The World Bank has released its Migration and Development Brief, showing that India retained the top spot as the biggest recipient of remittances, globally.
The report found that $80bn (£64bn, €70bn) was sent back to India in 2018. Second place was taken by China ($67bn); the Philippines ($34bn); and Egypt ($26bn).
The World Bank also estimated that the overall recorded remittances to developing countries increased by 10.8% in 2018, reaching $528bn.
This compares with year-on-year growth of 7.8% in 2017.
India recorded $62.7bn in remittances in 2016 and $65.3bn in 2017. The money sent back to India by overseas workers makes up 2.7% of the country’s GDP, the report stated.
South Asia followed a similar trend with an increase of 13.5% in 2018, reaching $132bn.
Specifically, Bangladesh and Pakistan experienced increases of 17.9 % and 6.2%, respectively, in 2018.
However, the World Bank’s report estimates that in 2019 remittances are expected to slow to 4.3%, as advanced economies experience a moderation of growth, fewer benefits from the oil prices and less migration into the Middle East.
Michal Rutkowski, senior director of the social protection and jobs global practice at the World Bank, said: “The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth. Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows.”
