Migrant remittances have become increasingly important for many low- and middle-income countries. By 2021, they would have reached US$589 billion, up 7.3% from 2020, according to World Bank projections. Which countries receive the most remittances?
D) India is the country that received the most remittances in absolute terms in 2021, with US$87 billion in 2021, followed by China, Mexico, the Philippines and Egypt. As a percentage of GDP, smaller economies top the ranking: Tonga, Lebanon, Kyrgyzstan, Tajikistan and Honduras. Last year, remittances tripled the amount allocated to international aid in the world and, excluding China, exceeded global foreign direct investment flows by 50%.