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India has received a record $125 billion in remittances in 2023

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India Received $87 Billion In Remittances In 2021: World Bank
  1. India set to lead global remittances in 2023, expecting an 11% surge to $125 billion, surpassing Mexico ($67B) and China ($50B).
  2. Remittances to low- and middle-income countries (LMICs) forecasted to rise by 3.8%, totaling $669 billion, aided by strong labour markets in advanced economies and GCC countries.
  3. Concerns raised by the World Bank about potential income decline for migrants in 2024 due to global inflation and sluggish growth.
  4. South Asia’s remittances to grow by 7.2% to $189 billion, majorly driven by India, owing to declining inflation and robust labour markets in high-income source nations like the US, UK, and Singapore.
  5. Varied regional trends observed: Latin America & Caribbean (8% growth), East Asia & Pacific (3% growth), Sub-Saharan Africa (1.9% growth), while Middle East & North Africa (-5.3%) and Europe & Central Asia (-1.4%) faced declines, notably in Egypt and after earlier gains respectively.
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