India will retain its position as the world’s top recipient of remittances in 2018 with its diaspora sending a whopping USD 80 billion back home, according to the World Bank report.
India is followed by China (USD 67 billion), Mexico and the Philippines (USD 34 billion each) and Egypt (USD 26 billion), according to the global lender. The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8% to reach USD 528 billion in 2018.
Source- The Economic Times
Static/Current Takeaways Important For IBPS Clerk Mains Exam 2018:
- In 2017, remittances constituted 2.7% of India’s GDP.
- World Bank President: Jim Yong Kim, Headquarters: Washington, D.C., United States.