World Bank: Indias data on money has exceeded China for 2 consecutive years.

category:Hot
 World Bank: Indias data on money has exceeded China for 2 consecutive years.


At the same time, the global low - income countries (through formal channels) received overseas remittances to return to growth after two consecutive years of decline, reaching a record $466 billion in 2017, up 8.5% from $429 billion in 2016. The global remittance data in 2017, including high-income countries, amounted to $613 billion, an increase of about 7% over the 2016 US $573 billion. The official website of the world bank said in April 23rd that the strong recovery of overseas remittances mainly benefited from economic growth in Europe, Russia and the United States. Rising oil prices and strong euro and ruble are also possible factors. The report said that the inflow of remittances has increased in almost all regions, and the remittances to India amounted to US $69 billion, ranking first in the world. Followed by China ($64 billion), Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion). The World Bank expects that the amount of remittance to developing countries will continue to grow by 4.1% to 485 billion dollars in 2018. Global remittances are expected to grow by 4.6% to $642 billion. The long-term risk of remittance growth includes more restrictive immigration restrictions in many remittance countries, according to the report. At the same time, banks have limited the increase in the amount of remittances (through formal channels) to avoid risks and reduce financial crimes and strengthen supervision of the outflow of funds. As shown below, the world bank data show that as of 2017, the total number of immigrants in India was about 16 million 400 thousand, about 10 million 100 thousand in China. In addition, it is worth noting that the first ten list of Syrias newly emigrated country of origin. The report of the world bank did not cover the number of overseas workers. According to the data provided by the Ministry of foreign investment and economic cooperation of the Ministry of Commerce, China dispatched 522 thousand personnel of various types of labor services in Chinas foreign labor service cooperation in 2017, 28 thousand more than the same period of last year, of which 222 thousand were sent under the contract project, 42.5%, 300 thousand, 57.5% and all kinds of labor services at the end of the year. 979 thousand people, 10 thousand more than the same period last year. Inflow of remittance trends in different regions The inflow of remittances in East Asia and the Pacific region rose 5.8% in 2017 to $130 billion, reversing a 2.6% decline in 2016. Remittances to Philippines increased by 5.3% to $32 billion 600 million in 2017. Remittances to Indonesia increased by 1.2% to $9 billion in 2017, reversing the sharp decline last year. The strong growth of remittances from Southeast Asian countries helped offset the decrease in remittances from other regions, especially in the Middle East and the United States. By 2018, the amount of remittance in the region will increase by 3.8% to $135 billion. The amount of inflow remittances in South Asia increased by 5.8% in 2017 to 117 billion US dollars. After the economic slowdown in 2016, remittances in many countries seem to be picking up. Remittances to India in 2017 increased by 9.9% to $69 billion. Capital flows to Pakistan and Bangladesh were basically flat in 2017, while Sri Lanka declined slightly (-0.9%). The bank estimates that by 2018, remittances to the region will likely increase by 2.5 percentage points to 120 billion dollars. Another India media reported that although the inflow of remittances increased substantially in 2017, it still did not reach the peak of US $70 billion 400 million in 2014. The world bank had previously pointed out that, although overseas remittances accounted for only about 2% of the total GDP in India, there were significant regional differences in India States, for example, for Kerala, overseas remittances accounted for 36.3% of the regions GDP and had a greater impact on household consumption data. After three consecutive years of decline in European and Central Asian countries, inflow of remittances increased by 21% to 48 billion US dollars in 2017. The main reasons for the growth are the strong recovery of growth and employment in the euro zone, Russia and Kazakhstan; the appreciation of the euro and the ruble against the dollar; and the lower base number after a sharp drop of nearly 22% in 2015. As the regions economic growth has stabilized, it is estimated that the remittances to the region will continue to grow by 6% to 51 billion dollars by 2018. The inflow of remittances in Latin America and the Caribbean grew by 8.7% in 2017, reaching a new high of nearly US $80 billion. The main growth factor is the strong recovery of the US economy, but tightening U.S. immigration policy may affect the amount of remittance. Remittances grew strongly in Mexico (6.6%), Salvatore (9.7%), Columbia (15%), Guatemala (14.3), Honduras (12%) and Nicaragua (10%). By 2018, remittances in the region are expected to grow by 4.3% to $83 billion, thanks to the improvement in the US labor market and the prospects for economic growth in Italy and Spain. Remittances in the Middle East and North Africa increased by 9.3% to $53 billion in 2017. However, Saudi Arabia tightened its foreign labour policy in 2018, which inhibited the growth prospects of remittances. Cuts in subsidies, increased costs, and the introduction of VAT in Saudi Arabia and the United Arab Emirates will increase the cost of living for overseas workers. By 2018, the growth in remittances to the region is expected to slow to 4.4%, to $56 billion. Remittances in sub Saharan Africa increased by 11.4% in 2017 to $38 billion, benefiting from the economic growth of developed economies and high oil prices for the regional economy. The largest remittances were Nigeria ($21 billion 900 million), Senegal ($2 billion 200 million) and Garner ($2 billion 200 million). The region is a host country of several countries, and remittances occupy a considerable share of gross domestic product, including Liberia (27%), Gambia (21%) and Comoros (21%). By 2018, the remittance in the region is expected to grow by 7% to $41 billion. Source: observer net responsibility editor: Han Jiapeng _NN9841