The projection by the World Bank's latest Migration and Development Brief marks a dramatic slowing from 2022, when remittances to India grew by more than 24% to reach a record-high $111 billion. The reasons: slower growth in OECD and GCC economies, high base effect.
World Bank: Indian migrant workers from Singapore, other countries send home record $100 billion in 2022 newsindiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsindiatimes.com Daily Mail and Mail on Sunday newspapers.
A World Bank report published last week revealed that remittance flows to India from its migrant workers are on track to gain 12 per cent to reach a record USD100 billion for the year
That puts its inflows far ahead of Mexico (USD60 billion), China (USD51 billion), the Philippines (USD38 billion), Egypt (USD32 billion) and Pakistan (USD29 billion), positioning the country to retain its spot as the world`s top recipient of remittances. Such foreign remittances make up almost 3 per cent of India`s GDP.