Active Stocks
Fri Sep 29 2023 15:59:14
  1. Tata Steel share price
  2. 129 1.78%
  1. NTPC share price
  2. 245.65 3.3%
  1. Power Grid Corporation Of India share price
  2. 199.85 -0.45%
  1. State Bank Of India share price
  2. 598.7 1.48%
  1. Wipro share price
  2. 406.25 0.11%
Business News/ Politics / India leading recipient of West Asia remittances

India leading recipient of West Asia remittances

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.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 16 Aug 2009, 06:45 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App