India was the largest remittance– receiving country in the world, with migrant workers from the country sending home USD 69 billion in 2017, according to a report, which said remittances to the Asia-Pacific region amounted to USD 256 billion last year.
According to the World Bank’s latest Migration and Development Brief, last year saw a stronger-than-expected recovery in remittances, driven by growth in Europe, Russia and the US.
Global remittances, including flows to high-income countries, grew 7 per cent to $613 billion in 2017, while officially recorded remittances to low-and middle-income countries jumped up 8.5 per cent to reach $466 billion. The rebound was also helped by higher oil prices and a strengthening of the Euro and the Ruble, added the report.
About 70 per cent of remittances sent to Asia and the Pacific come from outside the region and in particular from the Gulf States (32 per cent), North America (26 per cent) and Europe (12 per cent). By 2030, around USD 6 trillion in remittances are expected to be sent to developing countries by 2030: over half of these flows will arrive in the Asia Pacific regions, very often in small towns and villages.
Last year, migrant workers sent USD 256 billion to their families in the Asia-Pacific region, the report released by the International Fund for Agricultural Development (IFAD) said.