Skip to content
Search AI Powered

Latest Stories

Remittances outpace foreign investment in developing economies: report

In 2022, India, Mexico, China, the Philippines, and France were the top five remittance recipient countries

Remittances outpace foreign investment in developing economies: report

INTERNATIONAL remittances have surpassed foreign direct investment in many low- and middle-income countries, a new report revealed.

The World Migration Report 2024 by the International Organization for Migration (IOM) released on Tuesday (7) showed significant shifts in global migration patterns, including a record number of displaced people and a major increase in international remittances.


According to the report, migrants sent an estimated $831 billion (£662bn) in international remittances globally in 2022, an increase from $791bn in 2021 and significantly more than $717bn in 2020.

In 2022, India, Mexico, China, the Philippines, and France were the top five remittance recipient countries, in descending order. India stood out significantly, receiving over $111bn, making it the first country to surpass the $100bn mark.

In 2022, Mexico maintained its position as the second-largest recipient of remittances, a rank it also held in 2021, having surpassed China, which historically held the second spot after India. Additionally, G7 nations France and Germany continued to be among the top 10 recipient countries worldwide in 2022.

Alongside its status as a leading recipient, China has also served as a notable contributor to international remittances, reporting $18.26bn in 2022. However, this marks a decrease from $23bn in 2021.

Over the years, the US has consistently held the title of the world's largest sender of remittances, with a total outflow of $79.15bn in 2022. Saudi Arabia holds the second position ($39.35bn) followed by Switzerland ($31.91bn), and Germany ($25.60bn).

The United Arab Emirates typically ranks among the top 10 sending countries globally, but its data were not included in the June 2022 World Bank data release.

"Global remittances have bounced back from the decline experienced in 2020 amidst the Covid-19 pandemic. Similar to prior years, low- and middle-income nations saw significant inflows of remittances, rising by eight per cent from $599bn in 2021 to $647bn in 2022," the report said.

"Since the mid-1990s, international remittances have greatly surpassed official development assistance levels defined as government aid designed to promote the economic development and welfare of developing countries"

The report noted, "Heavy reliance on remittances can cultivate a culture of dependency in the receiving country, potentially lowering labour force participation and slowing economic growth. Too much dependence on remittances also makes an economy more vulnerable to sudden changes in remittance receipts or exchange rate fluctuations."

The top five remittance-receiving countries by share of GDP in 2022 were Tajikistan (51 per cent) followed by Tonga (44 per cent), Lebanon (36 per cent), Samoa (34 per cent) and Kyrgyztan (31 per cent).

The report disclosed that Europe is home to approximately 87 million international migrants, marking a nearly 16 per cent rise since 2015.

Germany holds the highest number of refugees in Europe, with approximately two million individuals, constituting 7 per cent of the global refugee population.

By the end of 2022, the majority of refugees in Germany originated from Ukraine and the Syrian Arab Republic. The Russian Federation, Poland, and France hosted the second, third, and fourth largest refugee populations in the region.

The IOM also voiced concern about certain provisions within the Illegal Migration Bill in the UK, suggesting they could hinder survivors from reporting trafficking and seeking help. This could potentially worsen victims' vulnerability, empower traffickers, and increase the likelihood of continued exploitation.

More For You

After revolutionising trucking,
Zeus now targets global growth

Jai Kanwar

After revolutionising trucking, Zeus now targets global growth

FROM two friends meeting in a boarding school in the UK, to being named in the Forbes 30 Under 30 list, Jai Kanwar and Clemente Theotokis have had a meteoric rise in the logistics sector.

When they created Zeus Labs (Zeus) in 2019, their plan was to modernise one of the most traditional sectors of the global economy – transport and logistics.

Keep ReadingShow less
Singh and Carter were empathic
leaders as well as great humanists’

File photograph of former US president Jimmy Carter with Indian prime minister Manmohan Singh in New Delhi, on October 27, 2006

Singh and Carter were empathic leaders as well as great humanists’

Dinesh Sharma

THE world lost two remarkable leaders last month – the 13th prime minister of India, Dr Manmohan Singh, (September 26, 1932-December 26, 2024).and the 39th president of the US, Jimmy Carter (October 1, 1924-December 29, 2024).

We are all mourning their loss in our hearts and minds. Certainly, those of us who still see the world through John Lennon’s rose-coloured glasses will know this marks the end of an era in global politics. Imagine all the people; /Livin’ life in peace; /You may say I’m a dreamer; / But I’m not the only one; /I hope someday you’ll join us;/ And the world will be as one (Imagine, John Lennon, 1971) Both Singh and Carter were authentic leaders and great humanists. While Carter was left of Singh in policy, they were both liberals – Singh was a centrist technocrat with policies that uplifted the poor. They were good and decent human beings, because they upheld a view of human nature that is essentially good, civil, and always thinking of others even in the middle of bitter political rivalries, qualities we need in leaders today as our world seems increasingly fractious, self-absorbed and devolving. Experts claim authentic leadership is driven by:

Keep ReadingShow less
Great movies that made  a major impact in 2024
Pushpa 2: The Rule

Great movies that made  a major impact in 2024

ASJAD NAZIR

FROM commercial blockbusters to indie gems and international festival favourites, 2024 offered a diverse array of films that entertained and resonated with audiences.

Featuring a strong south Asian presence, these movies explored various themes in multiple languages, showcasing the immense possibilities of cinema. Eastern Eye reflects on the year with a list of the 21 best films of 2024.

Keep ReadingShow less
Shyam Benegal: The revolutionary who redefined Indian cinema

Shyam Benegal

Shyam Benegal: The revolutionary who redefined Indian cinema

Sangeeta Datta

BENEGAL is considered the father of parallel, or new wave cinema in India. So central is his work to the movement that it forged an aesthetic of alternate or realistic Hindi cinema that reflected his socially conscious, yet deeply humanist mind.

In the 1970s, Benegal’s films revealed a world previously unseen, bringing stories of rural Indian reality to the forefront and heightening our awareness of class, caste, and gender politics – the winds of change sweeping across the nation. Here were characters in micro stories, but who represented much larger worlds where old feudal structures were collapsing and new, liberal ideals were growing.

Keep ReadingShow less
Facts about sarod maestro Amjad Ali Khan ahead of his London show

STRINGS OF GLORY: Ustad Amjad Ali Khan

Facts about sarod maestro Amjad Ali Khan ahead of his London show

Eastern Eye

LEGENDARY musician Ustad Amjad Ali Khan has long been celebrated as the greatest and most influential sarod player in the world.

At 79, the Indian classical icon continues to captivate global audiences with his mastery. UK fans will have the privilege of witnessing his artistry on January 25 at the Royal Festival Hall in London, where he will perform alongside the London Philharmonic Orchestra.

Keep ReadingShow less