New Delhi: India was the top recipient of migrant remittances in 2012, according to a new report released by the World Bank. According to the report, India received $70 billion as migrant remittances in one year, followed by China with $66 million.
The officially recorded remittance flows to developing countries are estimated to have reached $406 billion in 2012 - a growth of 6.5 per cent over 2011. These figures are expected to rise by 8 per cent in 2013 and 10 per cent in 2014 to reach $534 billion in 2015.
The other top recipients were the Philippines ($24 billion), Mexico ($24 billion), and Nigeria ($21 billion). The remittance amounts to developing countries are reportedly now more than three times that of official development assistance.
The report also stated that the US Remittance Transfer Rule, which will be implemented in February 2013, will increase transparency for consumers and thereby market competition.
Among the developing country regions, South Asia and Middle East and North African saw the strongest growth, driven primarily by strong economic activity in the Gulf countries, said the report.
The World Bank report stated that the US is the largest recipient of migrants from developing countries as well as the largest sender of remittances. It claimed that the US economy has resumed growth, although still modest, after shrinking in 2008 and 2009.