India leading recipient of West Asia remittances

India leading recipient of West Asia remittances
PTI
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First Published: Sun, Aug 16 2009. 06 45 PM IST
Updated: Sun, Aug 16 2009. 06 45 PM IST
Dubai: India is the leading recipient of remittances from the West Asia, contributing to the $52 billion (Dh190.8 billion) the South Asian country received in 2008.
A study conducted by the Migration and Remittances Team at the World Bank said the top-ten recipients of remittances among developing countries are India, China, Mexico, Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Vietnam. These countries represent nearly 60% of the $328 billion remitted to developing countries in 2008.
The flow to the developing countries is expected to decline by 7.3% this year to $304 billion before an expected recovery next year. According to the World Bank study, Europe and Central Asia are expected to suffer a 15% decline, the largest this year among developing regions.
Remittances to the West Asia and North Africa are also expected to decline by 6%, followed by South Asia at 4%. The decline is intensified by the global financial crisis, unpredictable movements in exchange rates, and tightened immigration controls in worker-destination countries.
Many major destinations like the United States, United Kingdom, Australia, Malaysia and Russia have recently reduced the annual quotas or imposed tougher standards for immigrant workers.
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First Published: Sun, Aug 16 2009. 06 45 PM IST