World Bank Global Remittances Report

Recently, the World Bank Global Remittances Report has released the Migration and Development Brief report. According to this report, despite the Covid epidemic, India has been the largest recipient of remittances in the year

The main point of World Bank Global Remittances Report

  • In the year 2019, India received remittances of $ 83.3 billion. Additionally, there has been a decline of only 0.2% in remittances to India in the year 2020, with the highest fall being 17% reduction in remittances from UAE.
  • In Pakistan, remittances increased by 17%. The biggest increase in remittances to Pakistan came from Saudi Arabia.
  • India and China are followed by Mexico, Philippines, Egypt, Pakistan, France and Bangladesh respectively.
  • The outflow of funds from the United States (US $ 68 billion) was the highest, followed by the UAE (43 billion), Saudi Arabia (34.5 billion), Switzerland (27.9 billion), Germany (22 billion) and China (18 billion). Is the location.

What is Remittances?

  • Remittances are an important source of income for developing countries.
  • When a migrant sends money to his country of origin through a bank, post office or online transfer, it is called remittance. In developing countries, this money has a great importance in the eradication of poverty.
  • Remittances have an important role in the Indian economy. Currently, in many developing countries of the world, remittances have become the biggest source of income from abroad.

The benefits of Global Remittances

  • Remittances help families to meet food, health care and basic needs.

The disadvantage of the fall in Global Remittances

  • All the overseas Indians of the world are not very rich. In most countries, their economic condition is not very good. Millions of skilled-unskilled Indian workers, especially in various Gulf countries, are plagued by the fact that they are not getting minimum wages and necessary facilities for life there. In such a situation, due to lack of remittances, their families have to go through various problems.
  • According to the World Bank, protectionist ideology in countries can get a boost along with the decline in the global economy, which could lead to a decline in employment opportunities for migrant workers in the coming days.

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