India tops global remittances
list; received $70 bn in 2013
: WORLD BANK
APRIL 11 :- HAVING received $70 billion in 2013, India has topped the list of countries receiving remittance from overseas workers, the World Bank said on Friday.
the World Bank's latest issue of the Migration and Development Brief, said international migrants from developing countries are expected to send $436 billion in remittances to their home countries this year (2014)
In 2014, remittance flows to developing countries will see an increase of 7.8 per cent over the 2013 volume of $104 billion ,rising to $516 billion in 2016. Global remittances, including those to high-income countries, are estimated at $581 billion this year, from $542 billion in 2013, rising to $681 billion in 2016.
"Remittances have become a major component of the balance of payments of nations. India lead the chart of remittance flows, receiving $70 billion last year (2013), followed by China with $60 billion and Philippines with $25 billions ," said Kaushik Basu, senior vise president and chief economist of World Bank.
India had received $69 billion in remittance in 2012.
Basu said there was no doubt that these flows act as an antidote to poverty and promote prosperity.
In 2014, remittance flows to developing countries will see an increase of 7.8 per cent over the 2013 volume of $104 billion ,rising to $516 billion in 2016. Global remittances, including those to high-income countries, are estimated at $581 billion this year, from $542 billion in 2013, rising to $681 billion in 2016.
"Remittances have become a major component of the balance of payments of nations. India lead the chart of remittance flows, receiving $70 billion last year (2013), followed by China with $60 billion and Philippines with $25 billions ," said Kaushik Basu, senior vise president and chief economist of World Bank.
India had received $69 billion in remittance in 2012.
Basu said there was no doubt that these flows act as an antidote to poverty and promote prosperity.
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| KAUSHIK BASU,World Bank Chief Economist |
"Remittances have become a major component of the balance of payments of nations. India lead the chart of remittance flows, receiving $70 billion last year (2013), followed by China with $60 billion and Philippines with $25 billions ,"
-KAUSHIK BASU
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