India world’s largest remittance recipient in 2015: World Bank Report

Date: April 15, 2016

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World Bank named India as the world’s largest remittance recipient in 2015 despite experiencing a $ 1 billion drop from the previous year, the first decline in its remittances since 2009.

India reserved its top spot in 2015, attracting about $69 billion in remittances, down from $70 billion in 2014, the World Bank in its annual report ‘Migration and Development Brief’.Other large remittance recipients in 2015 were China with $64 billion, the Philippines ($28 billion), Mexico ($25 billion) and Nigeria ($21 billion).The global average cost of sending $200 was about 7.4 percent in the fourth quarter of 2015, down slightly from the previous quarter and 0.6 percentage points below the end of India world’s largest remittance recipient in 2015 World Bank2014. Sub-Saharan Africa, with an average cost of 9.5 percent, remains the highest-cost region.

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Officially recorded remittances to developing countries amounted to $431.6 billion in 2015, an increase of 0.4 per cent over $430 billion in 2014. The growth pace in 2015 was the slowest since the global financial crisis, the report said.
Global remittances, which include those to high-income countries, contracted by 1.7 per cent to $581.6 billion in 2015, from $592 billion in 2014, the World Bank said.