World Bank: India Emerged Topmost Recipient of Remittances among LMICs

Current Context: The World Bank released a report on December 18, 2024, titled "Remittance Flows to Low- and Middle-Income Countries in 2024".

• The report highlights that India emerged as the top recipient of remittances among LMICs, with an estimated inflow of USD 129 billion in 2024.
• Key Points from the Report:
• Top Recipient: India received the highest remittances, followed by Mexico, China, the Philippines, and Pakistan.
• Growth Rate: Remittances to LMICs grew by 5.8% in 2024, compared to 1.2% in 2023.
• Total Inflows: Officially recorded remittances to LMICs are expected to reach USD 685 billion in 2024.
• Economic Impact: Remittances have outpaced other financial flows like Foreign Direct Investment (FDI) and are crucial for poverty reduction, financing health and education, and improving access to capital markets.
• Regional Growth: South Asia saw the highest increase in remittance flows, driven by strong inflows to India, Pakistan, and Bangladesh.

Question:

1 Which country was the top recipient of remittances among Low- and Middle-Income Countries (LMICs) in 2024, according to the World Bank report?

• A) China
• B) Mexico
• C) India
• D) The Philippines

Answer: C) The World Bank report titled "Remittance Flows to Low- and Middle-Income Countries in 2024" highlights India as the top recipient of remittances, with an estimated inflow of USD 129 billion in 2024.