Question On April 23, 2018 according to the World Bank, which country is the top in terms of global remittances in the year 2017?
(a) China
(b) Philippines
(c) India
(d) Russia
Answer: (c)
Related Facts:
- According to the figures released by the World Bank on April 23, 2018, India is on top of the world in terms remittance in 2017.
- According to the World Bank, a total of $ 69 billion was sent (remittance) to India in 2017 by the Indian community living abroad.
- It is 9.9 percent more than the previous year and less than the $ 70.4 billion remittance received in 2014.
- India received $ 68.91 billion in 2015, which fell to $ 62.74 billion in 2016.
- Among the countries receiving the highest amount of remittance after India, China ($ 64 billion), Philippines ($ 33 billion), Mexico ($ 31 billion), Nigeria ($ 22 billion), Egypt (20 billion dollars)
- According to the World Bank, officially low and middle income countries received a $ 466 billion remittance in 2017.
- It is 8.5 percent higher than the $ 429 billion of the year 2016.
- At the global level, remittances rose 7 percent to $ 613 billion in 2017, which was $ 573 billion in 2016.
- According to the report, remittances of low and middle income countries are expected to reach 485 billion dollars with 4.1 percent increase in 2018.
- At the global level, it will rise to $ 642 billion by increasing 4.6 percent.
Reference:
http://www.worldbank.org/en/news/press-release/2018/04/23/record-high-remittances-to-low-and-middle-income-countries-in-2017
https://www.livemint.com/Money/yWx5THSP4xTcnuaRGBnXFL/India-received-69-billion-remittances-in-2017-retains-to