India To Top Global Remittances With $71 Billion This Year

"In addition, India and the Philippines benefit from having migrants with the most diverse destination spread, thereby creating buffers against regional shocks.

“Given the growing importance of this sector, the World Bank's Migration

and Development Brief has become an essential tool for global development policy experts," Basu said.

The brief notes that the global average cost of sending remittances continued its downward trend in the third quarter of 2014, falling to 7.9 per cent of the value sent, compared to 8.9 per cent a year earlier.

However, the cost of sending money to Africa remains stubbornly high, exceeding 11 per cent.

As a share of gross domestic product (2013), the top recipients of remittances were Tajikistan (42 per cent), Kyrgyz Republic (32 per cent), Nepal (29 per cent), Moldova (25 per cent), Lesotho and Samoa (24 per cent each), Armenia and Haiti (both 21 per cent), the Gambia (20 per cent) and Liberia (18 per cent).

It said the forced migration due to conflict was at its highest level since World War II, affecting more than 51 million people.

An additional 22 million people have been forced to move due to natural disasters, bringing the total affected by forced migration to at least 73 million, according to the latest available data.

"Despite the encouraging outlook for remittance flows, the circumstances of many migrants are troubling," said Dilip Ratha, Lead Economist, Migration and Remittances, at the World Bank's Development Prospects Group and Head of the Global Knowledge Partnership on Migration and Development.

"With so many people on the move against their will and many others undertaking desperate and dangerous journeys, it is clear that more effort is needed to make migration safer and cheaper by exploring economically viable policy options," he said.

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