CURRENT AFFAIRS

Detailed explanation-1: -The World Bank recently released its 37th Migration and Development Brief 2022 titled ‘Remittances Brave Global Headwinds, Special Focus: Climate Migration’.

Detailed explanation-2: -Since 2007, the Financing Facility for Remittances (FFR) of the International Fund for Agricultural Development (IFAD) has published data and statistics on remittances through its series of Sending Money Home reports based on information from Central Banks, the IMF, and the World Bank RPW database, among others.

Detailed explanation-3: -The World Bank Report has stated that India, the third largest economy of Asia, is set to become the first country to receive $100 billion in remittances from migrant workers abroad.

Detailed explanation-4: -The top five recipient countries for remittances in 2022 are expected to be India, establishing a benchmark of $100 billion in the year, followed by Mexico with a tally of $60 billion (which replaced China in second position during 2021), and China, the Philippines, and the Arab Republic of Egypt.

Detailed explanation-5: -Impact on National GDP While India tops the list of countries benefitting from remittances, its $100 billion received amounts to only 2.9% of its 2022 GDP. Meanwhile, low and middle-income countries around the world heavily rely on this source of income to boost their economies in a more substantive way.