India expected to receive total remittance of $80 bn in 2018

India is expected to receive a total remittance of $80 billion in 2018, said the latest edition of the World Bank's Migration and Development Brief, released on Saturday.

"Among major remittance recipients, India retains its top spot, with remittances expected to total $80 billion this year, followed by China ($67 billion), Mexico and the Philippines ($34 billion each), and Egypt ($26 billion)," the brief said.

"As global growth is projected to moderate, future remittances to low and middle-income countries are expected to grow moderately by 4 per cent to reach $549 billion in 2019. Global remittances are expected to grow 3.7 per cent to $715 billion in 2019."

According to the brief, remittance flows rose in all regions and was driven by a stronger economy and employment situation in the US and a rebound in outward flows from Gulf Cooperation Council (GCC) countries and the Russian Federation.

--IANS

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