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HomeFeaturedIndia sets record USD 111 bn remittances: World Migration Report 2024

India sets record USD 111 bn remittances: World Migration Report 2024

Pakistan received USD 28 billion in remittances in 2022, followed by Bangladesh with USD 24 billion, Nepal with USD 9 billion, Sri Lanka with USD 7 billion, and Afghanistan with USD 4 billion.

Bangladesh

India sets record with over USD 111 bn in remittances: World Migration Report 2024.

Global Trends in Remittances

In a landmark achievement, India has emerged as the global leader in remittances, with a staggering USD 111 billion flowing into the country in 2022, as revealed by the latest World Migration Report 2024 published by the United Nations.

Remittance Landscape in South Asia

While India leads the pack with its record-breaking remittance figures, it is imperative to also examine the remittance landscapes of neighboring countries in South Asia. According to the report, Pakistan received USD 28 billion in remittances in 2022, followed by Bangladesh with USD 24 billion, Nepal with USD 9 billion, Sri Lanka with USD 7 billion, and Afghanistan with USD 4 billion.

Insights into Migration Dynamics

The report, launched by IOM Director General Amy Pope, provides valuable insights into global migration trends and underscores the critical role of migration in driving human development and economic growth. Pope emphasized the importance of understanding migration dynamics for informed decision-making and effective policy responses.

Resilience Amidst Pandemic

Despite the uncertainties brought by the COVID-19 pandemic, international migration continued to thrive, with remittances witnessing an exponential growth of over 650 per cent from 2000 to 2022. This growth trajectory is exemplified by the remarkable increase from USD 128 billion to USD 831 billion in remittances during the said period, defying predictions of a substantial decline.

Impact on Low- and Middle-Income Countries

Of the total remittances in 2022, a substantial USD 647 billion was directed to low- and middle-income countries, where these inflows constitute a significant portion of the GDP. Globally, remittances now surpass foreign direct investment in these countries, highlighting their pivotal role in supporting economic stability and development.

Recognition of Bangladesh’s Role

By choosing Dhaka as the report’s launch site, IOM not only highlights the country’s efforts in supporting vulnerable migrants and fostering pathways for regular migration but also recognizes Bangladesh’s important role in shaping global migration discourse and policy.

Commitment to Safe Migration

As a Global Compact for Safe, Orderly, and Regular Migration Champion country, Bangladesh has demonstrated a strong commitment to addressing migration issues and implementing policies that safeguard migrants’ rights. This proactive engagement aligns with IOM’s strategic objectives, making Bangladesh an ideal location to launch the 2024 World Migration Report.

Call to Action

IOM’s World Migration Report, with its innovative digital tools and comprehensive analysis, aims to help dispel myths, provide critical insights, and inspire meaningful action in addressing the challenges and opportunities of human mobility.

“We hope the report inspires collaborative efforts to harness the potential of migration as a driver for human development and global prosperity,” DG Pope said.

“As one of the GCM champion countries, Bangladesh will not only continue to act upon the pledges it has made for its domestic context but would also take up emerging issues and challenges pertaining to migration and development for informed deliberations at the international level,” said Dr. Hasan Mahmud, Honourable Foreign Minister, Government of the People’s Republic of Bangladesh.

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