India highest recipient of remittances at $79 bn in 2018: World Bank

India highest recipient of remittances at $79 bn in 2018: World Bank

1. 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.
2. A foreign remittance is a transfer of money from a foreign worker to their family or other individuals in their home countries.
3. 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.
4. 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.
5. The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain,Kuwait,Oman,Qatar,Saudi Arabia and the UAE.