Migrant labour fuels Gulf remittances
India is the top recipient of remittances in the world, a large part of which comes from oil-rich Gulf economies. Day in pics | Corporate humour
By PTI |
DUBAI: India is the top recipient of remittances in the world, a large part of which is coming from the oil-rich Gulf economies that witnessed a surge in the inflow of migrant workers, a World Bank report has said.
A large chunk of the estimated $44 billion remittance flow this year into South Asia will originate from the Gulf states.
"High oil prices and strong economies in the oil- exporting Middle Eastern countries are contributing to strong demand for migrant labour," the report, released recently, said.
Worldwide, remittances are expected to reach $318 billion in 2007. Of this amount, remittances sent home by migrants from developing countries are expected to exceed $240 billion in 2007, up from $221 billion in 2006 and more than double the level of 2002.
India topped the list of recipients with $27 billion, followed by China with $25.7 billion and Mexico with $25 billion.
Countries in South Asia and East Asia are experiencing robust growth in remittances. In the Philippines, remittances rose by 15 per cent year-on-year during the first nine months of 2007.
A large chunk of the estimated $44 billion remittance flow this year into South Asia will originate from the Gulf states.
"High oil prices and strong economies in the oil- exporting Middle Eastern countries are contributing to strong demand for migrant labour," the report, released recently, said.
Worldwide, remittances are expected to reach $318 billion in 2007. Of this amount, remittances sent home by migrants from developing countries are expected to exceed $240 billion in 2007, up from $221 billion in 2006 and more than double the level of 2002.
India topped the list of recipients with $27 billion, followed by China with $25.7 billion and Mexico with $25 billion.
Countries in South Asia and East Asia are experiencing robust growth in remittances. In the Philippines, remittances rose by 15 per cent year-on-year during the first nine months of 2007.
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