The World Bank called India the worlds' largest remittance recipient in 2015 despite experiencing a $1 billion drop from the previous year. Even after attracting about $ 69 billion in 2015, after $ 70 billion in 2014, India managed to keep its top spot, as per the World Bank's annual 'Migration and Development Brief' report. Other large remittance recipients in 2015 were China, with $64 billion, the Philippines ($28 billion), Mexico ($25 billion), and Nigeria ($21 billion).
“Remittances to India, the (South Asian) region's largest economy and the world's largest remittance recipient, decreased by 2.1 per cent in 2015, to $68.9 billion. This marks the first decline in remittances since 2009,” the report said. It also added, officially recorded remittances to developing countries amounted to $431.6 billion in 2015, an increase of 0.4 per cent over $430 billion in 2014. The growth pace in 2015 was the slowest since the global financial crisis. Global remittances, which include those to high-income countries, contracted by 1.7 per cent to $581.6 billion in 2015, from $592 billion in 2014, the World Bank said.
“Slower growth may reflect the impact of falling oil prices on remittances from GCC countries,” the report said.
