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World Bank: Remittances reach record high

botchway April 10, 2019

 

Remittancs to developing nations reached a record high of around $529bn (£404bn) in 2018, the World Bank has said.

This was an increase of 9.6% from the previous year, which had also been a record, it added.

The five biggest recipients of remittances were:

India $79bn

China $67bn

Mexico $36bn

Philippines $34bn and

Egypt $29bn

Remittances to sub-Saharan Africa rose by nearly 10% to $46bn in 2018.

“Looking at remittances as a share of gross domestic product, Comoros has the largest share, followed by The Gambia, Lesotho, Senegal, Cape Verde, Liberia, Senegal, Zimbabwe, Togo, Ghana, and Nigeria,” the World Bank added.

One of the reasons for the growth in remittances was a stronger US economy, it said.

“Excluding China, remittances to low- and middle-income countries ($462bn) were significantly larger than foreign direct investment flows in 2018 ($344bn),” the World Bank said.

Source: bbc.com

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