June 2, 2023

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India, China and Mexico are the three largest remittances worldwide

The International Organization for Migration (IOM) has released the ‘Global Migration Report 2022’, which outlines global remittances, key recipients and the countries with which they send the most.

The Money transfer Immigrants make money transfers to their families in their home countries.

Thus, with $ 83.2 billion in 2020, India is once again the world’s leading recipient of remittances. Thus, it has been ranked number one for at least 10 years.

In addition, the total outflows for India this year are expected to be US $ 87 billion, an increase of 4.6%.

According to the World Bank, this growth will be explained by the severity of the Covid-19 cases and the number of deaths in that country in the second quarter, which was higher than the world average because the situation is attractive. Philanthropic flows.

Similarly, remittances to India are expected to increase by 3% to reach US $ 89.6 billion by 2022.

China is in second place with remittances of $ 59.5 billion by 2020. It is followed by Mexico, with revenues of more than US $ 42.9 billion.

Remittances to Mexico this year are expected to rise to $ 52.7 billion, 42% of Latin America’s total.

According to the World Bank, the adverse effects of Hurricane Covit-19 and Grace and Ida contributed to an increase in remittances to Mexico and Central America. Other factors behind this increase are the recovery of employment levels and financial and social assistance programs in host countries, especially in the United States.

The Philippines ($ 34.9 billion), Egypt ($ 29.6 billion), Pakistan ($ 26.1 billion), France ($ 24.5 billion), Bangladesh ($ 21.8 billion) and Germany ($ 17.2 billion) top the top 10 remittances in the world. ) And Nigeria ($ 17.2 billion), according to IOM data collection.

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Michael Rudkovsky, Global Director of the World Bank’s Department of Social Security and Labor Practices, explains, “Remittance remittances are a fundamental complement to public money transfer programs. Should be part of.

On the other hand, the IOM also revealed key individuals who send money, which are always high-income countries.

The United States continues to be the number one remittance for decades, with a total outflow of $ 68 billion by 2020; It is followed by the United Arab Emirates ($ 43.2 billion), Saudi Arabia ($ 34.6 billion), Switzerland ($ 27.96 billion) and Germany ($ 22 billion). China was pushed to sixth place with $ 18.1 billion.