Remittances to India dropped by nearly 9 pc in 2016 : World Bank

Remittances to India dropped by nearly 9 pc in 2016 : World Bank

Washington : Notwithstanding a significant 8.9 per cent drop in remittances to India in 2016, the country retained the top spot among remittances receiving nations, according to a World Bank report.

The World Bank, in its latest report, said that the remittances to developing countries fell for a second consecutive year in 2016, a trend not seen in three decades.

This was attributable mainly to the drop in oil prices and fiscal tightening in the oil producing countries in the Middle East, which has a significant Indian migrant population accounting for a large chunk of remittances.

India, while retaining its top spot as the world’s largest remittance recipient, led the decline with remittance inflows amounting to USD 62.7 billion last year, a decrease of 8.9 per cent over USD 68.9 billion in 2015.

In the latest edition of the Migration and Development Brief, the Bank estimates that officially recorded remittances to developing countries amounted to USD 429 billion in 2016, a decline of 2.4 per cent over USD 440 billion in 2015.

Global remittances, which include flows to high-income countries, contracted by 1.2 per cent to USD 575 billion in 2016, from USD 582 billion in 2015.

Low oil prices and weak economic growth in the Gulf Cooperation Council (GCC) countries and the Russian Federation are taking a toll on remittance flows to South Asia and Central Asia, while weak growth in Europe has reduced flows to North Africa and Sub-Saharan Africa, it said.

The decline in remittances, when valued in US dollars, was made worse by a weaker euro, British pound and Russian ruble against the US dollar.

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