India expects record remittance income
India, which has the third-largest economy in Asia, has been reported to be the first country to receive $100 billion in remittances per year through money transfers from its citizens abroad by 2022.
According to the CNN report, the World Bank report released on November 30 indicated that, in recent years, Indians have shifted from low-income jobs in Gulf countries like Saudi Arabia, Kuwait and Qatar to high-income jobs in countries like USA, UK and Singapore.
According to the report, India, which earned $89.4 billion in foreign exchange from its citizens abroad last year, is expected to reach the highest figure in this field with $100 billion this year.
On the other hand, if remittance flows to India reach $100 billion, this figure will correspond to 3 percent of gross domestic product.
5% INCREASE EXPECTED WORLDWIDE THIS YEAR
Mexico, China and the Philippines are expected to be the other countries that will receive the most money transfers from their citizens abroad in 2022.
Additionally, the report predicts that remittances entering low- and middle-income countries around the world will rise 5 percent this year to reach $626 billion. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
