NEW DELHI, India—India is on course to maintain its position as the top recipient of remittances, with migrant workers on track to send home a record amount of money this year, a new report shows.
According to the World Bank's Migration and Development brief, remittance flows to India are predicted to increase by 12% and hit $100 billion for the first time this year, ahead of Mexico, China, and the Philippines, CNBC is reporting.
Remittances to India were enhanced by wage hikes and a strong labor market in the United States and other OECD countries, CNBC noted in its analysis.
Remittances to low- and middle-income countries increased by about 5% to over $626 billion in 2022—about half the rise experienced in the previous year. Growth is forecast to decrease even more to about 2% next year, according to the World Bank.
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