- India’s Remittance Status:
- India is expected to be the top recipient of remittances in 2024, with $129 billion in remittance inflows.
- Global Remittance Growth:
- The global remittance growth is projected at 5.8% in 2024, a significant increase compared to just 1.2% in 2023.
- The growth has been mainly driven by the recovery of jobs in high-income OECD countries after the pandemic.
- Total Remittances to LMICs:
- Remittance flows to low- and middle-income countries (LMICs) are expected to reach $685 billion in 2024.
- Gap Between Remittances and FDI:
- The gap between remittances and foreign direct investment (FDI) is expected to widen significantly in 2024.
World Bank
- International bank providing loans and grants to developing and middle-income nations.
- Consists of the IBRD and the IDA.
- Was established in 7 July 1944.
- President
- Ajay Banga
- Headquarter
- Washington D.C. U.S
