According to World Bank India Becomes the Leading Recipient of Remittances Among LMICs, Receiving USD 129 Billion Inflows in 2024.
International
According to the World Bank (WB)'s latest data, India has emerged as the top recipient of remittances among Low and Middle-Income Countries (LMICs) in 2024, with an estimated inflow of USD 129 billion. This marks an increase of 3.2% compared to USD 125 billion in 2023.
- India is followed by Mexico (USD 68 billion), China (USD 48 billion), the Philippines (USD 40 billion), and Pakistan (USD 33 billion). The surge is mainly attributed to a recovery in the job markets in High-Income Countries (HICs) within the Organisation for Economic Co-operation and Development (OECD).
Main Point :- (i) Globally, remittance inflows have increased by 5.8% in 2024, compared to a modest growth of 1.2% in 2023.
(ii) Officially recorded remittances to LMICs are projected to reach USD 685 billion in 2024.
(iii) The South Asia region is projected to register the highest increase in remittance flows at 11.8% in 2024, compared to a 5.1% increase in 2023. This growth is mainly driven by continued strong flows to India, Pakistan, and Bangladesh.
About World Bank
President: Ajay Banga
Headquarters : Washington, D.C., United States
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