India's Diaspora Surpasses $100 Billion In Remittances For 2022, Reveals UN Report

The report, which was released in Dhaka today by the UN's International Organization for Migration (IOM), highlighted the top remittance recipient countries in 2022.

It noted that in that year, India, Mexico, and China were identified as the top three remittance recipient nations, followed by the Philippines, France, and Pakistan, as reported by Times of India.

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UN's Global Remittance Receipts In 2022

India stood out as the first country to exceed the significant milestone of receiving over $100 billion in remittances, reaching $111 billion in total. Mexico emerged as the second-largest recipient with $61 billion in remittances, a position it maintained after displacing China from the top spot in the previous year.

China received $51 billion in remittances in 2022, marking a decline in its remittance inflows and a drop to the third position. This decline was attributed to shifts in China's demographics and the stringent zero-COVID policy, which restricted citizens from seeking employment opportunities abroad, as reported by First Post.

The study highlighted the impact of the COVID-19 pandemic, which initially caused a decline in overseas remittances in 2020. However, the report indicated that remittance flows rebounded in subsequent years, with an estimated $831 billion in international remittances sent by migrants worldwide in 2022.

This amount represented a substantial increase from the $791 billion sent in 2021 and a notable recovery from the $717 billion recorded in 2020. Additionally, the report provided insights into global migration trends, noting that the number of international migrants has significantly increased over the years. In 2020, approximately 280 million people, accounting for 3.6% of the world's population, resided outside their country of birth.

The report also highlighted specific migration corridors, such as the India-United Arab Emirates route, which ranked as the fourth-largest corridor with millions of Indians residing in the UAE. Overall, the study underscored the significance of international remittances and migration patterns, emphasizing the economic and social impact of these phenomena on both sending and receiving countries.