TestCloud
Prep • Practice • Perform
Log In

According to World Bank India Becomes the Leading Recipient of Remittances Among LMICs, Receiving USD 129 Billion Inflows in 2024.

International | Dated: 25 Dec 2024

According to the World Bank (WB)'s latest data, India has emerged as the top recipient of remittances among Low and Middle-Income Countries (LMICs) in 2024, with an estimated inflow of USD 129 billion. This marks an increase of 3.2% compared to USD 125 billion in 2023.

🎯 Key Highlights:

  • - India is followed by Mexico (USD 68 billion), China (USD 48 billion), the Philippines (USD 40 billion), and Pakistan (USD 33 billion). The surge is mainly attributed to a recovery in the job markets in High-Income Countries (HICs) within the Organisation for Economic Co-operation and Development (OECD).

💡 Other Important Facts:

  • (i) Globally, remittance inflows have increased by 5.8% in 2024, compared to a modest growth of 1.2% in 2023.
  • (ii) Officially recorded remittances to LMICs are projected to reach USD 685 billion in 2024.
  • (iii) The South Asia region is projected to register the highest increase in remittance flows at 11.8% in 2024, compared to a 5.1% increase in 2023. This growth is mainly driven by continued strong flows to India, Pakistan, and Bangladesh.

📚 Test Your Knowledge:

According to the World Bank, how much remittance did India recently receive in 2024 to become the leading recipient among LMICs?

Correct Answer: USD 129 billion

🚀 Quick Recap:

About World Bank

  • President: Ajay Banga
  • Headquarters : Washington, D.C., United States