India retains its position as the largest recipient of remittances, says World Bank Report

December 18, 2023 1:58 PM

India retains its position as the largest recipient of remittances, says World Bank Report

According to the World Bank's latest Migration and Development Report, India retained its position as the largest recipient of remittances, with an estimated 125 billion dollars in 2023. In the South Asian region, remittance flows to India experienced notable growth, contributing to the overall positive trend. South Asia, as a whole, witnessed a 7.2 percent increase in remittances in 2023. The top five remittance recipient countries include Mexico (67 billion dollars), China (50 billion dollars)...

India retains its position as the largest recipient of remittances, says World Bank Report

December 18, 2023 1:58 PM

India retains its position as the largest recipient of remittances, says World Bank Report

According to the World Bank's latest Migration and Development Report, India retained its position as the largest recipient of remittances, with an estimated 125 billion dollars in 2023. In the South Asian region, remittance flows to India experienced notable growth, contributing to the overall positive trend. South Asia, as a whole, witnessed a 7.2 percent increase in remittances in 2023. The top five remittance recipient countries include Mexico (67 billion dollars), China (50 billion dollars)...

India doubles its share of global commercial services exports between 2005 and 2022: World Bank & WTO report

July 4, 2023 11:12 AM

India doubles its share of global commercial services exports between 2005 and 2022: World Bank & WTO report

India has doubled its share of global commercial services exports to 4.4 percent in 2022 from 2 percent in 2005, according to a World Bank and World Trade Organization (WTO) report. The report titled ‘Trade in services for development’ said that in India, South Africa and Türkiye, jobs directly linked to cross-border services exports account for more than 10 percent of total services sector jobs. India has become a popular destination for medical travel, and hosted around 3.5 million foreign pat...

Inflation in India will ease to 5.2 % in current fiscal, says World Bank

April 5, 2023 8:05 AM

Inflation in India will ease to 5.2 % in current fiscal, says World Bank

World Bank has said that inflation in India will further be eased to 5.2 per cent in the financial year 2023-24 against 6.6 per cent in the previous fiscal. In its report, World Bank also projected that the current account deficit of the country will narrow to 2.1 per cent of gross domestic product for the current fiscal year from an estimated three per cent in the previous fiscal. To check inflation, the RBI has raised interest rates by 250 basis points since May 2022. However, the World Bank i...

April 1, 2021 4:07 PM

World Bank has raised Indian GDP growth prediction for 2021-22 fiscal to 10.1 percent from 5.4 percent projected in January. The international bank said, given the significant uncertainty amid Covid-19 effects on the economy, the real India GDP growth could be in the range from 7.5 percent to 12.5 percent. The World Bank in its South Asia Economic Focus Spring update report said that it has revised the projection amid a strong rebound in private consumption and investment growth. The internation...

Global economy to shrink 5.2% this year due to coronavirus pandemic

June 9, 2020 1:01 PM

Global economy to shrink 5.2% this year due to coronavirus pandemic

The global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to the massive shock of the coronavirus pandemic and the shutdown measures to contain it, the World Bank said Yesterday. The coronavirus recession is the first since 1870 to be triggered solely by a pandemic, World Bank President David Malpass said in his foreword to the latest edition of the Global Economic Prospect report released in Washington Yesterday. According to the report, economic...

Remittances to India likely to drop by 23 pct this year: World Bank

April 23, 2020 12:38 PM

Remittances to India likely to drop by 23 pct this year: World Bank

The World Bank has said that remittances to India are likely to drop by 23 per cent from 83 billion US Dollars last year to 64 billion US Dollars this year due to the Corona virus pandemic, which has resulted in a global recession. According to a World Bank report on the impact of the COVID-19 on migration and remittances, the remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns due to out break of Novel Coro...

World Bank says India is fast-growing economy with lot of potential despite being hit by recent global slowdown

October 13, 2019 2:14 PM

World Bank says India is fast-growing economy with lot of potential despite being hit by recent global slowdown

World Bank's Chief Economist for South Asia Hans Timmer has said that India is a fast-growing economy with lot of potential despite being hit by the recent global slowdown. Talking to PTI in Washington yesterday, he said, India's growth numbers are higher than in most countries of the world. Mr Timmer said, the World Bank in its estimates has found that 80 per cent of the slowdown in India could be coming from the international causes. In its latest edition of the South Asia Ec...