As per a report titled “Sending Money Home: Contributing to the SDGs (Sustainable Development Goals), One Family at a Time” by UN International Fund for Agricultural Development (IFAD), India has been the top remittance-receiving country in year 2016.
Highlights of the Report:
Indians working across the globe sent home USD 62.7 billion in 2016.During 10 year period from 2007 to 2016, India surpassed China to become top remittance-receiving country. In 2007 India received USD37.2 billion as compared to USD38.4 billion received by China. In 2016 China received USD 61 billion.
- The report outlined that remittance flows across the world have grown over the last decade at a rate averaging 2% annually, from USD 296 billion in 2007 to USD 445 billion in 2016.
- 80% of remittances are received by 23 countries, led by India, China, the Philippines and Pakistan.
- Over 50% of the annual flows come from top 10 originating countries led by US, Saudi Arabia and Russia.
- With 77 million migrants, Asia has emerged as the highest originating country. Out of these 77 million migrants almost 48 million remain within the region, thereby making Asia, the largest remittance-receiving region as well. Asian region received 55% of the global remittance flows.
- From 2007-2016, the amount of money migrants sent to their families in developing countries has risen by 51%.
- The report highlighted, small amounts of USD 200 or USD 300 that each migrant sends home make up about 60 per cent of the family’s household income.
- About 40% of the global remittances are sent to rural areas.
Top 5 Remittance-Receiving Countries – 2016:
|India||USD 62.7 billion|
|China||USD 61.0 billion|
|Philippines||USD 29.9 billion|
|Pakistan||USD 19.8 billion|
|Bangladesh||USD 13.7 billion|
About International Fund for Agricultural Development (IFAD):
IFAD specialised agency of the United Nations dedicated to eradicating poverty and hunger in rural areas of developing countries.
- It was formed in year 1977.
- Gilbert Houngbo is the current President of IFAD.