According 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
|India||USD 83 Billion|
|China||USD 59.5 Billion|
|Mexico||USD 42.8 Billion|
Top 3 Countries with Remittance Outflows in 2020
|US||USD 68 Billion|
|UAE||USD 43 Billion|
|Saudi Arabia||USD 34.5 Billion|
- 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