India to receive $55 bln remittances in 2010

[LETHALFORCE]

http://www.hindustantimes.com/India-to-receive-55-bln-remittances-in-2010/Article1-625986.aspx

Indian expatriates are expected to remit about $55 billion into the country this year as the number of emigrants from the nation is likely to clock 11.4 million, a new World Bank report said. India is likely to stay as the top receiver of remittances in 2010, as inflows of $51 billion to China
keeps it a place down, with Mexico at third spot, expecting $22.6 billion from its overseas population.

The World Bank in its 'Migration and Remittances Factbook 2011' report said worldwide inflows are expected to reach $440 billion by the year end, with remittances to developing nations are likely to reach a record $325 billion from the 2009 figure of $307 billion.

The top remitting countries in 2009 were United States ($48.3 billion), Saudi Arabia ($26 billion) and Switzerland ($19.6 billion).

Remittances remained a resilient of external financing during the recent global financial crisis and were steady despite the pangs of financial reconstruction in the developed world, the report said.

As high-income countries remain the main source of remittance flows, migration to the developed economies grouping saw an increase.

India ranks second in the top three emigration countries with 11.4 million of its population chose overseas destinations. Mexico tops the chart with 11.9 million figure and Russia getting third position having 11.1 million people working in other countries.

India-UAE is among the top 10 migration corridors with 2.2 million migrants. Mexico-US is expected to be the largest migration corridor in the world, followed by Russia-Ukraine, Ukraine-Russia and Bangladesh-India.

World Bank said majority of expatriates in the Gulf hail from India, Pakistan, Sri Lanka, Egypt, Philippines, Bangladesh, Yemen, Iran and Sudan.

According to the Factbook 2011, the top migrant destination country remains the United States that kept 42.8 million immigrants, followed by Russia (12.3 million), Germany (10.8 million, Saudi Arabia (7.3 million), Canada (7.2 million), United Kingdom (7.0 million), Spain (6.9 million), France (6.7 million), Australia (5.5 million), India (5.4 million), Ukraine (5.3 million), Italy (4.5 million) and Pakistan (4.2 million).

The top immigration countries relative to population are Qatar - 87 per cent, Monaco - 72 per cent, UAE - 70 per cent, Kuwait - 69 per cent and Andorra - 64 per cent

 

[LETHALFORCE]

http://www.domain-b.com/economy/general/20101113_remittances.html


India to top in migrant remittances with $55 billion inflows in 2010

Overseas Indians are expected to remit a record $55 billion into the country in 2010, out of the total migrant remittances to developing countries that are expected to reach a

record $325 billion (up from $307 billion in 2009) by the end of this year, a World Bank report said.

India is also expected to remain the top receiver of overseas remittances in 2010 with inflows of $55 billion against $51 billion expected to flow into China.

Worldwide, remittance flows are expected to reach $440 billion by the end of this year, the World Bank said in its latest Migration and Remittances Factbook 2011 report.

Remittance flows remained resilient during the recent global financial crisis and were steady despite the pangs of financial reconstruction in the developed world, the report said.

The World Bank estimates remittances to developing countries to rise further in 2011 and 2012 as the global economy recovers from the financial crisis and possibly exceed $370 billion in two years' time.

"Remittances are a vital source of financial support that directly increases the income of migrants' families," said Hans Timmer, director of development prospects at the

World Bank. "Remittances lead to more investments in health, education, and small business. With better tracking of migration and remittance trends, policy makers can

make informed decisions to protect and leverage this massive capital inflow which is triple the size of official aid flows," Timmer said.

Worldwide, the top recipient countries in 2010 are India, China, Mexico, the Philippines, and France while the top remitting countries in 2009 were the United States, Saudi Arabia, Switzerland, Russia, and Germany.

 

[dineshchaturvedi]

Wow 55 billion is a good amount purely on remittance alone.