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India tops list of workers remittances at
$10 billion: World Bank
April 02, 2003 16:18 IST
India topped the World Bank's list of workers' remittances at $10 billion, which is over 13 per cent of the total $72.3 billion flowing to all developing countries during 2001.
India was closely followed by Mexico with $9 billion, the Philippines with $6.4 billion, Morocco ($3.3 billion), Egypt ($2.9 billion) and Turkey ($2.8 billion).
Of the neighbouring countries, Bangladesh received $2.1 billion, while Pakistan got $1.5 billion and Sri Lanka $1.1 billion, according to the World Bank's 'Global Development Finance 2003' report released on Wednesday.
Considering the aggregate inflow in India, Bangladesh, Pakistan and Sri Lanka, the report said: "South Asia was the largest recipient, with remittances of nearly 2.5 per cent of GDP in 2001."
"Although in nominal terms, the top recipients of remittances included large countries -- India, Mexico and the Philippines. Remittances as a share of GDP were larger in low-income countries," the report said.
Tonga, Lesotho, Jordan, Albania, Nicaragua, Yemen, Moldova and Lebanon topped the chart in terms of remittances to GDP ratio.
"Net fiscal loss associated with Indian emigration to the US was estimated at 0.24-0.58 per cent of India's GDP in 2001, but remittances amounted to at least 2.1 per cent of GDP in the same year," the report said.
US and Saudi Arabia are the largest sources of workers' remittances to developing nations followed by Germany, Belgium and Switzerland.
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