THE recent World Bank report has revealed that India will
receive a record $70 billion remittances this year, topping the list of
developing countries which are expected to receive a total of $406 billion this
year.
According to the WB, remittances to developing countries are expected to
rise eight per cent in 2013 and 10 per cent in 2014 to reach $534 billion in
2015. In its report, the World Bank notes that the true size of remittance
flows, including unrecorded flows through formal and informal channels, is
believed to be significantly larger.
China will stand second with
$66 billion after India, followed by Mexico and the Philippines with $24
billion each. In overall, worldwide remittances including those to high-income
countries will reach $534 billion in 2012, according to a newly updated World
Bank brief on global migration and remittances.
Other large recipients
are Nigeria ($21 billion), Egypt ($18 billion), $14 billion each for Pakistan
and Bangladesh, followed by Vietnam ($9 billion) and Lebanon ($7 billion).
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