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Remittances to be Increased by 4.2% in 2022

Published on May 17, 2022
Current Context: According to estimates it is expected that remittance to be increased by 4.2 % to reach $630 billion in 2022.
Remittances to be Increased by 4.2% in 2022
  • According to World Bank’s latest Migration and Development report, this increase in remittance will follow an almost record recovery of 8.6$ in 2021.
  • While India, emerged as the largest remittance-receiving country in 2021 while Mexico occupied second place and pushed China to third place.
  • It is observed that remittance inflows have increased drastically in Latin America and the Caribbean by 25.3 percent, Sub-Saharan Africa by 14.1%, Europe and Central Asia by 7.8%, the Middle East and North Africa by 7.6%, and finally, South Asia has increased by 6.9%.
  • On the other side of the picture, It has also been observed that there is a decline in the pacific and east Asian regions by 3.3 percent.
  • Apart from India, there are a few countries like Mexico, China, the Philippines, and Egypt are among the top 5 remittances in 2021.
  • World Bank Launches International Working Group to Improve Data on Remittances. To maintain transparency and security while retrieving the data.
  • Remittances to Ukraine, are expected to rise by over 20 percent in 2022. However, due to the invasion of Russia on Ukraine, many other central Asian countries that completely depend on Russia will dramatically fall. The main reason behind it is the combined rising food, and fertilizer, increase in oil prices, and risks to food security.

Question:

Q.1 Which among the following countries is the largest recipient of remittances in the world?
a. China
b. Mexico
c. India
d. Australia
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