Indian Expatriates Lead Global Remittances with Record $120 Billion Sent Home in 2023

GG News Bureau
New Delhi, 27th June. In 2023, Indian expatriates outshone others in sending money home from abroad, sending a record $120 billion. This figure nearly doubles the $66 billion received by Mexico during the same period, according to a report released by the World Bank on Wednesday.

The top five countries receiving remittances from abroad include China ($50 billion), the Philippines ($39 billion), and Pakistan ($27 billion), the report noted. After robust growth in 2021-2022, remittances to low and middle-income countries (LMICs) decreased slightly in 2023, totaling $656 billion.

India saw a 7.5% increase in remittances in 2023, amounting to $120 billion, attributed to inflation easing and strong labor markets in the United States, a prime destination for skilled Indian migrants. Positive impacts were also felt due to demand from skilled and semi-skilled laborers in Gulf Cooperation Council (GCC) countries.

Pakistan, however, faced economic challenges, causing a 12% drop in remittances to $27 billion in 2023 from $30 billion in 2022, the World Bank reported.

The United Arab Emirates ranked second after the United States in total remittances received, accounting for 18% of total remittances globally.