Remittance flows in the developing countries are expected to exceed earlier estimates and total $406 billion this year, an increase of 6.5% over the previous year, according to a new World Bank.
India topping the list, with remittances of $70 billion, China $66 billion, the Philippines and Mexico $24 billion each, and Nigeria $21 billion. Other large recipients include Egypt, Pakistan, Bangladesh, Vietnam, and Lebanon.
Remittances to developing countries are projected to grow by 7.9% in 2013, 10.1% in 2014 and 10.7% in 2015 to reach $534 billion in 2015.
Worldwide remittances, including those to high-income countries, are expected to total $534 billion in 2012, and projected to grow to $685 billion in 2015, according to the latest issue of the Bank's Migration and Development Brief.
However, remittances are expected to remain flat to Europe and Central Asia and Sub-Saharan Africa regions, mainly because of the economic contractions in high-income European countries.