India leading recipient of Mideast remittances
India is the leading recipient of remittances from the Middle East, contributing to the $52 billion the South Asian country received in 2008.india Updated: Aug 16, 2009 19:00 IST
India is the leading recipient of remittances from the Middle East, contributing to the $52 billion the South Asian country received in 2008.
A study conducted by the Migration and Remittances Team at the World Bank said the top-ten recipients of remittances among developing countries are India, China, Mexico, the Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Vietnam. These countries represent nearly 60 per cent of the $328 billion remitted to developing countries in 2008.
The flow to the developing countries is expected to decline by 7.3 per cent this year to $304 billion before an expected recovery next year. According to the World Bank study, Europe and Central Asia are expected to suffer a 15 per cent decline, the largest this year among developing regions.
Remittances to the Middle East and North Africa are also expected to decline by 6 per cent, followed by South Asia at 4 per cent. The decline is intensified by the global financial crisis, unpredictable movements in exchange rates, and tightened immigration controls in worker-destination countries.
Many major destinations like the United States, United Kingdom, Australia, Malaysia and Russia have recently reduced the annual quotas or imposed tougher standards for immigrant workers.