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India tops global remittance charts with $125 billion in 2023
The Business Guardian
|December 19, 2023
The most recent Migration and Development Brief from the World Bank reveals a continuous rise in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace than in previous years.
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India stands out as the primary recipient of remittances, showcasing the evolving dynamics in the remittance landscape. Remittances to LMICs grew by an estimated 3.8 percent in 2023, totaling USD 669 billion. Resilient labor markets in advanced economies and Gulf Cooperation Council (GCC) countries played a crucial role in enabling migrants to send money home.
However, the report highlights potential risks, indicating a possible decline in real income for migrants in 2024 due to global inflation and low growth prospects. In South Asia, remittance flows to India experienced significant growth, contributing to the region’s overall positive trend, with a 7.2 percent increase in 2023.
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