India soared to the top of the remittances chart, receiving over USD 111 billion.
This staggering figure not only secured India’s position as the largest recipient of remittances globally but also marked the first time any country has surpassed the USD 100 billion milestone. South Asia, particularly India, Pakistan, and Bangladesh, stands out for its substantial inflow of remittances.
Latest Story - The International Organisation for Migration (IOM) released its World Migration Report 2024, revealing that in 2022, India soared to the top of the remittances chart, receiving over USD 111 billion. This staggering figure not only secured India’s position as the largest recipient of remittances globally but also marked the first time any country has surpassed the USD 100 billion milestone.
South Asia, particularly India, Pakistan, and Bangladesh, stands out for its substantial inflow of remittances. The region, known for its significant migrant worker population, consistently ranks among the top recipients of international remittances worldwide. In 2022, Pakistan and Bangladesh claimed the sixth and eighth spots respectively, with Pakistan receiving nearly USD 30 billion and Bangladesh garnering around USD 21.5 billion.
Remittances refer to the financial or in-kind transfers that migrants send directly to their families or communities in their home countries.
The World Bank gathers worldwide data on international remittances. Its data, however, does not capture unrecorded flows through formal or informal channels, and the actual magnitudes of global remittances are therefore likely to be larger than available estimates.
Over recent years, these transfers have experienced significant growth and currently stand as the primary source of foreign income for numerous developing economies.
The biennial report recorded USD 831 billion in international remittances globally in 2022 with USD 647 billion of it, being received by low- and middle-income countries.
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