Brain Booster for UPSC & State PCS Examination (Topic: World Bank's Report on Global Remittances)

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World Bank's Report on Global Remittances

Despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously projected.
Officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6 percent below the 2019 total of $548 billion.
India received over USD83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy.
In 2019, India had received USD83.3 billion in remittances.
China is second in terms of global remittances in 2020. China received USD 59.5 billion in remittances in 2020.
India and China are followed by Mexico (USD42.8 billion), the Philippines (USD34.9 billion), Egypt (USD29.6 billion), Pakistan (USD26 billion), France (USD24.4 billion) and Bangladesh (USD21 billion).
Remittance outflow was the maximum from the United States (USD68 billion), followed by UAE (USD43 billion), Saudi Arabia (USD34.5 billion), Switzerland (USD27.9 billion), Germany (USD22 billion), and China (USD18 billion).
Remittances outflow from India in 2020 was USD7 billion, against USD7.5 billion in 2019, according to the World Bank.

The main drivers for the steady flow included fiscal stimulus that resulted in betterthan-expected economic conditions in host countries.
Shift in flows from cash to digital and from informal to formal channels.
Cyclical movements in oil prices and currency exchange rates.

It is prepared by the Migration and Remittances Unit, Development Economics (DEC)- the premier research and data arm of the World Bank.
The brief is produced twice a year.
The brief aims to provide an update on key developments in the area of migration and remittance flows and related policies over the past six months.
A remittance is money sent to another country by an immigrant.