India leads in remittances with $70 billion in 2014

The World Bank has said India continues to be the leading nation in remittances, pulling in $70 billion from its global migrant workforce in 2014. It attributes this mainly to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and rouble.

The US, Saudi Arabia, Germany, Russia and the UAE remained the top migrant destination countries. Second to India in remittances received were China with $64 billion and the Philippines with $28 billion.

Kaushik Basu, World Bank Chief economist and Senior Vice President said ‘With new thinking these mega flows can be leveraged to finance development and infrastructure projects’.

Remittances to the developing world are expected to reach $440 billion in 2015, an increase of 0.9 percent over the previous year.