India top remittance-receiving country

India to top global remittances chart with USD 65 billion in 2017 World Bank

Question: According to the World Bank, which country is the top remittance-receiving country in 2017?
(a) India
(b) China
(c) Japan
(d) Nepal
Answer: (a)
Related Facts:

  • According to the figures released by the World Bank on October 3, 2017, India is on top in the world in terms of remittance-receiving country in 2017.
  • According to Word Bank, a total of $ 65 billion was sent to India in 2017 by the Indian community living abroad.
  • According to a report issued by the World Bank, et cetera to the International Monetary Fund (IMF) and World Bank annual meeting, that remittance, which include flows to high-income countries, are projected to grow by 3.9 per cent to USD 596 billion.
  • China (USD 61 billion), Philippines (USD 33 billion), Mexico (USD 31 billion) and Nigeria (USD 22 billion) are the other countries receiving the highest amount of money after India.
  • However, as a share of gross domestic product (GDP) for 2017, the top five recipients (Kyrgyz Republic, Haiti, Tajikistan, Nepal, and Liberia) are smaller countries.
  • India, despite of a 9% decline received USD 62.7 billion in remittances in 2016, while in the year 2017 it was 65 billion dollars with a 4.2% increase.
  • In 2017, there is a possibility of stability in Pakistan for money transfers, while there is a possibility of a decline in Sri Lanka, Bangladesh and Nepal.
  • The money sent in India is likely to grow 2.5 percent in year 2018.

Reference:
http://www.business-standard.com/article/current-affairs/india-to-top-global-remittances-chart-with-65-billion-in-2017-world-bank-117100301160_1.html
http://indiatoday.intoday.in/story/india-to-top-global-remittances-chart-with-usd-66-billion-in/1/1060911.html