With a drop of just 0.2 per cent from the previous year, India received over $83 billion in remittances in 2020, the World Bank report said
A recent report published in the World Bank’s Migration and Development Brief said remittances by migrant workers projected to decline by 14 per cent by 2021. This is mainly due to the impact of the Covid-19 pandemic which has caused many job losses, salary deductions and even closure of businesses.
India was top in receiving remittances from foreign countries followed by China, Mexico, the Philippines, and Egypt in 2020, the World Bank said in its latest report.
With a drop of just 0.2 per cent from the previous year, India received over $83 billion in remittances in 2020, the World Bank report said.
India was top in receiving remittances from foreign countries followed by China, Mexico, the Philippines, and Egypt in 2020, the World Bank said in its latest report
In its earlier report the World Bank had projected the fall by nine per cent to $76 billion due to the ongoing coronavirus pandemic and global economic recession.
In 2020 there was drop in 17 per cent remittances from the United Arab Emirates that dented the data maximum.
According to the World Bank, outflow of remittances from India in 2020 was $7 billion, against $7.5 billion in 2019.
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