India To Top Global Remittances With $71 Billion This Year

NEW DELHI: India will retain its top spot with $71 billion in remittances this year as remittances to developing countries are expected to reach $435 billion, an increase of five per cent over 2013, the World Bank has said.

In its latest issue of the Migration and Development Brief, the World Bank said on Monday India, with the world's largest emigrant stock of 14 million people, will remain in the top spot this year, attracting about $71 billion in remittances.

"Remittances to developing countries grew this year by five per cent. Remittance inflows provided stable cover for substantial parts of the import bill for such countries as Egypt, Pakistan, Haiti, Honduras, and Nepal," said Kaushik Basu, Senior Vice President and Chief Economist of the World Bank Group.

He said India and China led the chart with ‘projected remittance inflows of $71 and $64 billion respectively in 2014."

Other large recipients are China ($64 billion), the Philippines ($28 billion), Mexico ($24 billion), Nigeria ($21 billion), Egypt ($18 billion), Pakistan ($17 billion), Bangladesh ($15 billion), Vietnam ($11 billion) and Ukraine ($9 billion).

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