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India on track for $100 billion in remittances, says World Bank

India on track for $100 billion in remittances, says World Bank

India on track for $100 billion in remittances, says World Bank

World Bank expresses ‘serious concern’ over state of Pakistan’s economy

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  • In 2022, India is expected to receive remittances of more than $100 billion annually.
  • This will be the first time a nation reaches that significant number.
  • Mexico, China, Philippines, and the Philippines are anticipated to be the leading remittance recipients.
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This year, the vast Indian diaspora will assist the South Asian nation achieve a significant milestone. In 2022, the third-largest economy in Asia is expected to receive remittances of more than $100 billion annually, according to a World Bank analysis released on Wednesday.

It stated that this will be the first time a nation reaches that significant number.

Remittances, or cash sent home by migrant workers to their relatives, are a significant source of income for families in developing nations. They not only help to alleviate poverty in developing countries, but they have also been linked to higher rates of school enrolment for kids from low-income families.

According to a World Bank research, Indians have recently relocated from low-skilled employment in Gulf nations like Saudi Arabia, Kuwait, and Qatar to high-skilled jobs in high-income countries like the United States, United Kingdom, and Singapore. As a result, they are sending more money home.

India was the world’s top recipient in 2021, receiving $89.4 billion in remittances, according to the World Bank.

“Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States,” and other rich countries, the bank said.

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India’s remittance flows are anticipated to make up barely 3% of its GDP in 2022, despite being on track to set a record.

In addition to India, Mexico, China, and the Philippines are anticipated to be the leading remittance recipients in 2022. However, the Indian diaspora may face greater difficulties in the upcoming year.

Due to escalating US prices and weakening global GDP, 2023 will “stand as a test for the resilience of remittances from white-collar South Asian migrants in high-income countries.”

Remittances to low- and middle-income countries are anticipated to increase by an estimated 5% globally to $626 billion this year, the report continued.

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