Fresh data released by the World Bank shows that the global economic slowdown and turmoil has led to a decline in remittances. While India continues to be the topmost remittance-receiving country, a dip of around $1.5 billion has been observed.
Declining oil prices, slow US growth, sluggish economies in Europe and adverse currency exchange rates have contributed to this decline, said Dilip Ratha, head of the World Bank unit responsible for studying global migration and remittances. “India gets remittances from all over the world but the bulk comes from the oil-producing Gulf countries, US and also Europe. The effect of the oil glut and the resultant downswing of economies in the Gulf countries have had some delayed impact on remittances,” he said.
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