India received $120 billion in remittances in 2023, which is almost twice of $66 billion received by Mexico during the same period, the World Bank said in a report released on Wednesday.
China ($50 billion), the Philippines ($39 billion), and Pakistan ($27 billion) figure in top five countries list of remittances recipients as released by the World Bank, according to which remittances in 2023 after a period of strong growth during 2021-2022, officially recorded remittance flows to low- and middle-income countries (LMICs) moderated in 2023, reaching an estimated $656 billion.