India received USD83 billion in remittances in 2020: World Bank
Despite the global economy being devastated by the Covid-19 pandemic, India remained the top remittance earner in 2020
India received a whopping US $ 83 billion in remittances, a World Bank report released on Wednesday said.
China remained a distant second in terms of global remittances with it receiving US $ 59.9 billion in remittances in 2020 against US $68.3 billion in 2019.
In comparison to 2019, remittance flow to India registered a drop of 0.2 percent in 2020. This drop occurred due to 17 percent decline in remittances from the UAE, the World Bank report said. In 2019, India had received $83.3 billion in remittances.
As per the World Bank, by receiving US $42.8 billion, Mexico remained on the third position and it was followed by the Philippines with US 34.4 billion, Egypt with US 29.6 billion, Pakistan with US $26 billion, France with US $24.4 billion and Bangladesh with US $21 billion.
In neighbouring Pakistan, remittances rose by about 17 percent, with the biggest growth coming from Saudi Arabia, followed by the European Union countries and the UAE.
In Bangladesh, remittances also showed a brisk uptick in 2020 (18.4 percent), and Sri Lanka witnessed remittance growth of 5.8 percent
In contrast, remittances to Nepal fell by about 2 percent, reflecting a 17 percent decline in the first quarter of 2020.
The World Bank, in its latest Migration and Development Brief, said despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously projected.
Officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6 percent below the 2019 total of $548 billion.