Key Points
New Delhi: India is likely to emerge as the largest recipient of foreign remittances again, totalling $125 billion in 2023, according to a new World Bank report...
This is a mark-up of 13 percent from 2022s $111 billion an inflow that has significantly propelled the growth of remittances in South Asia as a whole (7.2 percent)...
On Monday, the World Bank released its latest Migration and Development Brief which lists the top five recipients as India, Mexico, China, the Philippines and Egypt...
The increase (in remittances in South Asia) is attributable entirely to remittance flows to India, which are expected to beat previous forecasts by $14 billion and reach $125 billion in 2023, the report added...
The key drivers of remittance growth this year include a historically tight labour market in the US, high employment growth in Europe, and a dampening of inflation in high-income countries.. Further, many countries, including India, have set up savings programmes to attract foreign currency deposits from their non-resident citizens, the report said..
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