“Flows to India (the world’s largest recipient of remittances) are expected to reach $87 bn, a gain of 4.6 pc — with the severity of COVID-19 caseloads and deaths during the second quarter (well above the global average) playing a prominent role in drawing altruistic flows (including for the purchase of oxygen tanks) to the country,” it stated.
India is followed by China, Mexico, the Philippines, and Egypt. In India, remittances are projected to grow three per cent in 2022 to $89.6 bn, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await the return. Remittances to low and middle income countries are projected to have grown a strong 7.3 pc to reach $589 bn in 2021. This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 per cent.