According to the latest report by the World Bank titled ‘World Bank’s Remittance Prices Worldwide Database’, India became the world’s largest recipient of remittances by receiving USD 87 billion in 2021. The United States (US) was its biggest source, accounting for over 20% of these funds. India is followed by China, Mexico, the Philippines, and Egypt. In India, remittances are projected to grow 3% in 2022 to USD 89.6 billion.
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Important takeaways for all competitive exams:
- World Bank Founded: July 1944;
- World Bank Headquarters: Washington DC, USA;
- World Bank President: David Robert Malpass.