Indian immigrants remitted 129 billion dollars to their country
reported by %20%0A
According to the World Bank report, Mexico’s share in this field was 68 billion dollars and China’s share was 48 billion dollars. Philippines and Pakistan are ranked next with 40 and 33 billion dollars, respectively.
In smaller economies, inflows represent a very large share of GDP, highlighting the importance of remittances for financing current account and fiscal deficits. At the top of this list are Tajikistan with 45% share in GDP, Tonga with 38%, Nicaragua with 27%, Lebanon with 27% and Samoa with 26%. They have.
India’s income from migrant remittances has grown by nearly 5.8 percent this year compared to 2023. A large part of this jump is due to the improvement of the labor market in the rich countries of the world, including the United States and Canada. According to the World Bank, the improvement of the labor market in the high-income countries of the Organization for Economic Co-operation and Development after the start of the Covid-19 pandemic has been the main driver of remittances. This is especially true for the U.S., where employment of foreign workers has steadily improved, up 11 percent from pre-recession levels. It is in February 2020.
In contrast, the employment level of native workers has improved to the same level as before the pandemic. A similar pattern is seen with Hispanic workers, who are a key factor in the strength of remittance flows to Latin America and the Caribbean.
India also has the largest skilled workforce in the world. 2.5 million Indians migrate abroad every year and many Indian doctors, IT professionals, scientists, professors, economists, journalists, engineers and managers are currently working around the world. According to the United Nations International Migration Report, India has the largest migrant population in the world with 35.42 million Indians living outside their homeland. The United Arab Emirates, America, Saudi Arabia and Malaysia host the largest number of immigrants from India.
By region, remittance flows to South Asia recorded the highest increase of 11.8% in 2024, driven mainly by continued strong remittance flows to India, Pakistan and Bangladesh. . It is estimated that remittances sent to the Middle East and Africa increased by 5.4 percent, primarily due to the return of remittance flows to Egypt.
The World Bank predicts that officially recorded remittances to low- and middle-income countries will reach $685 billion in 2024, a significant increase from $470 billion in 2021. is considered Also, the gap between remittances and FDI is expected to widen in 2024. The World Bank announced that remittances have increased by 57 percent over the past decade, while foreign direct investment has decreased by 41 percent.
