India will receive a record $70 billion remittances in
2012, topping the list of developing countries which are expected to
receive a total of $406 billion this year, the World Bank has said.
After
India, China will stand second with $66 billion, followed by Mexico and
the Philippines with $24 billion each, a latest report by the bank said.
In all, worldwide remittances — including
those to high-income countries — will reach $534 billion in 2012,
according to a newly updated World Bank brief on global migration and
remittances.
Other large recipients are Nigeria ($21
billion), Egypt ($18 billion), $14 billion each for Pakistan and
Bangladesh, followed by Vietnam ($9 billion) and Lebanon ($7 billion).
Officially
recorded remittance flows to developing countries are estimated to grow
by 6.5 per cent over $351 billion in 2011, with India again topping the
chart with $58 billion, followed by China ($57 billion), Mexico ($24
billion) and the Philippines ($23 billion).
Worldwide remittances, including those to high-income countries, are projected to grow to $685 billion in 2015.
According
to the World Bank, remittances to developing countries are expected to
rise 8 per cent in 2013 and 10 per cent in 2014 to reach $534 billion in
2015.
In its report, the World Bank notes that the
true size of remittance flows, including unrecorded flows through formal
and informal channels, is believed to be significantly larger.
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