09-Jul-19, Asia Times
The World Bank’s biannual update on migration and remittances points to an almost 10% jump in 2018 to $530 billion for low and middle-income countries, with double digit increases to Central and South Asia. The sum exceeds foreign direct investment and official development assistance.
%20iStock.jpg "Remittance and migration flows foil ranking (c) iStock")
Image: iStock
The biggest regional recipients are China and India averaging $75 billion, followed by the Philippines and Pakistan at $35 billion and $20 billion respectively, and Bangladesh and Vietnam each with $15 billion. By sub-region East and South Asia are roughly even with $150 billion in inflows for 4% annual growth.
Emerging markets in the Gulf, Russia and China are large outflow sources, with Saudi Arabia and the United Arab Emirate both accounting for $40 billion, compared with the US’ leading tally of $70 billion.