dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Society

The World’s Top Remittance Recipients

  • May 4, 2020
Total
0
Shares
0
0
0

These countries are the world’s biggest remittance recipients, data collected by the World Bank reveals.

Remittances are quickly rising as the largest source of external financing in developing countries, according to the World Bank’s report published in 2019.

Leading the way is India, accounting for $78.6 billion of the remittances received in 2018, the period from which the data for the 2019 report was collected.

Other countries in the lead are China ($67.4 billion), Mexico ($35.7 billion), the Philippines ($33.8 billion), and Egypt ($28.9 billion).

Regionally, the largest share of remittances came from the East Asia and Pacific, with $143 billion of the total recorded to have been received in the region. South Asia also took a huge share of the 2018 total at a massive $131 billion.

An incredible growth in remittances has been recorded in Europe and Central Asia in recent years. For 2018, it registered an 11 percent growth. This succeeds the massive 22 percent growth in 2017. The World Bank said that this quick growth is driven by outbound remittances from countries like the U.S., Spain, Russia, and Poland.

For 2018, global remittances reached a record-breaking $689 billion, a significant improvement from the $633 billion from the previous year.

Emerging dominance

A huge chunk of the global remittances were received by low- and middle-income countries, accounting for roughly 77 percent of the total in 2018.

The World Bank said that this growth can be attributed to the stronger economy and employment in the U.S. along with the outward flows in some Gulf Cooperation Council (GCC) countries and Russian Federation bouncing back for 2018.

They also expect that remittance flows among low- and middle-countries will rise as the largest source of external financing for the years to come.

Supporting growth

Under the Sustainable Development Goal (SDG) 10.7, which is to ‘facilitate orderly, safe, and responsible migration and mobility of people, including through implementation of planned and well-managed migration policies,”  the global target by the end of this decade is to bring down remittance costs by three percent.

Right now, commonly used channels like banks (11% average fee) and post offices (7% average free) continue to have large remittance fees. Such large fees are hurdles in ensuring a smooth migration for the people.

Globally, the average cost of sending $200 is also high, at around seven percent for QI 2019. This can go as high as 10 percent for countries in Africa and the Pacific.

In order to support the growth in remittances, Dilip Ratha, lead author of the World Bank’s latest Migration and Development Brief, recommended the renegotiation of exclusive partnerships with money transfer operators and increasing competition by allowing new players to operate through national remittance channels. These steps, according to him, will help bring down remittance costs.

Another key driver of growth mentioned by the World Bank is the reduction of recruitment costs for migrant workers.

“Millions of low-skilled migrant workers are vulnerable to recruitment malpractices, including exorbitant recruitment costs. We need to boost efforts to create jobs in developing countries and to monitor and reduce recruitment costs paid by these workers,” according to Michal Rutkowski, Senior Director of the Social Protection and Jobs Global Practice at the World Bank.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Migrant Workers
  • Remittance
majulah

Previous Article
  • Lah!

OCBC Bank And Staff Donate Additional S$1,225,000 To Provide Targeted Support To 1,000 Needy Singaporean Families And 55,800 Migrant Workers

  • May 2, 2020
View Post
Next Article
  • Lah!

OCBC Bank Places All Individual Secured And Unsecured Loans Under Its Singapore Covid-19 Relief Programme With S$4 Billion Approved To Date

  • May 5, 2020
View Post
You May Also Like
View Post
  • Cities
  • Lah!
  • Society

NUS Computing Establishes Sea Olympiad Scholarship To Attract And Nurture Top Talents In Computer Studies

  • dotlah.com
  • February 27, 2022
View Post
  • Cities
  • Lah!
  • Society

Joint Study: Diverse Leadership Brings Better Firm Performance

  • dotlah.com
  • February 23, 2022
View Post
  • Lah!
  • Society

Community And Mentorship Help Women Entrepreneurs Thrive

  • dotlah.com
  • November 23, 2021
View Post
  • Lah!
  • Society

ST Engineering Champions Employee Wellness, Raises Funds For Charity And Launches Women Support Group

  • dotlah.com
  • November 14, 2021
View Post
  • Lah!
  • Society

NUS Honours 40 Alumni For Outstanding Contributions To Alma Mater And Society

  • dotlah.com
  • November 7, 2021
View Post
  • Cities
  • Lah!
  • Society

The COVID-19 Pandemic Has Made Many Singaporeans Adopt Better Financial Habits

  • dotlah.com
  • November 3, 2021
View Post
  • Lah!
  • Society

A Cleaning Revolution: How JCS-Echigo Partnered A*STAR To Clean Faster And Smarter

  • dotlah.com
  • October 16, 2021
View Post
  • Lah!
  • Society

Singapore 100 Women In Tech 2021

  • dotlah.com
  • October 16, 2021


Trending
  • 1
    • Lah!
    • Technology
    What Singapore Can Teach About An Effective Coronavirus Response
    • April 9, 2020
  • 2
    • Cities
    Singapore Airlines Group Commits To Net Zero Carbon Emissions By 2050
    • May 24, 2021
  • 3
    • Lah!
    • Society
    SMU Announces $2.5 Million Resilience Fund
    • May 6, 2020
  • 4
    • Technology
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
  • 5
    • Lah!
    • Technology
    ABB To Electrify Autonomous Vehicles For New Port In Singapore
    • October 15, 2019
  • 6
    • Climate Change
    • Environment
    • People
    Understanding The Human Side Of Climate Change Relocation
    • June 18, 2019
  • Craft | Art 7
    • Features
    • People
    Essence Of Elegance. A Guide To The Top Ingredients In Perfumery.
    • June 21, 2023
  • 8
    • Technology
    NTU Singapore Leverages AI And Machine Learning To Fight Money Laundering
    • August 22, 2019
  • 9
    • People
    • World Events
    How George Floyd Was Killed In Police Custody
    • June 2, 2020
  • Google Cloud and EnterpriseSG 10
    • Artificial Intelligence
    • Technology
    EnterpriseSG and Google Cloud Partner to Help Startups and SMEs in Singapore Accelerate AI Adoption and Innovation
    • October 6, 2024
  • 11
    • Society
    NTUC Income Extends COVID-19 Protection To Over 550,000 Individuals In Response To Evolving Outbreak Situation
    • February 18, 2020
  • 12
    • Cities
    • Technology
    A Better Daily Commute Is Possible – Just Ask Residents In These Cities
    • January 23, 2020
Trending
  • Bluetooth speakers 1
    Best Bluetooth Speakers Under $200 (2025 Edition)
    • October 16, 2025
  • 2
    Apple unveils new 14‑inch MacBook Pro powered by the M5 chip, delivering the next big leap in AI for the Mac
    • October 15, 2025
  • 3
    Apple introduces the powerful new iPad Pro with the M5 chip
    • October 15, 2025
  • 4
    Singapore’s national identity excludes those who don’t look like a ‘regular family’
    • October 9, 2025
  • Smart Watch 5
    Best Smartwatches, Your Gateway to Health Monitoring and Everyday Use
    • October 5, 2025
  • Cooking pots and pans 6
    Best Pots and Pans 2025: All-Season, All-Purpose Picks for Every Kitchen
    • September 23, 2025
  • 7
    Politicians love comparing NZ’s economy to Singapore or Ireland – but it’s simplistic and misleading
    • September 21, 2025
  • Kitchen Knives - Best All-Around Picks in 2025 8
    Kitchen Knives : The Surgeons of Cooking – Best All-Around Picks in 2025
    • September 15, 2025
  • 9
    Apple unveils iPhone 17 Pro and iPhone 17 Pro Max, the most powerful and advanced Pro models ever
    • September 9, 2025
  • 10
    Apple debuts iPhone 17
    • September 9, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.