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India received USD 83 Billion in Remittances in 2020, tops in Remittance Inflows: World Bank Report

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India received $83 billion in remittances in 2020According to Resilience COVID-19 Crisis Through a Migration Lens report released by the World Bank, India received USD 83 Billion as Remittances in 2020, a drop of just 0.2% from 2019 (USD 83.3 Billion in 2019).  It topped the list of Low- and Middle-Income Countries with maximum  Remittance Inflows, India was followed by China (USD 59.5 Billion), Mexico (USD 42.8 Billion).

  • The officially recorded remittance flows to Low-and Middle-income countries reached USD 540 Billion in 2020, just 1.6% below 2019 total of USD 548 billion.
  • Remittance outflow was maximum from the United States (USD 68 Billion), followed by UAE (USD 43 Billion), Saudi Arabia (USD 34.5 Billion).

Top 3 Countries with Remittance Inflows in 2020

Country Remittance Inflow
India USD 83 Billion
China USD 59.5 Billion
Mexico USD 42.8 Billion

Top 3 Countries with Remittance Outflows in 2020

Country Remittance Outflow
US USD 68 Billion
UAE USD 43 Billion
Saudi Arabia USD 34.5 Billion

Key Points

  • China remittances dropped compared to its 2019 levels, in which it recorded USD 68.3 Billion.
  • India’s decline was due to a 17% drop in remittance from the United Arab Emirates (UAE).
  • Remittances outflow from India in 2020 was USD 7 Billion, against USD 7.5 Billion in 2019.

Remittance in-flow of other countries in 2020

  • Pakistan recorded remittance of USD 26 Billion in 2020, an increase of 17%.
  • Bangladesh – USD 21 Billion, an increase of 18%.
  • Remittance inflows increased by 5.2% in South Asia.

Recent Related News:

i.August 6, 2020, Asian Development Bank (ADB) had predicted that if the economic impact of Covid-19 persists throughout the year then global remittances may fall by $108.6 billion in 2020.

About World Bank

President – David R. Malpass
Headquarters – Washington DC, USA