India to retain its position as the top remittances chart with USD 66 billion

Vastavam web: India is expected to retain it position as the top remittances receiving country, with its diaspora set to pump in a whopping USD 65 billion in the year 2017, the World Bank said today.Ahead of the annual meeting of the International Monetary Fund and the World Bank, a report issued by the global lender said that remittances, which include flows to high-income countries, are projected to grow by 3.9 per cent to USD 596 billion.However, as a share of gross domestic product (GDP) for 2017, the top five recipients are smaller countries the Kyrgyz Republic, Haiti, Tajikistan, Nepal, and Liberia.
Remittances growth to the South Asia region, the bank said will be moderate at 1.1 per cent to USD 112 billion this year, due to continuing impact of lower oil prices and ‘nationalisation’ polices leading to constrained labor market conditions in the Gulf Cooperation Council (GCC) countries.