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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