Indian diaspora continues to send the largest amount of money to family back home, according to the World Bank. A release by the World Bank revealed that India expects a total of $65 billion this year by its diaspora followed by China ($61 billion), the Philippines ($33 billion), Mexico ($31 billion), and Nigeria ($22 billion).
The World Bank released its migration and development brief which suggests that Global remittances to low-and middle income countries are expected to rise after two consecutive years of decline. It is estimated to grow by 4.8 per cent to $450 billion in 2017.
India had seen a decline of 9 per cent in 2016. This year it is increasing by 4.2 per cent. For its neighbours, 2017 continues to follow previous trends with flows to Pakistan remains flat while Sri Lanka, Bangladesh and Nepal to see a decline.
The economic slowdown in the GCC has adversely impacted migrant worker flows from South Asia region, according to the World Bank.
From the point of view of GDP the top spot is held by Kyrgyz Republic followed by other maller nations like Haiti, Tajikistan, Nepal and Liberia.
