According to the World Banks Global Economic Prospects (GEP) report for 2006, China received $21.3 billion and Mexico $18.1 billion in 2004.
While estimating the overall growth in South Asia at 6.9% in 2005, up from 6.8% in 2004, the report said this years performance reflects stable growth of about 7% in India.
Of the other South Asian countries, the report said Pakistan received remittances worth $3.9 billion and Bangladesh $3.4 billion. Sri Lankas remittance receipts were larger than its tea exports, and in Nepal, remittances accounted for nearly 12% of its GDP.
The report pointed out that remittances sent from developing countries represent 30-45% of the total remittances.
It forecasts that South Asia will receive some $32 billion in remittances this year, a 67% increase from 2001. Remittances recorded worldwide in 2005 are estimated to exceed $232 billion. Of this, developing countries are expected to receive $167 billion, more than twice the level of development aid from all sources, the report added.