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Mahesh

25/07/22 07:41 AM IST

With $87 billion, India beats China as top remittance recipient in 2021

In News 
  • India received 87 billion dollars in remittances in 2021, the top remittance recipient, and way ahead of countries like China and Mexico, according to a World Health Organisation report.
Major Highlights 
  • India was the top recipient country for remittances inflows in 2021, in current US dollars, among the low and middle-income countries, according to a report released by World Health Organisation.
  • India received remittances worth US$ 87 billion in 2021, as per the “first World report on the health of refugees and migrants”.
  • China ($53 billion), Mexico ($53 billion), the Philippines ($36 billion) and Egypt ($33 billion) were the top five nations in the list.
  • The United States was the largest source country for remittances in 2020, followed by the United Arab Emirates, Saudi Arabia and Switzerland.
  • Remittances increase or maintain consumer spending and soften the blow of economic hardship, such as during the COVID-19 pandemic.
  • The economic recovery in 2021 followed the resilience of remittance flows seen in 2020, which declined by a modest 1.7 per cent to USD 549 billion in the face of one of the deepest global recessions.
  • Remittances now stand at more than threefold above official development assistance and are more than 50 per cent higher than foreign direct investment, excluding in China. 
  • In most other areas, remittances have also recovered strongly, registering growth of 510 per cent in Europe and Central Asia, the Middle East and northern Africa, southern Asia and sub-Saharan Africa, but at a slower pace of 1.4 per cent in eastern Asia and the Pacific, excluding China (139).
Source- Indian Express 

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