India again tops remittances chart

India has maintained its position as the world's top recipient of officially recorded overseas remittances in 2011, according to the latest issue of the World Bank's Migration and Development Brief. This is the fourth consecutive year when India remains at the top of the chart.

According to World Bank estimates for 2011 remittances, India will receive $58 billion in the year, followed by $57 billion flowing to China, $24 billion to Mexico and $23 billion to the Philippines. India's remittance inflows have grown from $13 billion in 2000 to $58 billion in 2011. The inflows comprised 3% of India's gross domestic product in 2010, while it was only 0.8% for China.

"Remittance flows to developing countries are estimated to have reached $351 billion in 2011, an 8% increase over $325 billion in 2010. Worldwide recorded remittance flows, including flows to high-income countries, are estimated to have reached $483 billion in 2011," according to the World Bank document.

Remittance flows to all developing regions have grown in 2011, for the first time since the global financial crisis in 2008.

"Even though remittances to developing countries grew in 2011, they are vulnerable to the uncertain economic prospects in the migrant destination countries. In line with the World Bank's latest outlook for the global economy, remittance flows to developing countries are expected to grow by 7.3% in 2012, 7.9% in 2013 and 8.4% in 2014, to reach $441 billion by 2014," the report said.