MUSCAT : The Report, released on Tuesday, highlights India’s significant achievement as the first country to surpass the $100 billion mark in remittances. The report also identifies India, Mexico, China, the Philippines, and France as the top five remittance recipient countries in 2022.

According to the report, India’s dominance in remittance inflows is attributed to the large number of migrant workers from the subregion of Southern Asia. With substantial diasporas living in countries like the United Arab Emirates, the United States, and Saudi Arabia, India remains a significant hub for international migration.

This marks a significant shift in the global remittance landscape. Previously, Mexico held the second-place position behind China, but it surpassed China in 2021. China’s remittance inflow contracted in 2022 to an estimated $51 billion, attributed to demographic changes and the country’s strict COVID-19 policies.

Mexico, meanwhile, saw its remittance flow rise to over $61 billion in 2022.

The report highlights the crucial role remittances play in South Asia. India, Pakistan, and Bangladesh rank among the top ten remittance receiving nations globally, underlining the importance of labor migration from the region.

The Gulf States remain major destinations for migrant workers, with the UAE, Kuwait, and Qatar having exceptionally high migrant populations – 88 percent, 73 percent, and 77 percent respectively.

India is also the world’s leading source of international migrants, with a significant diaspora in countries like the UAE, the US, and Saudi Arabia.

The US remains the top destination for international students, followed by the UK, Australia, Germany, and Canada.

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