The United States came up as the largest remittance source country with an estimated USD56bn in outward flows in 2014.
In a report released by the World Bank, it said, “India was the largest remittance receiving country, with an estimated USD72bn in 2015, followed by China (USD64bn), and the Philippines (USD30bn).”
It further added that in outward flow, the US was followed by Saudi Arabia (USD37bn), and Russia (USD33bn) in 2014.
In addition, the Migration and Remittances Factbook 2016 said that the fast-growing developing countries have also become a strong magnet for people belonging to the other parts of the developing world.
A report produced by the World Bank Group’s Global Knowledge Partnership on Migration and Development (KNOMAD) initiative revealed that international migrants will send USD 601 billion to their families in their home countries this year, with developing countries receiving USD 441 billion.
“At more than three times the size of development aid, international migrants’ remittances provide a lifeline for millions of households in developing countries. In addition, migrants hold more than USD 500 billion in annual savings,” it said.
Dilip Ratha, co-author of the Factbook, said, “Together, remittances and migrant savings offer a substantial source of financing for development projects that can improve lives and livelihoods in developing countries.”