Remittances in 2024: In the year 2024, India is going to create history in the whole world. India is going to be among the top countries in terms of receiving remittances in the year 2024. In the current year, $129 billion is expected to come to India through remittances. After India in this list comes Mexico, China, Pakistan and Philippines. World Bank economists have given this information. He says that the job market has improved in countries falling in the high-income category, due to which remittances have increased.
World Bank released remittance data
World Bank economists wrote a blog post on Wednesday, December 18, 2024, in which it was said that India is among the top 5 countries in the world in terms of receiving remittances. It is estimated that $129 billion will come to India through remittances in 2024. Mexico is in second place. Mexico is estimated to receive $68 billion through remittances. 40 billion dollars remittance will come to Philippines. According to World Bank economists, official remittances will reach $685 billion in low- and middle-income countries in 2024, which is 5.8 percent more, whereas a growth of 1.2 percent was seen in 2023.
China-Pakistan lag behind India
Both China and Pakistan are far behind India in terms of receiving remittances. It is estimated that 48 billion dollars will come to China through remittances in the year 2024. Whereas Pakistan is estimated to receive $33 billion this year through remittances.
Why is remittance increasing?
World Bank economists wrote in the blog, after Covid-19, recovery is being seen in job markets in high-income countries of OECD, which is a major reason for the increase in remittances. Especially in America, there has been an 11 percent jump in the employment of foreign-born workers, which was earlier seen in February 2020, before the Covid pandemic.
Why is remittance important?
Non-resident Indians living abroad provide the biggest support to the economy here through remittances. These Indians work in different countries of the world and send billions of dollars to their country in the form of remittances. By sending remittances to their country, they are providing foreign exchange which is very important. Remittances in the form of foreign currency help in importing essential goods and also strengthen the economy.
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