Home >Politics >India leading recipient of West Asia remittances

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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout