The World Bank’s annual report ‘Migration and Development Brief’ found that remittance to Sri Lanka dropped from 9.6 per cent in 2014 to 0.5 per cent in 2015.
Remittances are extremely important to several countries in the region: remittances to Pakistan, Sri Lanka, Nepal and Bangladesh exceeded 6 percent of GDP in 2014.
India was the world’s largest remittance recipient in 2015 despite experiencing a USD 1 billion drop from the previous year, the first decline in its remittances since 2009, the World Bank said today.
India retained its top spot in 2015, attracting about USD 69 billion in remittances, down from USD 70 billion in 2014.
Other large remittance recipients in 2015 were China, with USD 64 billion, the Philippines (USD 28 billion), Mexico (USD 25 billion) and Nigeria (USD 21 billion).
Officially recorded remittances to developing countries amounted to USD 431.6 billion in 2015, an increase of 0.4 per cent over USD 430 billion in 2014. The growth pace in 2015 was the slowest since the global financial crisis, the report said.
Global remittances, which include those to high-income countries, contracted by 1.7 per cent to USD 581.6 billion in 2015, from USD 592 billion in 2014, the World Bank said. (Colombo Gazette)