India has retained its position as the highest recipient of global remittance flow at $52 million in 2008, the World Bank said in a report.
Other than India, China and Mexico, the top 10 recipients of remittances include the Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Vietnam.
Remittance flow to South and East Asia has continued to post strong growth, largely on the fact that the gulf countries, a major destination for Asian migrants, have not significantly reduced hiring migrants.
According to the World Bank Migration and Development brief, India with $52 million, China ($40.6 million) and Mexico ($26.3 million) have retained their positions as the top recipients of migrant remittances amongst the developing countries despite the fact that remittances have slowed down in many corridors since the last quarter of 2008.
Growth of remittances to South and East Asia is also because of the switch in motivation for remittances from consumption to investment: falling asset prices, rising interest rate differentials and a depreciation of the local currency.
However, the World Bank observed that the outlook for this year looks bleak because of deterioration in the economic and employment situation in the migrant -- destination countries in the first half of this year.
Image: The Indian flag. | Photograph: Rediff Archives
