Remittances to developing nations like India are expected to increase from $436 billion last year to $440 billion in 2015, a UNDP report said on Monday.
Remittances to developing nations like India are expected to increase from $436 billion last year to $440 billion in 2015, a UNDP report said on Monday. With $70 billion, India was top recipients of remittances in 2014, said the Human Development Report 2015 of the the United Nations Development Programme (UNDP).
“Officially recorded remittances to developing countries are expected to increase from $436 billion in 2014 to $440 billion in 2015, it said. The top recipients in 2014 were India with $70 billion or four per cent of its GDP, China ($64 billion, less than 1 per cent of GDP), the Philippines ($28 billion, 10 per cent) and Mexico ($25 billion, two per cent).
As per the report, officially recorded global remittances totalled $583 billion, or more than four times the global official development assistance, in 2014 and are projected to reach $586 billion in 2015. Remittances have been a major source of foreign exchange reserves for many developing countries, with considerable macroeconomic implications.
The work of overseas workers and their remittances have helped advance human development in both source and destination countries, it said, adding that between 1990 and 2013 number of international migrants globally rose more than 92 million to 247 million.
