A recent report published by the World Bank said that India will retain its position as the world’s top recipient of remittances this year, with the worldwide diaspora sending over $80 billion back home. Global remittances also comprised 3% of India’s GDP.
Following India is China with $67 billion, Mexico and the Philippines with $34 billion each and Egypt $26 billion.
According to the World Bank, remittances to developing countries will increase by 10.8% to reach $528 billion. This is a big jump from 2017’s 7.8% – thereby showing a robust growth in the money transfer market.
South Asia is said to be the fastest growing market with an increase of 8% since 2017. Bangladesh and Pakistan have both experienced strong upticks of 17.9% and 6.2% in 2018 respectively.