India may get record remittances in 2012

Written by Press Trust of India | Washington | Updated: Nov 22 2012, 09:45am hrs
India will receive a record $70 billion in remittances in the year 2012, topping the list of developing countries that 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 yesterday.

In all, worldwide remittancesincluding those to high-income countrieswill 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% 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% in 2013 and 10%in 2014 to reach $534 billion in 2015.