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  3. Remittances to India likely to decline by 5% in 2016: World Bank

Remittances to India likely to decline by 5% in 2016: World Bank

10 Oct 2016 Evaluate

The World Bank in its latest report on remittances has said that India, the world’s largest remittance recipient in 2015, may receive a remittance of $65.5 billion this year, a drop of 5 per cent due to weak economic growth in remittances-source countries and cyclic low oil prices. Despite the drop this year, India is likely to top the list of countries receiving remittance. In 2015, India has received about $69 billion in remittances.

As per the report, in 2016, remittance flows are expected to decline by 5 per cent in India, followed by China $65.2 billion. Pakistan positioned at number five is estimated to receive $20.3 billion. Remittance to South Asia is expected to decline by 2.3 per cent in 2016, following a 1.6 per cent decline in 2015. Remittances from the Gulf Cooperation Council (GCC) countries continued to decline due to lower oil prices and labour market ‘nationalization’ policies in Saudi Arabia. Further, it said against a backdrop of tepid global growth, remittance flows to low and middle income countries (LMICs) seem to have entered a ‘new normal’ of slow growth. In 2016, remittance flows to LMICs are projected to reach $442 billion, marking an increase of 0.8 per cent over 2015.

The World Bank said that low oil prices continued to be a factor in reduced remittance flows from Russia and the GCC countries. In addition, structural factors have also played a role in dampening remittances growth. It further said that remittances continue to be an important component of the global economy, surpassing international aid and this ‘new normal’ of weak growth in remittances could present challenges for millions of families that rely heavily on these flows and in turn, can seriously impact the economies of many countries around the world bringing on a new set of challenges to economic growth.

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