2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$108.6 billion
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$105.1 billion
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$80 billion
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$500.8 billion
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Detailed explanation-1: -In 2020, remittance flows are expected to decline by 13 percent.
Detailed explanation-2: -As a share of gross domestic product, the top five remittance recipients in 2021 were smaller economies: Tonga, Lebanon, the Kyrgyz Republic, Tajikistan, and Honduras. The United States was the most significant source country for remittances in 2020, followed by the United Arab Emirates, Saudi Arabia, and Switzerland.
Detailed explanation-3: -From a macro perspective, remittances increase consumption in the economy as the disposable income of families increases. This helps in pushing up the GDP growth. Remittances also keep the foreign reserves of India stable, thereby helping the Indian rupee hold up against the US dollar and other major currencies.
Detailed explanation-4: -In 2022, remittance flows to LMICs are estimated to have increase by 4.9 per cent to reach USD 626 billion but regional differences existed (ibid.). The estimated increase in 2022 follows a 10.2 percent growth registered in 2021, when remittance flows reached USD 597 billion, exceeding earlier estimates (ibid.).