India to get record $70 bn remittances

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India to receive $70 bn remittances: WB. (Reuters) India to receive $70 bn remittances: WB. (Reuters)
SummaryIndia tops list of developing countries, to receive record remittances in FY13' from World Bank.

of political uncertainty or savings brought by returning migrants.

Remittances to Latin America and Caribbean (LAC) were supported by a recovering economy and moderately improving labour market in the US, but were moderated by a weak European economy.

As a percentage of GDP, the top recipients of remittances in 2011 were Tajikistan (47 per cent), Liberia (31 per cent), Kyrgyz Republic (29 per cent), Lesotho (27 per cent), Moldova (23 per cent), Nepal (22 per cent), and Samoa (21 per cent).

Remittances are expected to remain flat to Europe and Central Asia and Sub-Saharan Africa regions, mainly because of the economic contractions in high-income European countries.

Remittance flows to Europe and Central Asia are estimated at a virtually unchanged USD 41 billion and USD 31 billion to Sub-Saharan Africa this year, although both regions are projected to make a robust recovery in remittance flows in 2013.

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