India continues to hold the numero uno position in the global remittances chart by receiving a whopping $70.39 billion in 2014. The World Bank released remittances statistics for the last year show India taking the first position followed by China and then Philippines.
Indian migrant workforce from across the globe remitted as much as $70.39 billion, while Chinese migrants transferred $64.14 billion and migrants from Philippines $28 billion. Other countries that followed include Mexico with $25 billion, Nigeria $21 billion, Egypt $20 billion, the neighboring Pakistan $17 billion, bordering Bangladesh $15 billion, Vietnam and Lebanon $12 billion and $9 billion respectively.
The World Bank Migration and Development Brief released estimates said overall remittances receipt figures for developing countries stood at USD 436 billion for the year 2014 and projected a 0.9% growth in 2015 to $440 billion and further to $479 billion by 2017.
The report also mentioned top migrant destination countries:
- The United States of America
- Saudi Arabia
- The Russian Federation
- United Arab Emirates
The remittances growth in 2013 was 1.7% but came down to 0.6% in 2014 owning to weak European and Russian economy and depreciation of Euro and Ruble. The World Bank estimates that remittances in 2015 would see a slow and would pick up in 2016.
Source: The World Bank Migration and Development Brief
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