the leading nation in remittances pulling in $70 billion from its global migrant workforce in 2014.
World Bank’s study of remittance, the money workers and professionals working in foreign lands send back to their native countries, attributed this mainly to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and ruble.
Remittances to the developing world are expected to reach $440 billion in 2015, an increase of 0.9% over the previous year. Global remittances, including those to high income countries, are projected to grow by 0.4% to $586 billion.
United States, Saudi Arabia, Germany, Russia and the United Arab Emirates (UAE) remained the top five migrant destination countries and apart from India, China, Philippines, Mexico and Nigeria are the top five remittance recipient countries, in terms of value of remittances, the report said.
Kaushik Basu Chief Economic Advisor and Senior Vice President, World Bank
Israel and India have shown how macro liquidity crises can be managed by tapping into the wealth of diaspora communities. Mexican migrants have boosted the construction sector. Tajikistan manages to nearly double its consumption by using remittance money. Migrants and remittances are clearly major players in today’s global economy.
“Total remittances in 2014 reached $583 billion. This is more than double the ODA in the world. India received $70 billion, China $64 billion, the Philippines $28 billion.
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