India tops in global remittance flow: World Bank

Last Updated: Saturday, July 25, 2009 - 00:24

New Delhi: India has retained its position
as the highest recipient of global remittance flow at USD 52
million in 2008, the World Bank said in a report.

Other than India, China and Mexico, the top 10
recipients of remittances include the Philippines, Poland,
Nigeria, Romania, Egypt, Bangladesh and Vietnam.

Remittance flow to South and East Asia has continued to
post strong growth, largely on the fact that the gulf
countries, a major destination for Asian migrants, have not
significantly reduced hiring migrants.

According to the World Bank Migration and Development
brief, India with USD 52 million, China (USD 40.6 million) and
Mexico (USD 26.3 million) have retained their positions as the
top recipients of migrant remittances amongst the developing
countries despite the fact that remittances have slowed down
in many corridors since the last quarter of 2008.

Growth of remittances to South and East Asia is also
because of the switch in motivation for remittances from
consumption to investment: falling asset prices, rising
interest rate differentials and a depreciation of the local
currency.

However, the World Bank observed that the outlook for
this year looks bleak because of deterioration in the
economic and employment situation in the migrant - destination
countries in the first half of this year.

Bureau Report



First Published: Saturday, July 25, 2009 - 00:24
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