India tops the list, expected to receive remittance of $80 bn in 2018

Washington: India remains the world's top recipient of remittance as a total remittance of $80 billion is expected to be sent home by overseas Indians in 2018, states the latest edition of the World Bank's Migration and Development Brief, released on Saturday.

The Indian economy is on the fast track and among the top growing ones and is aptly complimented by the Indian citizens living outside the country, said an official.

ALSO READ: “Like A True Soldier”: Rahul Gandhi Attacks PM After Officer’s Criticism

The Washington-based World Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.

Other top recipient nations after India were China ($67 billion), Mexico and the Philippines ($34 billion each) and Egypt ($26 billion), as per the report.

"Among major remittance recipients, India retains its top spot, with remittances expected to total $80 billion this year, followed by China ($67 billion), Mexico and the Philippines ($34 billion each), and Egypt ($26 billion)," the brief said.

ALSO READ: 50 Sexiest Asian Women: Deepika tops the list, Priyanka is in second position

"As global growth is projected to moderate, future remittances to low and middle-income countries are expected to grow moderately by 4 per cent to reach $549 billion in 2019. Global remittances are expected to grow 3.7 per cent to $715 billion in 2019."

According to the brief, remittance flows rose in all regions and was driven by a stronger economy and employment situation in the US and a rebound in outward flows from Gulf Cooperation Council (GCC) countries and the Russian Federation.

ALSO READ: Salman tells Surbhi Rana viewers are switching off their TV sets due to her, favours Sreesanth and Dipika

The Bank also estimated that remittances to developing countries will increase by 10.8 percent to reach $528 billion in 2018.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3 percent to $689 billion.