The Middle East decline on account of diving oil prices should have a significant impact on remittances this year! Will it be more than made good by remittances from other countries is a million dollar question!!
[h=1]India world’s largest remittance recipient in 2015: World Bank[/h]PTI | Apr 14, 2016, 12.20 PM IST
A money changer counts US dollars at his exchange shop in Bangalore. (TOI file photo by N Narasimha Murthy)WASHINGTON: India was the world's largest remittance recipient in 2015 despite experiencing a $1 billion drop from the previous year, the first decline in its remittances since 2009, the World Bank said on Wednesday.
India retained its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014, the World Bank said in its annual report "Migration and Development Brief".
Other large remittance recipients in 2015 were China, with $64 billion, the Philippines ($28 billion), Mexico ($25 billion) and Nigeria ($21 billion).
"Remittances to India, the (South Asian) region's largest economy and the world's largest remittance recipient, decreased by 2.1 per cent in 2015, to $68.9 billion. This marks the first decline in remittances since 2009," the World Bank report said.
Officially recorded remittances to developing countries amounted to $431.6 billion in 2015, an increase of 0.4 per cent over $430 billion in 2014. The growth pace in 2015 was the slowest since the global financial crisis, the report said.
Global remittances, which include those to high-income countries, contracted by 1.7 per cent to $581.6 billion in 2015, from $592 billion in 2014, the World Bank said.
"Remittances are an important and fairly stable source of income for millions of families and of foreign exchange to many developing countries," said Augusto Lopez-Claros, Director of the World Bank's Global Indicators Group.
"However, if remittances continue to slow, and dramatically as in the case of Central Asian countries, poor families in many parts of the world would face serious challenges including nutrition, access to health care and education," Lopez-Claros said.
http://linkis.com/indiatimes.com/rrsHd
[h=1]India world’s largest remittance recipient in 2015: World Bank[/h]PTI | Apr 14, 2016, 12.20 PM IST
India retained its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014, the World Bank said in its annual report "Migration and Development Brief".
Other large remittance recipients in 2015 were China, with $64 billion, the Philippines ($28 billion), Mexico ($25 billion) and Nigeria ($21 billion).
"Remittances to India, the (South Asian) region's largest economy and the world's largest remittance recipient, decreased by 2.1 per cent in 2015, to $68.9 billion. This marks the first decline in remittances since 2009," the World Bank report said.
Officially recorded remittances to developing countries amounted to $431.6 billion in 2015, an increase of 0.4 per cent over $430 billion in 2014. The growth pace in 2015 was the slowest since the global financial crisis, the report said.
Global remittances, which include those to high-income countries, contracted by 1.7 per cent to $581.6 billion in 2015, from $592 billion in 2014, the World Bank said.
"Remittances are an important and fairly stable source of income for millions of families and of foreign exchange to many developing countries," said Augusto Lopez-Claros, Director of the World Bank's Global Indicators Group.
"However, if remittances continue to slow, and dramatically as in the case of Central Asian countries, poor families in many parts of the world would face serious challenges including nutrition, access to health care and education," Lopez-Claros said.
http://linkis.com/indiatimes.com/rrsHd
