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Migration and Development Brief report
May 15 , 2021
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- The World Bank recently released its “Migration and Development Brief” report.
- The report said that the remittance flows to the low-income and middle-income countries were 1.9% lower in 2020 as compared to that of 2019.
- It was 540 billion USD in 2020 and 548 billion USD in 2019.
- Remittance is a sum of money sent from one country to other country.
- It can be business payments or remittances paid to a family member, friends.
- They help the currency to hold its value against a foreign currency.
- The World Bank says that the remittances are the second largest resource inflow for developing countries after FDI.
- As the flow of remittances increases, the currency value of receiving country increases and the value of foreign currency depreciates.
Note
- India has been the largest recipient of remittances since 2008.
- The largest remittance-sending country in 2020 was United States (USD68 billion).
- In 2019, India received 83.3 billion USD remittances.
- This fell by 0.2% in 2020.
- The remittance from UAE to India reduced by 17%.
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