India Top receiver of Remittance in 2007 - World Bank

23 Mar 2008

India is the top receiver of remittances from abroad in 2007.This was according to the World Bank's Migration and Remittances Fact book 2008, released here Wednesday. India was followed by China and Mexico.

The top five recipients of migrant remittances in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion) and France ($12.5 billion), according to the fact book.

For 2007, recorded remittances flows worldwide were estimated at $318 billion, of which $240 billion went to developing countries. These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded.

"In many developing countries, remittances provide a life line for the poor," said Dilip Ratha, a senior economist, and author of the fact book with Zhimei Xu.

"They are often an essential source of foreign exchange and a stabilizing force for the economy in turbulent times."

While India and China are the top receiver of the remittances, Mexico and Phillipines seems to top in terms of remittance received per 1000 population.

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