World Bank: India, China, Philippines and Pakistan the largest recipients of workers’ remittances abroad last year

India, Mexico, China, the Philippines and Pakistan were the largest countries for workers’ remittance flows last year, according to a recent World Bank report.

The five countries that received the most officially recorded remittances in 2022 were India ($11 billion), Mexico ($61 billion), China ($51 billion), the Philippines ($38 billion) and Pakistan ($30 billion).

Egypt was ranked fifth on this list in 2021, exceeding $31 billion.

The Migration and Development Report noted that among the economies where remittance flows account for a significant proportion of its gross domestic product (GDP) – highlighting the importance of remittances to finance current account deficits and public budget.

Dilip Ratha, senior author of the Migration and Development Report and head of the Global Knowledge Partnership for Migration and Development, said: “Remittances have become a financial lifeline in many economies during the pandemic, and these remittances will increase in the foreseeable future. We have intensified our cooperation with remittance sending and receiving countries to improve data and take advantage of remittances to mobilize private capital through diaspora bonds and improve sovereign ratings. “