India to be top recipient of foreign remittances in 2011: World Bank
01 Dec 2011
India will maintain its leading position in terms of remittances from its diaspora abroad, as it is estimated to get $58 billion in foreign remittances in 2011, according to a World Bank report released today.
India will be followed closely by China at $57 billion, with Mexico ($24 billion) and the Philippines ($23 billion) a little way behind. Developing countries as a whole are expected to receive a total of $351 billion in foreign remittances in the year, the report said.
Other large recipients include Pakistan, Bangladesh, Nigeria, Vietnam, Egypt and Lebanon.
Worldwide remittances – including those to high-income countries - will reach $406 billion in the current calendar year, according to the World Bank brief on global migration and remittances.
For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Remittances to developing countries are likely to increase to $441 billion by 2014 from the estimated $351 billion this year.
"Despite the global economic crisis that has impacted private capital flows, remittance flows to developing countries have remained resilient, posting an estimated growth of 8 per cent in 2011," Hans Timmer, director of the World Bank development prospects group, said in the report.
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