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22.04.2017 15:21:07 – Remittances to India dropped by almost 9% in 2016 : World Bank
(live-PR.com) – India position in global finance is strong due to large scale remittance by professional Indians working abroad.We stand at number one now China has been close to us.
India ( $62.7 billion) was the largest remittance recipient followed closely by China ($61 billion), the Philippines ($29.9 billion), Mexico (28.5 billion) and Pakistan (19.8 billion), making up the top five. This
was attributable largely to the fall in oil prices and fiscal tightening of the Middle-east oil-producing countries, having a considerable Indian migrant population accounting for a large portion of remittances.
As per the World Bank Report of Migration and Development Brief released recently, the remittances to developing countries have fallen for a second successive year in 2016, a trend not seen in three decades. In spite of a noteworthy 8.9 per cent drop in remittances to India in 2016, the country has retained the top mark among world’s largest remittances receiving nations. India has led the decline with remittance inflows amounting to $62.7 billion last year, a decrease of 8.9 per cent over $68.9 billion in 2015.
Global remittances, including flows to high-income countries, contracted by 1.2 per cent to $575 billion in 2016, from $582 billion in 2015. The Bank predicts that officially recorded remittances to developing countries amounted to $429 billion in 2016, a decline of 2.4 per cent over $440 billion in 2015.
As per the Report,low oil prices and weak economic growth in the Gulf Cooperation Council (GCC) countries and the Russian Federation are taking a toll on remittance flows to South Asia and Central Asia, while weak growth in Europe has reduced flows to North Africa and Sub-Saharan Africa.The decline in remittances, when valued in US dollars, was made worse by a weaker euro, British pound and Russian ruble against the US dollar.Consequently, many large remittance-receiving countries saw sharp declines in remittance flows.However, as a share of the gross domestic product (GDP), the top five recipients were Kyrgyz Republic, Nepal, Liberia, Haiti, and Tonga.
“Nationalisation” policies intended at lowering the unemployment rate of nationals have slowed employment of foreign workers, impacting remittance flows to South Asia.
In Bangladesh, remittances declined by an estimated 11.1 % in 2016, adding that in Pakistan, the 12 % growth witnessed in 2015 moderated to an expected 2.8 % in 2016. In 2016, remittance flows to Nepal declined by an estimated 6.7 per cent from the previous year’s high level though Nepal experienced oddly high growth in remittances, at 14.3 % in 2015, due to migrants sending financial assistance home after the earthquake.In Sri Lanka, remittance growth was estimated at 3.9 % in 2016.The Remittances accounted for 2.9 % of India’s GDP in 2016.It was highest for Nepal with 29.7 % of the GDP, followed by Sri Lanka (8.8 %), Pakistan (6.9% ), and Bangladesh (6%).
An increase of only 2.0 % is expected in 2017. Bangladesh’s remittance growth in 2017 is forecast at 2.4 %, India’s at 1.9 %, Pakistan’s at 1.4 %, and Sri Lanka’s at 1.3 %.
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