India was the largest recipient of remittances in 2020, as per the report, “Migration and Development Brief “ released by the World Bank. India has been the largest recipient of remittances since 2008. However, the remittance received by India in 2020 was over USD 83 billion, which is a drop of 0.2 per cent from 2019 (USD 83.3 billion). Globally, the remittance flow was USD 540 billion in 2020, which is 1.9% lower as compared to that of 2019, when it was USD 548 billion.
Top Five Countries
- The top five remittance recipient countries in 2020, in current US dollar terms, were India, China, Mexico, the Philippines, and Egypt.
- The top five recipients in 2020, as a share of gross domestic product (GDP), were, by contrast, smaller economies: Tonga, Lebanon, Kyrgyz Republic, Tajikistan, and El Salvador.
Top Source Country For Remittance
- The largest remittance-sending country in 2020 was United States (USD68 billion).
- It was followed by the UAE (USD43 billion), Saudi Arabia (USD34.5 billion), Switzerland (USD27.9 billion), Germany (USD22 billion), and China (USD18 billion).
- From India, the Remittances outflow in 2020 was USD 7 billion, against USD 7.5 billion in 2019.
Important takeaways for all competitive exams:
- World Bank Headquarters: Washington, D.C., United States.
- World Bank Formation: July 1944.
- World Bank President: David Malpass.