World Bank’s “Migration and Development Brief”: India is the top receiver of remittances

What is the News?

The World Bank has released a report titled “Migration and Development Brief, 2020”.

Key Findings of the Migration and Development Brief:

 Findings Related to India:

• Firstly, India has received the highest amount of remittances in 2020. This was followed by China, Mexico, the Philippines, Egypt, Pakistan, France and Bangladesh.
• Secondly, India’s Remittances: India has received over USD83 billion in remittances in 2020. This was despite the pandemic that devastated the world economy.
  • In 2019, India had received USD83.3 billion in remittances.
• Thirdly, India’s remittances fell by just 0.2% in 2020. This was due to a 17% fall in remittances from the United Arab Emirates. However, this was offset by the resilient flows from the United States and other host countries.
• Fourthly, Remittances outflow from India in 2020 was USD7 billion. In 2019, it was around USD7.5 billion.

Other Key Findings:

• China received $59.5 billion in remittances in 2020 against $68.3 billion in 2019.
• The remittance outflow was maximum from the United States. This is followed by the UAE, Saudi Arabia, Switzerland, Germany and China.
• Remittance inflows have increased in Latin America, South Asia, Middle East and North Africa.
• However, remittances have fallen for East Asia and the Pacific, Europe, Central Asia and Sub-Saharan Africa.

About Migration and Development Brief Report:

• Prepared by: The report is prepared by the Migration and Remittances Unit, Development Economics (DEC)- the premier research and data arm of the World Bank.
• Aim: The report aims to provide an update on key developments. Especially in the area of migration and remittance flows and related policies over the past six months.
  • The report also provides medium-term projections of remittance flows to developing countries.
• The report is produced twice a year.

About Remittances:

• Remittance is money usually sent to a person in another country. The sender is typically an immigrant and the recipient a relative back home.
• Remittances represent one of the largest sources of income for people in low-income and developing nations.

 Source: Indian Express