India tops remittances in 2008

WASHINGTON: With migrant workers facing job losses, anti-migrant sentiment and even violence in the deepening global financial crisis, World Bank
researchers predict remittances will fall to $290 billion in 2009, from last year's high of $305 billion.

Remittances flowing to developing countries from Russia, South Africa, Malaysia and India are "especially vulnerable to the rolling economic crisis", says the bank's revised Migration and Development Brief.

With a total of $45 billion, India was the top recipient of remittances in 2008. China came next with $34 billion followed by Mexico ($26 billion), Philippines ($18 billion) and Poland ($11 billion). Read more