New Delhi: India is expected to receive remittances worth US$ 70 billion in 2012, emerging on top of the list of developing countries which are expected to receive a total of US$ 406 billion remittances in 2012, according to the World Bank.
China will stand second with US$ 66 billion, followed by Mexico and Philippines with US$ 24 billion each, as per the latest report by the Bank.
Nigeria (US$ 21 billion), Egypt (US$ 18 billion), US$ 14 billion each for Pakistan and Bangladesh, followed by Vietnam (US$ 9 billion) and Lebanon (US$ 7 billion) are the other large recipients of remittances.
The total worldwide remittances—including high income countries—is expected to reach US$ 534 billion in 2015 and including those to high-income countries, are projected to grow to US$ 685 billion in 2015.
The true size of remittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger, the report highlighted.
“Compared to private capital flows, remittance flows have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery. The size of remittance flows to developing countries is now more than three times that of official development assistance,” as per the Bank.
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