India is the world’s largest beneficiary of migrant remittances. According to the World Bank, India topped the list of migrant remittances in 2007 with $27 billion followed by China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion) and France ($12.5 billion). While South-South migration nearly equals South-North migration, rich countries are still the main remittances source, led by the US, the World Bank’s new Migration and Remittances Factbook 2008, released today said.As a share of GDP, however, smaller countries such as Tajikistan (36 per cent), Moldova (36 per cent), Tonga (32 per cent), the Kyrgyz Republic (27 per cent), and Honduras (26 percent) were the largest recipients in 2006. Rich countries are the main source of remittances. The United States is by far the largest, with $42 billion in recorded outward flows in 2006. Saudi Arabia ranks as the second largest, followed by Switzerland and Germany, the World Bank said.The US was also the top immigration country in 2005, with 38.4 million immigrants, followed by the Russian Federation (12.1 million), and Germany (10.1 million). Among low-income countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million).The WB factbook provides snapshots of statistics on migration, recorded remittances flows, and skilled emigration for 194 countries, and 13 regional and income groups. Data from the factbook have been available online since November 2007, with updating done in real time as new data become available. “Migration is sometimes used as a political pawn, and policies are too often based on anecdotes or misconceptions. By presenting the numbers and facts behind these stereotypes, this publication aims to paint a more objective picture of a crucial aspect of development,” said Uri Dadush, director of the World Bank’s Development Prospects Group and International Trade Department. As migrant remittances have ballooned in size, they have caught the attention of high level policymakers. For 2007, recorded remittances flows worldwide are estimated at $318 billion, of which $240 billion went to developing countries (these data were highlighted in a November 30, 2007 World Bank news release). These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded.“In many developing countries, remittances provide a life line for the poor,” said Dilip Ratha, senior economist, and author of the factbook with Zhimei Xu. “They are often an essential source of foreign exchange and a stabilising force for the economy in turbulent times.”Top Five receiversIndia $27 billion China $25.7 billionMexico $25 billionPhilippines $17 billionFrance $12.5 billion
