India highest recipient of remittances at $69 billion, says World Bank

Remittances to low- and middle-income countries rebounded to a record level in 2017 after two consecutive years of decline, says the World Bank’s latest Migration and Development Brief. 

The stronger than expected recovery in remittances is driven by growth in Europe, the Russian Federation, and the United States. The rebound in remittances, when valued in US dollars, was helped by higher oil prices and a strengthening of the euro and ruble.

Global remittances are expected to grow 4.6 per cent to $642 billion in 2018 but longer-term risks to growth of remittances include stricter immigration policies in many remittance-source countries.  

 

"While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money. Eliminating exclusivity contracts to improve market competition and introducing more efficient technology are high-priority issues” 
 

Dilip Ratha, lead author of the Brief