ForumIAS LATEST
- SFG FRC 2027 | Program starts from 19th Dec. 2026 | Admissions open for Entrance Test Click Here to know more →
- Prelims Test Series (PTS) for Prelims 2027 starts 11th Oct. 2026 Click Here to know more →
- [Pre-order] Ethics Redbook 3rd Edition: Delivery starts from 10th October onwards Click Here to Read More →
- 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 11th Oct. Click Here to Read More →
- According to the World Bank’s Migration and Development report,India has retained its position as the world’s top recipient of remittances with its diaspora sending a USD 79 billion back home in 2018.India was followed by China,Mexico,Philippines and Egypt.
- A foreign remittance is a transfer of money from a foreign worker to their family or other individuals in their home countries.
- According to the report,remittances to low-and middle-income countries reached a record high of USD 529 billion in 2018,an increase of 9.6% over the previous record high of USD 483 billion in 2017.
- The report said that increase in remittances was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some Gulf Cooperation Council(GCC) countries.
- The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain,Kuwait,Oman,Qatar,Saudi Arabia and the UAE.
