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World Bank report on remittances

Topics Covered:

  1. Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.

 

World Bank report on remittances

 

What to study?

  • For Prelims: Remittances- inward and outward- country- wise.
  • For Mains: Significance of remittances and challenges therein.

 

Context: World Bank has released its Migration and Development Brief.

 

Key findings- India specific:

  • India is positioned as the world’s top recipient of remittances with its diaspora sending USD 79 billion back home in 2018. The remittances in 2018 grew by over 14 percent in India.
  • India managed to retain its top spot in remittances by registering a significant flow of remittances from USD 62.7 billion in 2016 to USD 65.3 billion 2017 and to USD 79 billion in 2018, a significant growth over the last three years.
  • Natural disasters like Kerala floods likely boosted the financial help that migrants sent to their families.

 

Global findings:

  • The remittances to low-and middle-income countries reached a record high of USD 529 billion in 2018, an increase of 9.6 percent from USD 483 billion in 2017.
  • Global remittances, including flows to high-income countries, reached USD 689 billion in 2018, up from USD 633 billion in 2017. The overall increase in remittances regionally was driven by a stronger economy and employment situation in the United States and outward flows from few Gulf Cooperation Council (GCC) countries and the Russian Federation.

Sources: the hindu.