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NRIs world's most prolific remitters, says WB report

Developing nations dominated the figures with India, China and Mexico holding the first three slots respectively.

india Updated: Nov 18, 2005 11:56 IST

International migration can generate substantial gains for migrants and their families, as well as their origin and destination countries, if policies to better manage transfer of remittances are pursued, says the World Bank Global Economic Prospects (GEP) report for 2006.

The report which forecasts that South Asia will be receiving some $32 billion in remittances this year says that with recorded inflows of $21.7 billion in 2004, India received the most in terms of remittances.

Remittances recorded worldwide in 2005 are estimated to exceed $232 billion. Of this, developing countries are expected to receive $167 billion, more than twice the level of development aid from all sources, the report said.

The figures for South Asia are even more striking, with the region expected to receive an estimated $32 billion in remittances or a 67 per cent increase from 2001.

India is followed by China and Mexico at $21.3 billion and $18.1 billion respectively, the report said.

"With the number of migrants worldwide now reaching almost 200 million, their productivity and earnings are a powerful force for poverty reduction," said Francis Bourguignon, World Bank Chief economist and Senior Vice- President for Development Economics.

"Remittances, in particular, are an important way out of extreme poverty for a large number of people. The challenge facing policymakers is to fully achieve the potential economic benefits of migration, while managing the associated social and political implications," he added.

First Published: Nov 17, 2005 17:31 IST