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Remittances, defined as monetary transfers made by migrants to their home countries, play a crucial role in global economies and the livelihoods of individuals and families. In some countries, remittances account for more than 30% of the total economic output.
Due to its large diaspora, India consecutively remains the top receiver of remittances. In 2022, the top six recipient countries for remittances inflows in current [when?] U.S. dollars were India ($100 billion), Mexico ($60 billion), China ($51 billion), the Philippines ($38 billion), Egypt ($32 billion) and Pakistan ($29 billion). [citation ...
This major increase in remittances can be partially attributed to the larger population of immigrants and migrant workers, [5] as well as to increasing globalization in the financial and money markets. China and India are also major recipients of U.S. remittances, and are the top two recipients of remittances globally.
In the case of Mexico, the largest remittance recipient in the region by dollar amount, it could shave over $6 billion in inflows per year based on the 2023 estimate.
India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [ 1 ] [ 2 ] Remittances to India stood at US$110 billion in 2022, US$125 billion in 2023 and remittances from India to other countries totalled US$5.710 billion, for a net inflow of US$63.258 billion in 2017.
Remittances to Bangladesh are money transfers (remittances) sent by the Bangladeshi diaspora to Bangladesh. According to the World Bank , Bangladesh is the 7th highest recipient of remittances in the world [ 1 ] with almost $22.1 billion in 2021 and was the third highest recipient of remittances in South Asia . [ 2 ]
Development aid is not usually understood as including remittances received from migrants working or living in diaspora—even though these form a significant amount of international transfer—as the recipients of remittances are usually individuals and families rather than formal projects and programmes.
Tech remains a top sector pick, and will outpace the gains in the broader market next year, up a projected 19.8% in 2025 compared to 9.4% for the rest of the market, the analysts said.