Maintaining its leading position, India is estimated to get $58 billion remittance from its diaspora in 2011, followed closely by China at $57 billion, World Bank data showed Thursday.
Developing countries are estimated to get $351 billion of the total estimated remittance flow of $406 billion during the current calendar year. Remittance to developing countries has increased by 8 percent in 2011. For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Remittances to developing countries are likely to increase to $441 billion by 2014 from the estimated $351 billion this year.
"Despite the global economic crisis that has impacted private capital flows, remittance flows to developing countries have remained resilient, posting an estimated growth of 8 percent in 2011," Hans Timmer, director of the World Bank Development Prospects Group, said in the report. Mexico with $24 billion is the third largest recipient of remittance in 2011, followed by Philippines $23 billion, Pakistan $12 billion, Bangladesh $12 billion, Nigeria $11 billion, Vietnam $9 billion and Egypt and Lebanon $8 billion each.
