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India highest recipient of remittances (Relevant for GS Prelims, GS Mains Paper III)

Largest receiver of remmitances
India retained the top position as a recipient of remittances with its diaspora sending about $69 billion back home last year, the World Bank said. Remittances to India picked up sharply by 9.9%, reversing the previous year’s dip, but were still short of $70.4 billion received in 2014.

Global trend
In its latest Migration and Development Brief, the World Bank estimated that officially recorded remittances to low-and middle-income countries reached $466 billion in 2017. This was an increase of 8.5% over $429 billion in 2016.

Reason for increase in remittances
The stronger-than-expected recovery in remittances was driven by growth in Europe, Russia and the U.S. The rebound in remittances, when valued in U.S. dollars, was helped by higher oil prices and a strengthening of the Euro and the Ruble, it added.

Other large receiver of remittances
India continued to top in terms of receiving remittance, and was followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion).

(Adapted from The Hindu)

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