India was world’s largest remittance recipient in 2015

BACKwbThe World Bank said India was the world’s largest remittance recipient in 2015, attracting around $69 billion, down from $70 billion the previous year.

Other large remittance recipients in 2015 were China, the Philippines, Mexico and Nigeria. Officially recorded remittances to developing countries amounted to $431.6 billion in 2015, however the growth pace in that year was the slowest since the global financial crisis.

In the fourth quarter of 2015, growth of remittances to Bangladesh, Pakistan and Sri Lanka slowed down, possibly reflecting the impact of failing oil prices on remittances from GCC countries.

Director of the World Bank Global Indicators Group, Lopez-Claros, said remittances are an important and stable source of income for millions of families, and foreign exchange to many developing countries, but if remittances continue to slow as in the case of Central Asian countries, poor families in many countries will face serious challenges including malnutrition, access to health care and education.

The depreciation of major sending country currencies as the Euro, Canadian $ and Australian $, may also be playing a role.