India is the top receiver of migrant remittances in 2007, followed by China and Mexico, said the World Bank's new Migration and Remittances Factbook 2008, released Wednesday.
The document also shows that while South-South migration nearly equals South-North migration, rich countries are still the main remittances source, led by the United States.
The top five recipients of migrant remittances in 2007 were India (27 billion dollars), China (25.7 billion dollars), Mexico ( 25 billion dollars), the Philippines (17 billion dollars), and France (12.5 billion dollars), according to the factbook.
For 2007, recorded remittances flows worldwide are estimated at 318 billion dollars, of which 240 billion dollars went to developing countries. These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded.
"In many developing countries, remittances provide a life line for the poor," said Dilip Ratha, senior economist, and author of the factbook with Zhimei Xu. "They are often an essential source of foreign exchange and a stabilizing force for the economy in turbulent times."
(Xinhua News Agency March 20, 2008)
