The World Bank’s latest Migration and Development Brief reveals a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years.
According to the World Bank, the report highlights India’s significant position as the top remittance recipient, drawing attention to the evolving dynamics in the remittance landscape.
Remittances to LMICs grew by an estimated 3.8 percent in 2023, reaching a total of US$ 669 billion.
Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries played a pivotal role in supporting migrants’ ability to send money home. In the South Asian region, remittance flows to India experienced notable growth, contributing to the overall positive trend. (The Hindu Businessline)
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