{"id":42092,"date":"2018-04-24T16:16:40","date_gmt":"2018-04-24T10:46:40","guid":{"rendered":"https:\/\/apnlive.com\/?p=42092"},"modified":"2018-04-24T16:19:34","modified_gmt":"2018-04-24T10:49:34","slug":"india-receive-highest-foreign-remittances-world-bank-report","status":"publish","type":"post","link":"https:\/\/apnlive.com\/india-news\/india-receive-highest-foreign-remittances-world-bank-report\/","title":{"rendered":"India receive highest foreign remittances: World Bank report"},"content":{"rendered":"
For the third consecutive year, India has retained the top spot as the highest recipient of expat remittances globally in 2017, with $69 billion, followed by China, Philippines, Mexico, Nigeria and Egypt.<\/p>\n
According to World Bank report issued on Monday, \u201cRemittance inflow improved in all regions and the top remittance recipients were India with ($69 billion, followed by China with $64 billion, the Philippines ($33 billion), Mexico ($31 billion), and Egypt ($20 billion).\u201d<\/p>\n
The report- \u201cMigration and Development Brief\u201d say that the remittances to India in 2017, which was 9.9 per cent, reversed the previous year\u2019s sharp decline. The World Bank<\/a> has predicted that the global remittances are expected to grow 4.6 per cent to $642 billion this year.<\/p>\n Read More: Dubai compares disciplined Indians to criminal Pakistanis<\/a><\/strong><\/p>\n Dilip Ratha, the lead author of the report has stated, \u201cThe overall recovery in remittances is better than we expected. It is driven by stronger growth in the European Union, the Russian Federation, and the United States. The rebound in remittances, when valued in U.S. dollars, was helped by higher oil prices and a strengthening of the Euro and Ruble.\u201d<\/p>\n He added, \u201cThe global average cost of sending $200 was 7.1 per cent in the first quarter of 2018. The cost ranges from the most expensive average cost of 9.4 percent in Sub-Saharan Africa, to the lowest average cost of 5.2 percent in South Asia. The average cost is higher than the Sustainable Development Goal target of 3 percent in all regions.\u201d<\/p>\n