Global Remittance World Bank Report
Source : Indian Express
GS II :Important International institutions, agencies and fora- their structure, mandate

Why in News ?

According to Global Remittance World Bank Report India received over USD83 billion in remittances in 2020

• A drop of just 0.2 per cent from the previous year
• Reason : COVID pandemic that devastated the world economy.

Migration and Development Brief : It is report to provide an update on key developments in the area of migration and remittance flows.

Key Facts

• Indian Remittances
  • India’s remittances fell by just 0.2 per cent in 2020, with much of the decline due to a 17 per cent drop in remittances from the United Arab Emirates.
  • Remittances outflow from India in 2020 was USD7 billion, against USD7.5 billion in 2019
• About Remittances across Globe
  • China, which received USD 59.5 billion in remittances in 2020 against USD 68.3 billion the previous year.
  • India and China are followed by Mexico (USD42.8 billion), the Philippines (USD34.9 billion), Egypt (USD29.6 billion), Pakistan (USD26 billion), France (USD24.4 billion) and Bangladesh (USD21 billion)
  • Pakistan, remittances rose by about 17 per cent, with the biggest growth coming from Saudi Arabia, followed by the European Union countries and the United Arab Emirates.
  • Bangladesh, remittances also showed a brisk uptick in 2020 (18.4 per cent), and Sri Lanka witnessed remittance growth of 5.8 per cent.
  • Nepal fell by about two per cent, reflecting a 17 per cent decline in the first quarter of 2020.
  • Remittance outflow was the maximum from the United States (USD68 billion), followed by UAE (USD43 billion), Saudi Arabia (USD34.5 billion), Switzerland (USD27.9 billion), Germany (USD22 billion), and China (USD18 billion).

What the Report Says ?

• Remittance flows remained resilient in 2020, registering a smaller decline than previously projected.
• Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants.
• The World Bank has been monitoring migration and remittance flows for nearly two decades.
• What need to be done : Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants.

Daily Current Affairs : Click Here