india is followed by China, Mexico, the Philippines, and Egypt, the report said. In India, remittances are projected to grow three per cent in 2022 to USD89.6 billion, reflecting a drop in overall migratory stock, as a large proportion of returnees from the Arab countries await return, it said.
India entered USD 87 billion in remittances in 2021, and the United States was the biggest source, counting for over 20 per cent of these finances, the World Bank said in its rearmost report Flows to India (the world’s largest philanthropist of remittances) are anticipated to reach USD 87 billion, a gain of4.6 per cent with the inflexibility of COVID-19 caseloads and deaths during the alternate quarter ( well above the global normal) playing a prominent part in drawing humanitarian overflows ( including for the purchase of oxygen tanks) to the country,”the World Bank report stated.
India is followed by China, Mexico, the Philippines, and Egypt, the report said. In India, remittances are projected to grow three per cent in 2022 to USD89.6 billion, reflecting a drop in overall migratory stock, as a large proportion of returnees from the Arab countries await return, it said Remittances to low and middle income countries are projected to have grown a strong7.3 per cent to reach USD 589 billion in 2021, the bank said.
This return to growth is more robust than earlier estimates and follows the adaptability of overflows in 2020 when remittances declined by only1.7 per cent despite a severe global recession due to COVID-19, according to estimates from the World Bank’s Migration and Development Detail.
Remittance flows from settlers have greatly rounded government cash transfer programs to support families suffering profitable rigors during the COVID-19 extremity. Easing the inflow of remittances to give relief to simulated ménage budgets should be a crucial element of government programs to support a global recovery from the epidemic,” said Michal Rutkowski, World Bank Global Director for Social Protection and Jobs. India had entered over USD 83 billion in remittances in 2020.
