India Continues To Be World’s Top Recipient Of Remittances With Foreign Inflows Of $79 Billion In 2018

As per a World Bank report, India continues to be the world’s leading remittances recipient with its overseas population transferring $79 billion to their home country in 2018, reports The Tribune.

At the number two spot was China with $67 billion in remittances, then Mexico with $36 billion.

2018 saw a massive jump in remittances being sent to India, with foreign inflows rising by more than 14 per cent.

It is believed that the Kerala floods may have boosted financial transfer to India, with migrants sending greater sums to their families in the state to deal with the crisis.

The total remittances sent globally reached a figure of $689 billion in 2018, growing at a steady pace from 2017, when they were $633 billion.

Overall, South Asia saw a total of $131 billion in remittances, growing at a rate of 12 per cent in comparison to the previous year.

“The upsurge was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some GCC countries,” the World Bank said.

The report, however, cautioned against the continuing high costs of sending money across countries. The global average cost of sending remittances stands at $200, which is at a level of seven per cent in 2019’s first quarter.