Remittances In 2024: India tops the world with $129 billion in remittances, China-Pakistan are far behind

India is going to create history in the whole world in the year 2024. In terms of receiving remittances, India is going to be among the first ranked countries in the year 2024. In the current year, $129 billion is expected to come to India through remittances. After India in this list, Mexico, China, Pakistan and Philippines come next. This information has been given by the economists of the World Bank. They say that the job market has improved in the countries falling in the high-income category, due to which remittances have increased.

World Bank economists have written a blog post on Wednesday, December 18, 2024, stating that India is among the top 5 countries in the world in terms of receiving remittances. In 2024, $129 billion is expected to come to India through remittances. Mexico is in second place. Mexico is expected to receive $68 billion through remittances. The Philippines will receive $40 billion in remittances. According to World Bank economists, low and middle-income countries will receive $685 billion in official remittances in 2024, which is 5.8 percent more than in 2023, while a growth of 1.2 percent was seen.

Both China and Pakistan are far behind India in terms of receiving remittances. China is expected to receive $48 billion through remittances in 2024. While Pakistan is expected to receive $33 billion through remittances this year.

World Bank economists wrote in a blog, job markets in OECD high-income countries are seeing recovery since Covid-19, which is a major reason for the increase in remittances. In particular, the US has seen an 11 per cent jump in the employment of foreign-born workers, which was last seen in February 2020 before the Covid pandemic.

NRIs living abroad provide the biggest support to the economy here through remittances. These Indians work in different countries of the world and send billions of dollars to their country in the form of remittances. By sending remittances to their country, they are providing foreign currency which is very important. Remittances in the form of foreign currency are used to import essential goods and also strengthen the economy.