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Global Remittances 2023
December 22 , 2023
209 days
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- The World Bank's latest Migration and Development Brief reveals a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023.
- According to the World Bank, the report highlights India's significant position as the top remittance recipient.
- The Indian economy received USD 125 billion in remittances for the year.
- The top five remittance recipient countries include Mexico (USD 67 billion), China (USD 50 billion), the Philippines (USD 40 billion), and Egypt (USD 24 billion).
- Remittances to LMICs grew by an estimated 3.8 per cent in 2023, reaching a total of USD669 billion.
- South Asia witnessed a 7.2% increase in remittances in 2023.
- The remittance costs remain persistently high, averaging 6.2% to send USD 200 as of the second quarter of 2023.
- Banks continue to be the costliest channel for sending remittances, with an average cost of 12.1%.
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