India Holds Onto Its Position As World's Top Recipient Of Remittances

India has held onto its position as the world's top recipient of remittances, according to a latest update from the World Bank yesterday. The top remittance recipients were India with $79 billion, followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion). India had received $65.3 billion as remittances in 2017. Remittances to low- and middle-income countries reached a record high in 2018, according to the World Bank's latest Migration and Development Brief. The Bank estimates that officially recorded annual remittance flows to low- and middle-income countries reached $529 billion in 2018, an increase of 9.6% over the previous record high of $483 billion in 2017. Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017.

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