‘Bharat received over $111 billion in remittances in 2022, the biggest in the world, becoming the first country to surpass the $100 billion mark’, said the United Nations migration agency.
On Tuesday the International Organisation for Migration (IOM), in its World Migration Report 2024 said that in 2022, Bharat, Mexico, China, the Philippines and France were the top five remittance recipient countries.
The report said, ‘Bharat was well above the rest, receiving more than $111 billion, the first country to reach and even surpass the $100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which had been the second-biggest recipient after Bharat’.
As per the report’s data, Bharat was the top country receiving remittances in 2010 ($53.48 billion), 2015 (USS 68.91 billion), and 2020 ($83.15 billion), with the remittances crossing the $100 billion mark to reach $111.22 billion in 2022.
Southern Asia receives some of the largest inflows of remittances on a global level with a very large number of migrant workers from the subregion.
Three countries in Southern Asia – Bharat, Pakistan and Bangladesh, rank among the top ten recipients of international remittances in the world, underscoring the importance of labour migration from the subregion.
The report said, ‘With Bharat estimated to have received more than $111 billion in 2022, it is by far the biggest recipient of international remittances in the world and the first country to ever reach that figure’.
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