According to the World Bank report, India tops the list of global remittances.

According to the World Bank report, India tops the list of global remittances.

Daily Current Affairs / According to the World Bank report, India tops the list of global remittances.

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Category : Business and economics Published on: December 21 2023

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In December 2023, the World Bank released the list of global remittances.
The name of this report is 'Migration and Development Brief'.
According to this list, India tops the list of global remittances.
In the year 2023, 125 billion dollars of money was sent from abroad to India.
This is 12.5% more than the year 2022.
India's inward remittances contribute to the country's GDP is 3.4 percent.
After India, Mexico is at second place in the list of global remittances.
$67 billion in remittances were sent to Mexico from abroad.
China is in third place with remittances of $50 billion.
The growth rate of remittances is highest in Latin America and the Caribbean (8 percent).
This is followed by South Asia (7.2 percent).
The US, UK, and Singapore account for 36 percent of total remittance inflows into India.
The United States remains the largest source of remittances.

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