This was due to wage increases and strong labour markets in the US, and other developed nations.
Globally, the amount of money that has been sent home by migrants from all over the globe increased by 5% by 2022.
The money is an important source of income for households in low- and middle-income countries, according to the World Bank.
Higher school enrolment and increased birth weight are some of the benefits of remittances.
Mexico, China and Egypt are also top recipients of remittances.
Many Indians have been moving to high-paying jobs in high-income nations like the US, UK, and Singapore over recent years. This allows them to send more money back home.
These payments make up around 3% of India’s gross domestic products (GDP), which is a measure of a country’s economic size.
India and Nepal saw an increase in remittances. However, South Asia’s other countries have seen a drop of over 10% in the past year due to the withdrawal of incentives from the government during the pandemic.
Remittances to low- and middle-income countries increased by 5% to $626bn (PS510bn), which is roughly half the growth rate in 2021.
Due to rising prices and slower economic growth in the rest of the world, next year will be more difficult.
